New to Jacksonville, ready to dive in

[Mitchell Morgan]

Hello Jacksonville BP,

My name is Mitchell Morgan and I have lived in Jacksonville for one year. I purchased my first property in Tampa in 2019, and it has been a long-term rental over the past year.

I am currently looking for my next property, which I want to be a BRRRR/house hack. I plan to purchase either a distressed MFH, or a distressed SFH with an ADU, a potential ADU conversion (shed, garage, separate suite, etc.), or the potential for sqft to be efficiently added during the rehab (screened porch, carport, concrete patio area, etc.). I'll live in the least valuable room/unit, and after the rehab is complete and other rooms/units are rented, I'll cash out refinance for the ~75% LTV. Ideally, I added enough value during the rehab for the refinance to replenish my capital enough to start looking for a BRRRR opportunity straight away.

For funding this first purchase I have available equity in my Tampa property. I'm also considering other options such as using a fix-and-flip loan to fund the purchase and rehab, then repaying it using the cash out refinance. I'm also open to the possibility of partnerships.

I do not have experience performing a major rehab like this, but nobody does until they do one. My top priority at the moment is to build a team to work with me through this process. I recognize that I will benefit greatly from the value offered by experienced agents and contractors. I hope to learn quickly and over time provide value to them in return through future deals.

I'm of course open to recommendations, referrals, criticisms, and advice. I'd love to discuss any of this with anyone who wants to connect. 

Thanks!