First House Hack!!! Jacksonville Florida duplex

[Brett Nissen]

Hey BP!

I am a fairly new investor from Jacksonville, Florida and recently closed on my first multi-unit property! It is a concrete block duplex in the Avondale/Riverside neighborhood of Jacksonville, with each side being a 2/1. Here are the details:

Purchase Price: $330000

Downpayment: 10% (savings, family assistance, and small 401k loan)

PIMI: $1950/mo

Rental Income: $1150/mo from one side of duplex, $700/mo from room mate in my unit

Monthly "living costs" = approx. $200 before utilities

I ended up using a portfolio lender for this property, as I could not get approved for a conventional loan, due to a 12 month sabbatical I took to travel the world. Luckily, I had an existing relationship with a local portfolio lender, and they were able to get me approved with a LOE about my travels.

I have been a long-time follower of BP and the @Scott Trench model of building wealth, and feel this first property fits the mold for a perfect house hack. It has drastically reduced my housing costs, allowing me to quickly save for my next house hack in 12-18 months. I understand I am not hitting the 1% rule on this property, but I am gaining experience as a landlord and so far have had a smooth transition with my inherited tenant. I even increased their rent by $50/mo and they were more than pleased to stay in the property!! Market rents are about $1200/$1250 per unit, and eventually I will get the property up to these levels, which should give me about $300-$500 of CF a month when I move out.

I am very excited about this first deal, and wanted to share with the BP community! If you have any questions please feel free to reach out to me as I LOVE this strategy for starting out in real estate investing.

PS - the same seller has a very similar property for sale down the street from me. If you want to do a house hack and be my neighbor I will be happy to give you some details!!