Our recent buy & hold investment in Jax

[Gerardo Waisbaum]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $81,000
Cash invested: $81,000

We purchased a new property in March. The house is a 3/2 block home in 32210 in Jacksonville, FL that we purchased for $81k. The house was a tremendous deal since the house next to it, a 2+1, was recently sold for $180K

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

The property was in pretty good condition and only needed a fairly standard list of renovations. List of high-level renovations:

New roof
LVP flooring in the rooms
Paint inside and out
Bathroom updates, but not a full replacement
Minor electrical

How did you finance this deal?

We paid it cash. We are now looking to place a tenant and plan to cash-out refinance soon.

Lessons learned? Challenges?

Being located overseas we needed to find a trustworthy contractor. Our previous rehabs were done by the PM company but we wanted a higher control level. While under contract on this house we brought several contractors out, interviewed them, and talked about scope/budget.

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

We ended up going with @Mark Fries (HomeMax). It was our first time working with Mark and his crew, and immediately I was blown away with responsiveness: every approach from our side got a response in a matter of minutes. Their team did a FANTASTIC job; worked very hard, cleaned up the yard and Mark made sure we end up with the desired outcome.