All Forum Posts by: Simon Hernandez

Hello all,

I've got a SFR in Florida that I own outright. I took possession via quitclaim deed from a JV partner in March. Market value is around $115k and I'm looking to cash out $80-90k. With mortgage rates what they are, I'm inclined to look for a 30 year note to preserve cashflow. FICO > 800, DTI not an issue. Does anybody have any recommendations for lenders in Florida that would be a good fit? I'm pursuing the more traditional avenues (WF, B of A, Chase, etc.) but if I can find better terms or service from a smaller institution that investors have had good experiences with, I'm all ears. Thanks!

Interesting. I was just evaluating a MFR in Houston's Third Ward. Researchers from The Kinder Institute For Urban Research came out with this interactive map of Houston which shows the calculated probability of gentrification in each neighborhood. A very interesting perusal for those in that market. https://ricegis.maps.arcgis.com/apps/Cascade/index.html?appid=bd4e77b646f6494ea1711bb381cf8fc5

Excellent response, @Nick Schoch. Thanks for the direction!

Yes, my intention is to increase my NOI by having tenants pay for their own water.

Hello, everyone. I'm looking at a 5 unit multifamily with a master water meter. Have any of y'all split the meters and, if so, how involved of an undertaking is it? 

@Igor T. Could you elaborate?

Thanks for your thoughtful input, Mr. Williams. I think going through the current PM for contacts is a good place to start. To be clear, the quitclaim is the result of a foreclosure initiation for which I held the note so I'm not purchasing it. Good point about the buildout, Ms. Arehart. I think I'll have a better idea after I get an official inspection of some sort. 

Hey everyone, as of next week I will take ownership of a SFR in Bradenton. It's a 3b/1.5ba/816sqft home located by Norma Lloyd park in the Eastern part of town. Currently rented for $1000/month, the lease expires at the end of April. As I see it, my choices are A) keep the house and cash out via HELOC or refi or B) sell it immediately. Having taken over this deal from California (I was initially a passive investor) I don't have a network in place in Florida to help me best ascertain my best avenue of disposition. There has likely been some deferred maintenance (roof, siding) that will need to be taken in to consideration and I'm having a little trouble trying to pin down the market value - both current and ARV. Without a BPO/appraisal and an inspection/contractor bid I've little data with which to run any calculations.

Also, since the lease expires at the end of April, there might already be an extension in place that could preclude me from doing any reno work. I assume I'll have to have my attorney contact the local property management team in order to facilitate the change in ownership from their perspective. Not knowing anything about them either, I may have to change PMs if we aren't a fit. 

Do any of you Florida investors, agents, PMs, etc. have any input or references to those who might be able to help? Of course, I'm not looking for a freebie and am committed to making everything mutually beneficial. I'm certainly not opposed to establishing lasting connections that could potentially lead to more deals (flips/SFR/MFR) down the road. This is an unplanned market for me but since I'm already in it, why not look to expand?

Thanks everyone!

@Kevin Pereira SoFi has a 10% down payment, no PMI option, I believe.

Thanks @Patrick Liska, @John Thedford and @Meryl McElwain. I do tend to default to the diplomatic route rather than bringing the hammer down, so to speak. My gut (as well as my attorney and most everyone else I've consulted about it) is telling me that the only thing that will get his attention would be a foreclosure notice. My brain is telling me that any potential negotiations will be met with more stalling tactics. To be sure, I don't take it personally and the guy may have a good track record otherwise. My deal, however, seems to have fallen through the cracks.