Recent rental property purchase and rehab in Jax

[Patrick Strycharz]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $36,100
Cash invested: $80,000

I purchased a property in February. The house is a 2/1 home in 32208 in Jacksonville, FL. The house needed a ton of work.

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

Great ROI/COC potential, rental market commands $850-$950 per month.

How did you finance this deal?

Cash.

Lessons learned? Challenges?

Being new to the area, I needed to find a trustworthy contractor. Cost of materials/labor increased due to COVID 19 and unforeseen events took place that increased the cost of rehab. Example – someone tried to steal the heat pump – cost of repair and recharge ($480), cost of AC cage ($380) etc.

Work done:

New roof

New LVP flooring throughout

Paint entire interior

New bathroom 

New doors inside/outside

Kitchen appliances and cabinets

Tree trimming/cutting

General yardwork

Drywall hanging/wall repair

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

I ended up going with @Mark Fries (HomeMax) for my general contractor. It was my first time working with Mark and his crew, and immediately I was blown away with his responsiveness. Updates, updates and more updates – things you want when you’re dealing with thousands of dollars. I did my homework before using Mark, and everything I read about him was 100% true. He is a man of his word, says it like it is and is extremely knowledgeable. Any work I need done in the future; he has my business no questions asked.