Multi-family units in the Jacksonville, FL area

[Carl Goforth]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Jacksonville.

Purchase price: $378,000
Cash invested: $120,000

Multi-family unit in the Avondale section of Jacksonville, FL. Positive cash flow $300/month

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

Prime location within two blocks of a trendy retail location with a Mellow Mushroom eatery, a bistro, bars, and other attractive retail stores.

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

Traditional method with a trusted local agent.

How did you finance this deal?

25% down traditional financing.

How did you add value to the deal?

Immediate capital improvements to the property.

What was the outcome?

Buy and hold strategy; may eventually turn units into short-term rentals.

Lessons learned? Challenges?

It's an escalating market with competition from all-cash investors; this is inflating prices temporarily beyond what I would consider reasonable, fair market prices.

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

Shannon Robinson with EXP Realty.