All Forum Posts by: Jack Bobeck

@David Coleman I'd use the 203k Limited again, where else can you wrap all your closing costs into the loan and use govt money for a rehab? Its the 6-7 month holding period that sucks, to me. 

@David Coleman Thanks for sharing! I am involved in a 203k Standard Loan rehab. I am have been working with some people that do a lot of 203ks and most say that these are really designed for owner occupancy, if you flip it before 180-210 days you run red flags and no one likes red flags with the government. 

My only issue with the 203k program is that if you have a GC with the 203k Standard program, there is nothing you can do to make him move faster. There are NO TEETH in the agreement between you and the bank and the GC. If he wants to drag out the agreement for months, he can. The HUD Consultants are also useless, they are there to represent the bank and make sure work gets done, but they can't make a contractor work.

Mine has been going on now for 9 months. I'm getting an electrical inspection Thursday and hopefully the full inspection Friday. We will see. 

I would do the 203k Limited, and look for a bank that allows you to do all the work. The only downside in a hot real estate market is that you have to own the property for 6-7 months before you can sell. Thanks for sharing! 

@Anna Jeon What's really sad is that all the "Investors" here say, well PM me and I can get you details about our area. BULL! Anna, look at the data and make a determination based on the MLS data for each market. You can find the data about Northeast Florida through NEFAR.com and the Orlando market through Orlandorealtors.org, so don't ever think you need to wait and get data. Go get it yourself, make your own determination.

Arlington will appreciate more closer to the river and the beach. 

also look at rentometer.com or look at what companies like Traditions Realty have on their page for rentals. 

Buy with a garage and charge them $200-300 more since they have covered storage and its protected. Find more ways to make more based on the features and benefits you offer with your property. If they choose not to use it, you can use it yourself, but what tenant would not choose a place for their junk? 

If you want to be in rentals, go for MFH all the way. If you want to buy fix and flip, do the SFH. There are always deals for MFH along 103rd street. But to really know the zip codes and areas to invest in, you have to come and drive the areas. There are some nice homes in 08 and 09, but I am repairing stuff at midnight in some of the areas. Same with 32210 and 32244, but each zip has good and bad.

If you want MFH, there are good options in Jax. 

Welcome to Jacksonville, happy to help. Also add @Mark Fries as a connection. He is a contractor and investor, and invaluable in his knowledge. 

Calling vs mailing, how many people's numbers are getting flagged as spam on the phone? Who wants to receive spam phone calls? How many people get a piece of mail? How many get a handwritten letter? I focus on a small area around where I live and I get better results with letters, even $1 greeting cards from the Dollar Tree. Everyone wants to get something from the mail people. 

@Chris Heinmiller Welcome! I am not a Realtor so I can steer you in those areas you refer to as Springfield and Westside. So Springfield is a Historic District in the City of Jacksonville. You have to have a COA, Certificate of Appropriateness, to do a lot of work to any house in the Springfield district. You have to have a COA for a dumpster on a property, so make sure you get the COA before you start work, otherwise you get a nice 8.5 x 11 YELLOW Code Enforcement letter on your door and then Code Enforcement can shut down a job site without the COA. If you are making significant changes, you will want to work with the City and SPAR (preservation group). Of course you can run the risk of doing all the work in the dark and see what happens at closing. It happens, especially if you are only doing "repairs" to a house. 

Westside - The entire area west of the river is the Westside. But some areas I avoid are Jacksonville Heights, West of I-295 to Schindler road. You can do HUD or Section 8, I choose not to do so. I've been there, the JHA inspectors can and do nickel and dime you to death over little things. In such a tight rental market, why deal with their BS? I'd rather do lease options on homes if I plan to hold them over any period of time.

Welcome and best of luck to you in your endeavors.