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Morris Invest in Jacksonville
Hi all,
recently during an initial meeting with a potential investor I learned that @Account Closed's Morris Invest was offering turn-key properties in our area. I was unaware that they were even in our market as a turnkey provider. This is the first time someone has brought up a turnkey company in Jacksonville, FL to me that wasn't JWB.
I'd be very happy to connect with anyone who knows more about this. I'd love to learn more about how large the operation is, how they are as far as working with agents, what their track record is here and if it's worthwhile recommending them for investors that won't quite fit our model but need a turnkey provider.
Any and all insight is helpful.
@Joey Hamaoui may I suggest you search this forum for "Morris Invest".
This was mentioned here many times.
@Hadar Orkibi I looked at some of the other forums but they are more a review of the company in general. I'm specifically interested in learning more about their activity and interests in the Jacksonville, FL area where I operate.
By the way, I received the CD! It's very nice and I really appreciate it.
I would also be interested in more information about the Jacksonville area. I've been recently listening and watching a few videos on Morris Invest and I like the way he tries to explain and interact with his followers. I'm not sure if I'm ready to jump in on a turnkey but I enjoy his videos.
I spoke with Morris Invest today, and they are doing projects in Jax. Mostly in the 08 & 09 zip code, but the house they actually sent me was in 06. I ran the number through the BP Rental calculator, and it cash flows at 11.8% which is right at my target. The deals are all cash, and you can purchase at various stages of construction. Seem like a decent plan. Just not crazy on the area of town. Very high crime rate, and violent crime at that. Not sure if I will do anything with them, but thought I would share the information.
I forgot to mention most of the deals are all cash at approx 40k.
Jim Schock could you post the listing they sent you if you don't mind or the address. Are you going to manage yourself or hire a PM? I'm trying to educate myself and live through some of the BP family's experience in regards to buy and hold. I've been searching in the Daytona area but the neighborhoods seem to have a high rate or crimes so I'm not sure if those properties are worth the time and money....thanks!
Hi @Dario Contreras I'd be happy to help out answering any questions you have about the Jacksonville market. I lived previously in Palm Coast, FL and would go down to Daytona Beach frequently so I am aware of the difficulties there. Here in Jacksonville the city is so big you can find a property for pretty much anyone. Feel free to send me a PM and let's connect.
@Jim Schock thanks for the info. I suspected that they would be targeting those areas. 06, 09, 08 and 54 are the roughest areas in Jacksonville. Most of my investors shy away from those areas but I'm all for it as long as the investor has a clear understanding of what he's getting into. It's too risky to go in blind.
In 32206 we received a deal recently for a duplex, off-market. We negotiated to a decent price but the wholesaler would not allow an inspection contingency so we just did an inspection prior to signing any papers. Thank God! It turns out this "Just Renovated" duplex has active termites, needs a new roof, a new AC and minor repairs throughout. The tenants were just placed this month so there's no rental history but after consulting with a property manager who specializes in those areas she told me the tenants she picked up from this property management company were all good and pay on time. That's not a guarantee but it calms my nerves.
@Dario Contreras Yes I will try to post when I see them. To this point they've only sent me stuff in Indy, and Detroit which I'm not really interested in. As @Joey Hamaoui mentioned the areas are pretty tough areas. I think my biggest concerned would be trying to sell the property down the road.
Jim Schock I currently have sfr in Jacksonville 32210.
Any advise on which zip codes are good to invest and which one to avoid.
Looking for sfr ..
Thanks in advance
@Sastry Srini I'm actually looking at a SFR in 10 tomorrow. That is an old Jacksonville community. I would consider it a C area. I would love to buy in 59, 57, 46 (Southside of Jax and northern St. Johns), but have found the numbers very hard to work.
@Joey Hamaoui did a good job listing the rougher parts of Jax. 06, 09, 08 and 54.
Hope this helps. Good luck.
@Sastry Srini if you're looking at areas similar to 32210 I would check out 32244, 32065, 32073, 32216, 32225, and 32246. Some of those zips will be neighborhood by neighborhood.
I've found the 32259 and 32257 won't produce more than about 6% returns on cash deals most of the time but 32246 is a bit more affordable. Is that what you're seeing @Jim Schock?
@Joey Hamaoui yes. I have had a hard time even finding 6% 59 or 57. I've been spending most of my time looking in 44 and 10.
Joseph Hamaoui thanks for the comments..
I was looking at TroutBluff area 32219 area code (8829 Golden bamboo drive, Jacksonville FL 32219 ) with new constructions coming up..
Any thoughts on that area? It is west of outside of 295 loop ..
Primarily was looking at new constraints as it would minimize repairs and maintenance costs during initial hold /rent period.
Look forward to your comments on the general area and vicinity.
Srini
Hi @Sastry Srini,
You're the second investor to mention to me the new construction in 32219 specifically on Golden Bamboo Dr. Being very honest I don't understand what the appeal of the area is. It's close to a very rough area in the south east side (the direction of the city) and surrounded by nothing all around on the other sides. The drive is far to get to the city or the beach from there so amenity wise there doesn't seem to be much either. I understand the appeal of new construction for buy & hold investors as it is perceived to be less maintenance over the years but I just don't understand the appeal of that particular area.
What turned you on to that area?
@Jim Schock I like 32244 a lot. We are able to find flips over there too. We're selling one in Cinnamon Lakes now and we bid on the one that came up for short sale on Falcon Trace in 32222. It's definitely a solid area. I think if you buy right you can get more than 6% there though.
Thanks!
No, I do not have any affinity for 32219. As stated earlier, it is appealing for couple of reasons
1. New construction.. lesser maintenance,longer term buy and rent ( min 8 yrs)
2. Has +be cash flow (6-7% coc rerturn
3. Current situation: low rates, not looking for immediate cash flow, tax benefits and looking for an area that appreciates (hoping)
Given that, I am trying to run some numbers to determine if it works out.
Being an out of state investor, I am leaning more towards turnkey. Jacksonville another reason to retire in a warmer climate..
@Sastry Srini, if you are looking for turnkey solution in Jacksonville, let me know. My firm focuses on creating these solutions for our clients through our wholly owned brokerage and property management company. Would love to send over some information and get a conversation started about how we can help.
Thanks!
I spoke with Morris invest about three weeks ago, and asked for a list of properties in Jax specifically. As of yet they haven't sent me any deals in Jax. They did initially follow up with deals in Indy and Detroit. When I responded that I wasn't interested in those areas I haven't heard from them since. I may send them another email this week.
@Joey Hamaoui Me and my boyfriend are looking to invest in Jacksonville. We've been looking in some of the neighborhoods you mentioned to Jim Schock ( 06, 09, 08, ). What would you recommend instead? I will PM you my post so we can connect.
@Ingrid J. I'm happy to help. I'll look for your PM.
I don't have a problem with anyone investing in 06,09,08, and 54 as long as they know what they're getting into. I just can't stand people going in misinformed. Let's connect.
@corey clarkston,
I watched several Morris Invest videos and had an initial talk with one of his team members. He sent me 2 properties-1 in Indy and the other in Jax.
I am interesting in discussing turn key solutions with you in Jax.
@Mark Keeler feel free to reach out if you'd like. I'd love to hear what your experience was with the Morris Invest team. We work with a lot of out of state investors and try to do a similar model to turnkey investors but without the commitments and I'm interested in learning more about your experiences.
I've had the most success in the 32225 and 32227 zip codes.
I've got 2 flips going in Jax.
5141 Sanibel Dr 32225 and 10341 Jolynn Rd 32225.
I Recently sold 3433 Jacona Dr 32227 and 1932 Kusaie dr 32246.
@Jim Schock did you end up using Morris Invest? I recently purchased a property with them in Jacksonville and am looking to see if others are using them in Jacksonville, particularly. Thanks
@Parker G. here is the link to another popular Morris Invest thread. https://www.biggerpockets.com/forums/92/topics/392727-morris-invest-case-study-20
Thanks @Will Zena. Saw the thread. Was curious if anyone had actual experience with MI in Jacksonville?