All Forum Posts by: Wenecio Godfrey

Congrats Andy!  The miracle of bringing a new life into the world is precious indeed! :)   Do you kind sharing some of the numbers and financing strategy on the apartment building?  Were you able to get creative somehow on it, or will it just be a straight 20% down deposit and commercial loan? 

Recommend finding time to meet up with people by attending your local REIA and also search here on BP for people in your area and reach out to them.

Congrats!  You always learn a ton on your first flip!  Even if the profit is small the education is invaluable! 

@Dave J. That's a great idea about outsourcing like that.  I used services like Upwork and FIVERR before for other normal business task, but never thought of utilizing some of their expertise for my rehabs.   Usually we get newer homes that don't require much change in the layout so rehab is pretty straight forward and I don't really need detailed drawings.  This time however, we bought a much older house and the layout is just completely flawed and we have a lot of things that need to be moved around.  I know a draftsman is usually the least expensive out of the draftsman, designer, architect trio, but I also don't mind paying a little more for a better product and outcome.

Hello everyone.  In the world of real estate investing, I'm sure that everyone can agree that every penny matters.  That being said, I also know that there are definitely things that you never want to short cut.  When it comes to auction bought properties, do any of you hire a home inspector prior to hiring a GC and starting the rehab, or do you just forgo it all together?  Why or why not?

I'm also curious to hear about what each of your thoughts and preferences are when it comes to hiring architects or designers for your SFH rehab projects, or do you just settle with your own ideas and a use general contractor only? When and why do you choose or not choose to do so?

Can't wait for you all to share your great ideas and experiences!  :)

Hello Moni.  I am located in Jacksonville.  If there is anyway I can assist you, then please pm me and let me know.  Best wishes!

Thank you Bryan.  So it seems the banks still may be the best way to go rather than some of these other lending companies out there offering credit lines?

After reading a lot of post here on Bigger Pockets and having a few offers thrown my way, I have decided that I would like to pursue obtaining a business line of credit for my LLC. Does anyone have any recommendations for reputable companies based on real life experience with them? I see tons on the internet. I'm looking for the best deal of course, but some just seem TGTBT.

Thanks and appreciate any input!

Regards,

~ Niko G.

Hello all,

   Anyone out there have some solid contractor contacts in the Duval County (Jacksonville) FL area?  Looking for someone who has proven that they do quaility work while at the same time offering a fair price and honest business.  This will be for a current and future projects in the area.  

Thanks!

Hello all.

So here is the deal. I have a 1600sqft SFH in Duval county FL. Purchase price was $16k. Realtor is giving me estimate of around $70k-$80k, after researching my own comps I feel more confident going with an ARV of around $65-68k. Contractor rehab estimates range from $25-$32k. My exit here is to rehab, rent, refi, and hold for 3-5 years.

The issue I'm running into is securing financing for the rehab. The home is owned free and clear. Since the home is owned under my LLC, some banks will not do a personal mortgage on it. Some of the bigger banks require you to hold the home for at least 1 year for they will loan on the ARV (I've only had it for about 3 months). I did find some possible options with a local credit union and another local bank, but I'm still having to explore those further.

So other than hard money lenders, does anyone know of any mortgage brokers, institutions, or other places to look that might give a 10-30yr loan on this type of property?  I'd rather borrow money from the existing equity or take out a low interest secured loan then have to borrow money from a hard money lender and then try to refi later.  Any ideas would be greatly appreciated!

Thanks!