929 SW 2nd Ter
Deerfield Beach, FL 33441 / Broward County
Property Overview
ARLINGTON PARK 11-52 B LOT 8 BLK 13
Tax ID: 484201021220
County: Broward, Florida
Single family home on a nearly 7,000 sqft lot in Deerfield Beach. Zillow Zestimate is $245,900 with a sales range of $207,000 to $283,000. Rent Zestimate is $2,594/mo. The property is currently occupied by Robert Lovett, one of the heirs. No homestead exemption applies.
Chain of Title
Title originates from a Quitclaim Deed recorded April 26, 2004 (CFN# 103925671, OR BK 37313, Page 377). Mamie Lovett quitclaimed the property to herself, Fred Jackson, and Walter Jackson Sr. No percentages were specified on the deed.
Both Mamie Lovett and Walter Jackson Sr. are now deceased. Neither estate has been through probate. Fred Jackson is the only living person currently on the deed.
Family Tree & Heir Map
Mamie Lovett had three children: Fred Jackson, Walter Jackson Sr., and Robert Lovett. Robert's different last name suggests a different father (half-sibling), but under Florida intestate succession (F.S. 732.103), half-siblings inherit equally with full siblings when tracing through the shared parent. Robert inherits equally from Mamie regardless of paternity.
Ownership Percentage Calculation
Here's how we derive each heir's interest from the original deed split.
Mamie's 1/3 ÷ 3 children = 1/9 each
Step 2: Calculate Fred's total.
Fred: 1/3 (deed) + 1/9 (from Mamie) = 4/9 = 44.4% ✓ matches contract representation
Step 3: Calculate Walter Sr.'s total before death.
Walter Sr: 1/3 (deed) + 1/9 (from Mamie) = 4/9 = 44.4%
Step 4: Robert's total (not on deed).
Robert: 0 (deed) + 1/9 (from Mamie) = 11.1%
Step 5: Walter Sr. dies. His 44.4% splits among 6 children.
44.4% ÷ 6 = 7.4% each
Acquisition Strategy & Deal Terms
We are acquiring each heir's undivided interest individually through separate purchase agreements. The strategy is to consolidate 100% ownership 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 | 7.4% | $4,000 | $541 | Agreement Ready |
| Joyce Jackson | 7.4% | $4,000 | $541 | Agreement Ready |
| Tangie Jackson | 7.4% | $4,000 | $541 | Agreement Ready |
| Walter Jackson Jr. | 7.4% | $4,000 | $541 | Agreement Ready |
| Jermaine Jackson | 7.4% | $2,000 | $270 | Agreement Ready |
| Jocelyn Jackson | 7.4% | $4,000 | $541 | Agreement Ready |
| Robert Lovett | 11.1% | $5-7K | $450-630 | In Negotiation |
| TOTAL | 100% | $67-69K |
Total purchase price $40,000 net, structured in stages tied to cooperation milestones:
$10,000 upon execution, delivery of signed notarized deed, name searches, and heirship verification.
$30,000 into escrow with KHL Law Group:
$20,000 released upon probate completion confirming Fred's interest.
$10,000 released upon partition completion or full fee simple acquisition.
Conveyance is irrevocable upon deed delivery. Escrowed funds compensate Fred for ongoing cooperation, not the conveyance itself. Non-cooperation forfeits the applicable payment.
Simpler than Fred's deal. Full payment ($4K each, $2K for Jermaine) upon execution and delivery of a signed notarized deed, name searches, and heirship verification. No staged escrow needed at these dollar amounts. Same AS IS condition, indemnification, cooperation obligations, and seller acknowledgments as Fred's contract.
All six agreements route to: Joejackson.josiah@gmail.com
Robert Lovett Strategy
Robert is the most nuanced heir in this deal. He holds 11.1%, lives at the property, and has not been approached yet.
His theoretical value: 11.1% of $246K = ~$27K.
His practical value: Near zero. He holds an undivided fractional interest in a property with no clear title, no probate, and 7 other co-owners. No buyer on the open market will touch this. He can't sell, refinance, or borrow against it.
His leverage: He lives there. Possession creates headaches in a partition action and gives him emotional negotiating leverage.
His risk: Once we close Fred and the six Walter heirs, we control 88.9%. A partition action is a foregone conclusion. In a forced sale, Robert loses his housing AND nets less after court costs and sale discounts.
Legal Status & KHL Law Group
KHL Law Group (Justin M. Henning, Esq.) is handling all legal work. Ross (at KHL) will serve as trustee of the Florida Land Trust.
| Work Item | Status | Est. Cost |
|---|---|---|
| Summary Admin: Mamie Lovett | Pending DCs | Included |
| Summary Admin: Walter Jackson Sr. | Pending DCs | Included |
| Florida Land Trust Setup | In Progress | Included |
| Deed Prep & Recording (all heirs) | Pending Agreements | Included |
| Title Search & Curative | Ordered | Included |
| Partition Action (if needed) | Contingency only | TBD |
| Total Legal | $6,500 - $10,000 |
Death certificates have been requested for both decedents (Mamie: DOD 07/16/2015, Walter Sr: DOD 10/22/2021, both Pompano Beach/Broward County). KHL is coordinating directly with heirs on deed signing, notarization, affidavits of heirship, and probate paperwork once purchase agreements are executed.
Legal fees are structured to be paid at closing out of deal proceeds. KHL holds the executed deeds, manages the trust, Ross serves as trustee, and they're completing both probates. Nothing closes without their work product. Their receivable is fully secured by the deal itself.
Total Acquisition Cost
| Line Item | Low | High |
|---|---|---|
| Fred Jackson (44.4%) | $40,000 | $40,000 |
| Walter heirs x 6 (44.4%) | $22,000 | $22,000 |
| Robert Lovett (11.1%) | $5,000 | $7,000 |
| Legal (KHL, paid at closing) | $6,500 | $10,000 |
| Title search / misc | $1,500 | $2,500 |
| Total All-In | $75,000 | $81,500 |
Exit Strategies
Option A: Flip
Net profit on sale
Option B: BRRRR (Hold & Refi) Recommended
Tax-free cash out + keep asset
Why Refi Cash Is Tax-Free
When you take a cash-out refinance, you are borrowing against your own equity. The IRS does not treat loan proceeds as income because you are taking on a liability (the mortgage), not receiving a gain. There is no taxable event.
This is the core of the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat). You extract your capital tax-free, redeploy it into the next deal, and keep the asset producing income. Each cycle adds a property to the portfolio without increasing your out-of-pocket capital base.
Cash Flow Breakdown (DSCR Loan at $140K)
| Item | Monthly | Annual | Notes |
|---|---|---|---|
| Gross Rent | $2,594 | $31,128 | Zillow estimate |
| Mortgage P&I ($140K @ 7.5%) | -$979 | $11,748 | 30yr DSCR loan |
| Property Taxes | -$350 | $4,200 | Broward, non-homestead |
| Insurance | -$300 | $3,600 | FL market rate |
| Property Management (10%) | -$259 | $3,108 | Full service PM |
| Vacancy Reserve (5%) | -$130 | $1,560 | |
| Maintenance Reserve (5%) | -$130 | $1,560 | 1986 build |
| Capex Reserve (5%) | -$130 | $1,560 | Roof, HVAC, etc. |
| Net Cash Flow | $316 | $3,792 |
DSCR (debt service coverage ratio) at this loan amount: 2,594 / (979 + 350 + 300) = 1.59x. Most DSCR lenders require 1.20-1.25x minimum. We're well above that, which means a better rate is likely. At a lower LTV (51% vs typical 75%), we may also get rate improvement.
Equity Buildup & Future Refi Opportunities
Conservative assumptions: 3.5% annual appreciation (South FL has averaged 5-7% over the past decade) and 3% annual rent growth. The table below shows how equity and refi cash-out grow each year.
| Year | Value | Balance | Equity | CF/mo | 75% Refi | Cash Out |
|---|
REFI SWEET SPOTS
Open Items & Next Steps
| # | Action Item | Owner | Status |
|---|---|---|---|
| 1 | Confirm Robert Lovett is Mamie's son | JF / Fred | Pending |
| 2 | Confirm Mamie had exactly 3 children | JF / Fred | Pending |
| 3 | Confirm Walter Sr. marital status at death | JF / Walter family | Pending |
| 4 | Confirm all 6 are Walter Sr.'s only children | JF / Walter family | Pending |
| 5 | Execute 6 Walter family agreements via DocuSign | JF | Ready |
| 6 | Negotiate and close Robert Lovett | JF | Not Started |
| 7 | Send Fred's valid ID to KHL | Matthew | In Progress |
| 8 | KHL orders death certificates | KHL / Justin | Requested |
| 9 | KHL engagement letter + fee confirmation | KHL / Justin | Pending |
| 10 | KHL coordinates deed signing / notarization with heirs | KHL | After Agreements |
| 11 | KHL files both summary administrations | KHL | After DCs |
| 12 | KHL partition estimate (contingency) | KHL / Justin | Requested |