All Forum Posts by: Rachael Shad

Has anyone had recent success finding a bank that will offer a Heloc on a single family investment property in Jacksonville, Fl?

I’ve looked through the forums and but several of the listed banks previously suggested no longer offer them. Thanks!

@Keith Winkelmann

We have an Encore Sclange at the beach and had to replace it. We’re in FL and when it’s super hot outside- but cold inside with the AC, condensation builds up in the battery pack and shorts it out. Customer service said it happens and that there’s nothing to be done about it. We have Kwikset now but have issues with it too. Just make sure you have a hidden lockbox key somewhere outside in case the locks stop working.

Also, I'm sure you are correct that the house is sturdy. The whole cedar hills area used to be a large diary farm and was developed by the family that owned it. What they lack in curb appeal they make up for in steadfastness.

My rental is on Sudbury. I think the area is good for buy and holds because you can get houses in the 65k-80k and they rent in the $900+ range with minimal upgrades. From what I've seen the nicer remodels still need to be priced to make sense for an investor looking for a rental to sell in a decent time frame.

I have a rental in cedar hills and would classify the neighborhood as a C class area. I would think a well renovated home would go closer to 120. I'll do a drive by as the area varies by block and some are better than others. If I were you I would make the drive up to Jax to see it in person.

I think it's a good area for rentals- I have one near by in cedar hills. I would recommend driving the area- you'll find that some areas have well maintained homes and families who have lived there a long time and other areas that look a bit more run down. It all really just comes down to how good a deal you can get on the price and whether it needs work.

I'd say C class- can vary block to block a bit on the upkeep of the homes.

What would you recommend? I have a 75K heloc on my primary residency, I recently used 25k of that to convert a detached garage on my property into a 1 bedroom apartment. The monthly payment due on the heloc is 1.5% of the outstanding amount (about $375 currently monthly). It’s a fluctuating interest rate that is based on whatever the prime rate is, currently 4%.

I have in savings enough to pay off the heloc and dont have a specific need for the cash flow from this rental or an additional rental that I own as my husband and I both have W-2 incomes. Our plan has been to just save all cash flow from rentals for future down payments on investment properties.

Would you pay off the heloc or just make the standard payment and keep all the cash for additional purchases? The savings is just in a standard savings account not making much interest. 

I've used TD Bank for a mortgage under 50k.

Here in Jacksonville you can find garage apartments in the Riverside/Avondale area and also in Springfield. Any of the historic neighborhoods. I live in Avondale and rent out my small garage apartment for $650 a month. Depending on the size and condition they usually rent between 500-750 a month in this area. You are going to spend a lot more in Avondale to get a house, but if you are looking for a deal and don't mind a transitional neighborhood you can get a lot of house for your money in Springfield.