Anyone buying in Jacksonville, FL ?

Question

Hi All,

I am seriously looking at Jacksonville, FL. Anyone else in that actively buying ?

1) I can't find anything that can cashflow. Has it been your finding too ?

2) Any safe zip codes do you recommend ?

Thanks

Deepa

Gregg Cohen · Answer

Hey @Jack Bobeck - Nope.  It's hard to make the numbers work for positive cash flow there.  In fact, we haven't really been investing in those 3 neighborhoods ever since we started in 2006.  We love the westside, southside, arlington, northside.  Most investors would be surprised to know that you get positive cash flow in those 4 neighborhoods and above-average appreciation.  In fact, many of the neighborhoods where we had the highest appreciation in the state of FL last year were in Jacksonville's northside (source: zillow.)

Gregg Cohen · Answer

Yes, I am!  My company bought 992 properties in Jacksonville last year.  We absolutely believe in this market and you can get positive cash flow.

Existing inventory is definitely tight which is why a large portion of our purchases are in-fill lots.  I love renos and new construction turnkey properties in Jacksonville because you get both cash flow and above-average appreciation.  Most investors have to make a choice between one or the other in your typical cash flow markets.

Here are the zip codes in Jacksonville we buy the majority of our properties in:

32218, 32208, 32210, 32205, 32244, 32211, 32207

Happy Jacksonville investing!

Jack Bobeck · Answer

Gotcha Gregg, I asked because a lot of investors ONLY look at zip codes and 32205 includes Riverside and Avondale, the 32207 includes San Marco and then 32210 has Ortega. Tough areas to make cash flow, but there are other parts of each zip code, for sure for a great return.

Jack Bobeck · Answer

Hey @Gregg Cohen are you buying positive cash flow properties in Avondale right now? San Marco? Ortega?

Minna Reid · Answer

I work with investors buying in Jacksonville. Yes, cash flow is very hard to find, but I would imagine that is most of the country right now. I understand Jacksonville is currently one of the hottest markets in the country currently.

West of the river will be your best odds of finding cash flow, but also many of the neighborhoods are hit or miss. West side is growing/changing fast. As usual, the more you are willing to tolerate, the better your cash flow position.

Anyone buying in Jacksonville, FL ?

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