New Real Estate Investor In Jacksonville, Florida

Rental Property Investor · Jacksonville, FL · Member since 2022 · 8 posts · 1 vote

I am looking to connect and learn as much as I can to gain confidence on my real estate investing Journey. I am willing to do what it takes to get where I need to be; I'm not giving up. All wisdom is accepted :)

My vision is to purchase multi-family properties in the Jacksonville Area using the "BRRRR" Method. Unfortunately, I have been told to stray away from taking this route here in Jacksonville. Does anyone have experience utilizing this strategy here? If so, please share your experience and pointers.

I'm open to all real estate investing strategies that will get me to where I need to be. I am a relationships guy, and I look forward to networking, supporting, and learning with everyone at BP. Thanks so much in advance!

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Elenis Camargo

Property Manager · Jacksonville, FL · Member since 2018 · 514 posts · 470 votes

@Aaron Goode Hi Aaron! I’ve learned not to listen to others. If I had I wouldn’t have acquired a 3/2 for 90k in Arlington in 2018 or a 3/1 in Magnolia Gardens for 49k which both have over doubled in price today. We started off as out of state investors and are not in Jacksonville helping other investors acquire properties. We also manage over 200 in Jax. Message me when you’re free and we can chat next week :)

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Marshall Leipprandt
Real Estate Agent · Miramar Beach, FL · Member since 2016 · 285 posts · 245 votes
4y
@Aaron Goode Welcome to BP and kudos for taking the steps towards becoming a real estate investor!

I'm more knowledgeable of the north west Florida area (Panhandle), but I know that quality multifamily properties have been very rare around here. I haven't checked much into the inventory over in Jacksonville but if you're planning to do a BRRRR, you're likely looking for value-add properties instead of turn-key.

If you find there are not enough options for a multifamily, you can still consider a single-family home with an FHA loan and house-hack by renting out some of the other bedrooms. This is a great place to start because you will learn about everything it takes to own and manage a property, but on a manageable scale. I do think a multifamily property with an FHA loan would be better because you could even live in one unit and rent the others out (long-term or short-term depending on local laws), and it is generally more scalable.

The most important thing is that you are reading, researching, and studying all you can about the market you are interested in so that you can make a calculated decision on where to buy. I don't think there is ever a "perfect" time to buy, so at some point, you'll have to convert your research and studying into action and pull the trigger.
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Aaron Goode
OP
Rental Property Investor · Jacksonville, FL · Member since 2022 · 8 posts · 1 vote
4y

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Aaron Goode
OP
Rental Property Investor · Jacksonville, FL · Member since 2022 · 8 posts · 1 vote
4y
Quote from @Marshall Leipprandt:

@Aaron Goode Welcome to BP and kudos for taking the steps towards becoming a real estate investor!

I'm more knowledgeable of the north west Florida area (Panhandle), but I know that quality multifamily properties have been very rare around here. I haven't checked much into the inventory over in Jacksonville but if you're planning to do a BRRRR, you're likely looking for value-add properties instead of turn-key.

If you find there are not enough options for a multifamily, you can still consider a single-family home with an FHA loan and house-hack by renting out some of the other bedrooms. This is a great place to start because you will learn about everything it takes to own and manage a property, but on a manageable scale. I do think a multifamily property with an FHA loan would be better because you could even live in one unit and rent the others out (long-term or short-term depending on local laws), and it is generally more scalable.

The most important thing is that you are reading, researching, and studying all you can about the market you are interested in so that you can make a calculated decision on where to buy. I don't think there is ever a "perfect" time to buy, so at some point, you'll have to convert your research and studying into action and pull the trigger.

@Marshall LeipprandtThanks for welcoming me into BP, and your insight! I'm definitely considering an FHA Loan for a single-family, or even a multi-family property as a start! Thanks for your encouragement!
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Eric Ng
Investor · New York CIty · Member since 2020 · 19 posts · 18 votes
4y
Hi Aaron, what reasons were you given to avoid BRRRR in Jacksonville?
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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
4y
Welcome to BiggerPockets @Aaron Goode, you are definitely in the right place. I am not in the Jacksonville area, but I would still like to share my knowledge. Joining events in your area is a great way to start connecting with other experts.

I would suggest looking for meetups and investment groups in your area. You can look for those by going to the BP Forums, enter the filter "Real Estate Events and Happenings" as shown in the photo below. Then you're able to put in your city or zip code and a radius that you'd like to search within.

I also advise you to interview investor agents and find one that best meets your criteria. Investor- Agents have a better understanding of profitable locations and help you understand numbers. They also have connections to contractors, lenders, and many other people that can help reach your goals. For this you can use the find agents tool at the top of BP. This will allow you to search for an area and show you some agents in that area along with their BP profile. You can then pick which one best fits your needs.

Best of Luck!

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Andrew SyriosPro Member
Moderator
Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
4y
Welcome to BiggerPockets Aaron and good luck investing!
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Alex Talcott
Attorney · Durham, NH · Member since 2019 · 292 posts · 126 votes
4y
Following
I have a single, small investment interest in JAX and would like to get more there and points north.
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Bud Gaffney
Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
4y
Who has told you not to do it? Are those people investing? Here's my ADVICE. Buy the multi in Jacksonville, live in 1 unit, and rent out the others. RINSE REPEAT GET RICH!!!! Stop listening to people who are not in the game. They don't have a clue.
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Aaron Goode
OP
Rental Property Investor · Jacksonville, FL · Member since 2022 · 8 posts · 1 vote
4y
Quote from @Eric Ng:

Hi Aaron, what reasons were you given to avoid BRRRR in Jacksonville?

I was told that the BRRRR Method was not suitable in my preferred Markets such as San Marco, Riverside, and Southside Jax; "theres no multi-family properties needing significant work to gain positive returns" is what I was told...
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Aaron Goode
OP
Rental Property Investor · Jacksonville, FL · Member since 2022 · 8 posts · 1 vote
4y
Quote from @Wale Lawal:

Welcome to BiggerPockets @Aaron Goode, you are definitely in the right place. I am not in the Jacksonville area, but I would still like to share my knowledge. Joining events in your area is a great way to start connecting with other experts.

I would suggest looking for meetups and investment groups in your area. You can look for those by going to the BP Forums, enter the filter "Real Estate Events and Happenings" as shown in the photo below. Then you're able to put in your city or zip code and a radius that you'd like to search within.

I also advise you to interview investor agents and find one that best meets your criteria. Investor- Agents have a better understanding of profitable locations and help you understand numbers. They also have connections to contractors, lenders, and many other people that can help reach your goals. For this you can use the find agents tool at the top of BP. This will allow you to search for an area and show you some agents in that area along with their BP profile. You can then pick which one best fits your needs.

Best of Luck!

Hi Wale, thanks for your feedback and encouragement. I look forward to utilizing all relevant tools provided here at BP :)
0 Reply
Aaron Goode
OP
Rental Property Investor · Jacksonville, FL · Member since 2022 · 8 posts · 1 vote
4y
Quote from @Andrew Syrios:

Welcome to BiggerPockets Aaron and good luck investing!

Hi Andrew, thanks for your welcome!
0 Reply
Aaron Goode
OP
Rental Property Investor · Jacksonville, FL · Member since 2022 · 8 posts · 1 vote
4y
Quote from @Bud Gaffney:

Who has told you not to do it? Are those people investing? Here's my ADVICE. Buy the multi in Jacksonville, live in 1 unit, and rent out the others. RINSE REPEAT GET RICH!!!! Stop listening to people who are not in the game. They don't have a clue.

Thanks so much for your advice! You are right - "They dont have a clue". Thanks!
0 Reply
Aaron Goode
OP
Rental Property Investor · Jacksonville, FL · Member since 2022 · 8 posts · 1 vote
4y
Quote from @Alex Talcott:

Following
I have a single, small investment interest in JAX and would like to get more there and points north.

Thanks for your response. Nice! Let's connect some time in the future!
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Andres Rodriguez
Wholesaler · Jacksonville, FL · Member since 2019 · 74 posts · 42 votes
4y
Hi @Aaron Goode,

Even though the neighborhoods you mentioned have appreciated rapidly, there's definitely room for growth. Don't focus on the zip code per se, but focus on the individual property before you shy away from a certain part of town. Multi-families can also be found in other parts of town which are just now beginning to see growth and expansion. Some parts of town might be rough, but they border already established neighborhoods. Just like what happened in Springfield and Riverside which wasn't all that long ago before the boom if you think about it.

Don't get discouraged!
0 Reply
Elenis Camargo
Property Manager · Jacksonville, FL · Member since 2018 · 514 posts · 470 votes
4y
@Aaron Goode Hi Aaron! I’ve learned not to listen to others. If I had I wouldn’t have acquired a 3/2 for 90k in Arlington in 2018 or a 3/1 in Magnolia Gardens for 49k which both have over doubled in price today. We started off as out of state investors and are not in Jacksonville helping other investors acquire properties. We also manage over 200 in Jax. Message me when you’re free and we can chat next week :)
2 Reply
Cory Cannon
Rental Property Investor · Salt Lake City, UT · Member since 2019 · 9 posts · 1 vote
4y
I have one multifamily in Jax but I can see why someone might have recommended single family over multi in Jax. Just seems like there are a lot more multi family in other cities... I would start with a good realtor to help you out and look at what has sold in the last 6 months. If you don't see anything that you would have bought you will probably need to adjust expectations or you will be looking forever.
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