929 SW 2nd Ter
Deerfield Beach, FL 33441 — Broward County
The Property
ARLINGTON PARK 11-52 B LOT 8 BLK 13
Tax ID: 484201021220 · Broward County, FL
Single family on a 7,000 sqft lot in Deerfield Beach. Zestimate $245,900, range $207K–$283K. Rent estimate $2,594/mo. Robert Lovett (heir) is living in the property. No homestead exemption.
Chain of Title
We pulled a Quitclaim Deed recorded April 26, 2004 (CFN# 103925671, OR BK 37313, Page 377). Mamie Lovett added herself, Fred Jackson, and Walter Jackson Sr. No percentages specified.
Both Mamie and Walter Sr. are deceased. Neither estate probated. Fred is the only living person on the deed.
Family Tree
Mamie had three children: Fred, Walter Sr., and Robert Lovett. Robert is confirmed as her son. Different last name = different father (half-sibling), but under FL intestate succession (F.S. 732.103) half-siblings inherit equally through the shared parent. Doesn't change anything.
Walter Sr. was married but his wife predeceased him. No surviving spouse complication. His entire interest passes to his five children.
Ownership Math
1/3 ÷ 3 = 1/9 each
Fred's total.
1/3 (deed) + 1/9 (from Mamie) = 4/9 = 44.4% ✓ matches contract
Walter Sr.'s total before death.
1/3 + 1/9 = 4/9 = 44.4%
Robert (not on deed).
0 + 1/9 = 11.1%
Walter Sr. dies. 44.4% splits among 5 children.
44.4% ÷ 5 = 8.88% each
Acquisition
We're buying each heir individually and consolidating 100% under a Florida Land Trust with our Wyoming LLC as beneficiary.
| Heir | Interest | Price | $/Point | Status |
|---|---|---|---|---|
| Fred Jackson | 44.4% | $40,000 | $901 | Executed 3/25 |
| Joe Jackson | 8.88% | $4,000 | $450 | Sent |
| Walter Jackson Jr. | 8.88% | $4,000 | $450 | Executed |
| Tangie Jackson | 8.88% | $4,000 | $450 | Sent |
| Jermaine Jackson | 8.88% | $2,000 | $225 | Sent |
| Jocelyn Jackson (aka Joyce) | 8.88% | $4,000 | $450 | Sent |
| Robert Lovett | 11.1% | $5-7K | $450-630 | Negotiation |
| Total | 100% | $63-65K |
$40K net, staged. $10K on deed delivery. $30K into KHL escrow: $20K after probate confirms interest, $10K after partition or full acquisition. Conveyance irrevocable on deed delivery. Non-cooperation forfeits payment.
Each heir delivers a signed notarized deed upfront. Conveyance is irrevocable. Deed held by KHL pending probate.
Payment triggers after we receive all necessary probate court orders from both estates confirming the seller's interest, or other evidence of clear title in our sole discretion. We pay within 30 days. Zero cash out of pocket until interest is legally confirmed. The irrevocable deed protects sellers because we can't get clear title without completing probate, which triggers their payment.
$4K each for Joe, Walter Jr., Tangie, Jocelyn. $2K for Jermaine. Contact: Joejackson.josiah@gmail.com
Robert Lovett
The most nuanced piece. 11.1% interest, lives in the house, hasn't been approached yet.
Theoretical value: 11.1% of $246K = ~$27K.
Practical value: Near zero. Undivided fractional interest, no clear title, no probate, seven co-owners. Nobody buys this on the open market.
His leverage: He lives there. Possession creates friction in partition.
His exposure: Once we close Fred + five Walter heirs, we control 88.9%. Partition is a foregone conclusion. Forced sale = he loses housing AND nets less after costs.
Legal / KHL
Justin Henning at KHL is handling everything. Ross serves as land trust trustee.
| Work Item | Status | Cost |
|---|---|---|
| Summary Admin: Mamie Lovett | Pending DCs | Incl. |
| Summary Admin: Walter Jackson Sr. | Pending DCs | Incl. |
| FL Land Trust + Trustee | In Progress | Incl. |
| Deed Prep & Recording | After Agreements | Incl. |
| Title Search & Curative | Ordered | Incl. |
| Partition (if needed) | Contingency | TBD |
| Total Legal | $6,500 - $10,000 |
Death certificates requested for both (Mamie DOD 07/16/2015, Walter Sr. DOD 10/22/2021, both Pompano Beach). Once agreements come back signed, KHL takes over heir coordination: deed signing, notarization, affidavits, probate paperwork.
Legal fees paid after receipt of probate court orders. KHL holds the deeds, manages the trust, Ross is trustee, they're completing both probates. Nothing closes without them. Their receivable is fully secured.
Total Cost
| Line Item | Low | High |
|---|---|---|
| Fred Jackson (44.4%) | $40,000 | $40,000 |
| Walter heirs x 5 (44.4%) | $18,000 | $18,000 |
| Robert Lovett (11.1%) | $5,000 | $7,000 |
| Legal (after probate orders) | $6,500 | $10,000 |
| Title / misc | $1,500 | $2,500 |
| Total All-In | $71,000 | $77,500 |
Exit Strategies
Flip & Exit
BRRRR & Hold
Why Refi Cash Is Tax-Free
A cash-out refi is borrowing against our own equity. IRS doesn't treat loan proceeds as income because we're taking on a liability, not receiving a gain. No taxable event.
This is the engine of BRRRR. Extract capital tax-free, redeploy, keep the asset producing. Each cycle adds a property without increasing our capital base.
Cash Flow
| Item | Monthly | Annual | Notes |
|---|---|---|---|
| Gross Rent | $2,594 | $31,128 | Zillow |
| P&I ($140K @ 7.5%) | -$979 | $11,748 | 30yr DSCR |
| Taxes | -$350 | $4,200 | Non-homestead |
| Insurance | -$300 | $3,600 | FL market |
| PM (10%) | -$259 | $3,108 | |
| Vacancy (5%) | -$130 | $1,560 | |
| Maintenance (5%) | -$130 | $1,560 | 1986 |
| Capex (5%) | -$130 | $1,560 | |
| Net Cash Flow | $316 | $3,792 |
DSCR: 2,594 / (979 + 350 + 300) = 1.59x. Lenders want 1.20-1.25x. At 51% LTV we should beat 7.5%.
Equity & Refi Targets
Conservative: 3.5% appreciation (South FL averages 5-7%), 3% rent growth.
| Year | Value | Balance | Equity | CF/mo | 75% Refi | Cash Out |
|---|
Cash-out at 75% LTV after paying off existing balance. All proceeds are tax-free debt, not income.
Open Items
| # | Item | Owner | Status |
|---|---|---|---|
| 1 | Robert is Mamie's son | Fred | Confirmed |
| 2 | Mamie had 3 children | Fred | Confirmed |
| 3 | Walter's wife predeceased him | Walter family | Confirmed |
| 4 | 5 children, Jocelyn = Joyce | Walter family | Confirmed |
| 5 | Walter family agreements | JF | Sent |
| 6 | Robert Lovett negotiation | JF | Not Started |
| 7 | Fred's ID to KHL | Matthew | In Progress |
| 8 | Death certificates | KHL | Requested |
| 9 | Engagement letter (paid after probate orders) | KHL | Email Sent |
| 10 | Deed signing / notarization coordination | KHL | After Agreements |
| 11 | Both summary administrations | KHL | After DCs |
| 12 | Partition estimate | KHL | Requested |