Single Family Rental Property Investment in Jacksonville Fl

[Art Sarkisyan]

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Purchase price: $75,000
Cash invested: $135,000

Single Family Investment in Jacksonville FL (Purchased SFR > Rehab > Rent > Cash Out Refinance)

What made you interested in investing in this type of deal?

I was looking for out-of-state investment and started looking for different areas and decided to go with Jacksonville FL. Was looking for 1-4 units.

How did you find this deal and how did you negotiate it?

I found the deal on Zillow for sale by owner. Initial price was 95K for 3 bd 1 ba (1,363 sqft). Made an offer for $85 k and it was accepted. After inspection negotiated additional $10K discount . Purchased for $75K

How did you finance this deal?

Purchased and rehabbed for cash. Working on refinance cash-out

How did you add value to the deal?

Complete renovation (roofing, flooring, new kitchen, plumbing, electrical, added new bathroom, converted additional room to master bedroom. Appraisal in November 2021 came for $190K

What was the outcome?

Rehabbed > Rented (long term) > Working on refinance cash-out (conventional loan). Looking for to turn into STR in the future

Lessons learned? Challenges?

A lot of lessons learned (hopefully), a lot of mistakes made. Main lesson probably would be to do final inspection in person.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Thirdstone Properties LLC (Property Management)/Elenis Camargo. Knowing Elenis and Isaac was the main reason I made my decision to purchase property in Jacksonville and they helped a lot on all stages of the project