All Forum Posts by: Adam Burke

Danielle, thanks for the reply. We've already closed on them so those were the exact number on purchase. Taxes are so low on them that it was hard for me to believe it as well ,and I live one county over. That being said I don't have the exact numbers for the refinance charges yet. The one thing that I have noticed (going back to Jack) comment about rent rates is who you have manage the properties makes a world of difference in this area. Large "white collar" institutions vs smaller "street wise" management companies. I watched a smaller company take the larger companies non performing asset and change it around in two weeks. On that street mentioned the larger company had it listed at $750 for 4 months and decided to sell within two weeks after acquisition it was rented for $960.  Understanding the community dynamics! Thanks again for your feedback. 

Jack, thanks for the feedback. Yes Section 8/hud I've teamed up with a friend who has several in the area  and manages several hundred so I base a lot off of his experience. There are pockets and certain streets in the Moncrief area, west and north side that I can walk down the street no problem, but then two streets over I won't. I stay in the Low/mid areas.

Thanks Junior I appreciate it. The CapEx is the area I needed to improve on. Here In Jacksonville, FL a metal roof isn't too much more expensive so I'll be putting those on so I can reduce that big ticket item in the future. I'll let my kids worry about that when they are old men.

Hey Tim thanks for the reply. I have 10% for management, 10% for vacancy and 10% for maintenance. It will actually take us around 2-3 weeks to be rent ready. Roof/AC etc will all be new so I'll need to figure deferred cost down the road. The 3 months is not vacancy it's the time our lender requires the property to be rented to refinance and they will do 80% here in Jax. If I am at 70% refinance I think I should be sitting ok on my COC return. Thank for the feedback and the CAPEX #'s We are working on setting incentives for 2-3yr leases to help reduce turnover cost. Great to hear from you!

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