Newbie from Jacksonville, FL

[James Bailey]

Hello, BP! My name is James Bailey, and I am just getting started in real estate investing. I was in the Army for 7.5yrs, then worked at the Department of Homeland Security, and Marine Corps Base Quantico before coming back to Middleburg, FL (just southwest of Jacksonville). I have a day-to-day J.O.B. which provides a bit of a roadblock when it comes to scheduling, but my boss is very cool, and allows me to work from home from time-to-time as needed.

My background in real estate is limited to buying and selling my first primary home in VA, and buying another primary here in FL. Regrettably, I have been locked into analysis paralysis for around 10yrs, but have finally decided to jump in, and start investing. I have been reading a lot, and listen to several BP Podcasts per day (sometimes for 6-7hrs straight), and credit @Joshua Dorkin, and @Brandon Turner with providing the motivation to really get moving, and the much needed focus to stay on track. 

I have been driving for dollars, and am currently targeting out of state absentee owners of vacant properties in my farm area with postcards, but have only just started. So, no replies as of yet. 

I have also been watching the MLS, and have found a 3/2 1300sf SFH which was damaged in the flood caused by hurricane Irma, and priced reasonably at $57k. By my estimate (with the help of author J Scott, and "The Book on Estimating Rehab Costs"), it needs just under $60k in rehab, and the ARV should be ~$165k. I drove by the property as soon as I could, and spoke with the owner. We covered many topics from church, to family life, to the hurricane's impact on the community, and eventually, the condition of her house. She informed me that her agent had already been notified that there would be at least 2 offers coming in the following day, and she believed that one would be a full price offer. I asked her if she may have any additional needs that I may be able to help with (e.g. closing date preference, packing, moving, ect.). She informed me that she would like a quick closing, but may need help/time to move (she is living on the property, but not in the home). I told her that this would not be a problem, and that if she needed anything else, she could just let me know. After our conversation, I felt very optimistic. I was pretty sure that, if I matched the full price offer, and added a quick closing date, she would accept. As it turns out, I was correct. Both of the other offers were from investors, and at full asking price, but they were asking for ~30 days to close, and she didn't know them as personally as she knew me. I will be closing on 1FEB (14 days from the date of the offer). I am having a professional inspection done tomorrow, and will be gathering bids on the work needed in the following days. I will post the specifics to the "Real Estate Deal Analysis and Advice" forum once I have them.

Thanks so much for all of the invaluable information, and I am excited to keep learning, and moving forward!

James