All Forum Posts by: Anant Radadia

I appreciate the kind words, Jonathan!

Hi Farman, please let me know how I can help. Feel free to DM me so we can connect.

Hi Anant, I'm a local investor & Real Estate Broker/Owner in Jacksonville, FL. I specialize in multi-family properties, short term rentals. Personally I own a duplex in JAX Beach that we are currently operating as STR. Some of the best areas to find multi-family properties in and around Jacksonville would be close to the river/downtown (Riverside, Murray Hill, San Marco, Springfield, Avondale…) and at the Beaches like JAX Beach, Neptune Beach, and Mayport area. Best location for you will depend on several factors such as whether you want to LTR/MTR/STR, budget, turnkey or value-add, etc… Let me know if you'd like to connect. Thanks! Rich

Hi Anant, what location are you investing in? Are you searching local or out of state?

Hi Anant, what location are you investing in? Are you searching local or out of state?

hello bigger pockets people! i am looking for my first rental property in Jacksonville FL , anyone invest in this market? what are some decent areas ? more so looking for cashflow than appreciation but it would be nice to have both. my strategy is to buy somewhat turnkey homes then renting out to section 8. 

thanks in advance! 

Hello and Welcome!

As others have said, it is tough to find true deals right now, but they do exist. Are you looking for something that's turn-key or are you looking for a rehab project that you can turn into a rental?

@Anant Radadia define positive cashflow!

Also, in our opinion, many investors make the mistake of assuming their first task is to ID an area to invest in - when they should FIRST be deciding on what Property Class to invest in -> then look for an area.

If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.

Our OPINION for the Metro Detroit market (always verify each area for yourself!):

Class A Properties:
Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.
Vacancy Est: Historically 10%, 5% the more recent norm.
Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.

Class B Properties:
Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.
Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.
Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 years

Class C Properties:
Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation. Can try to reposition to Class B, but neighborhood may impede these efforts.
Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.
Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years. Verifying last 2 years of rental history very important! Also, focus on 2 years of job/income stability.

Class D Properties:
Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciation
Vacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.
Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions. Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.

Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

Hey Anant,

Welcome to the community! The first thing you should do when starting out is just getting a process down for analyzing deals. I have a spreadsheet for doing this and can share that with you, or you can use the BP calculators. Set a goal to analyze a few deals a day and establish your buy criteria. Most the deals I analyze don't meet my buy criteria, so I just move on and wait for something else, so if you're getting discouraged at first just keep in mind that it can take some time to find the right deal. 

So to get started, analyze deals consistently. I'd also highly recommend doing the following:

1. Talk to a few different lenders in your market and get pre-approved, real estate agents will be more willing to help you if they know you are pre-approved.

2. Go to your local real estate meetups and start networking with people in your area. This may be uncomfortable being a new investor, but it's really important to get out there and start talking to people in your market.

3. Find an investor focused-agent in your area that can help you navigate through your first deal. A good agent can also help you analyze deals as well!

Hope that helps and let me know if there are any other questions I can help answer.

Good luck!

Hey Anant - Are you working with an investor friendly agent down there?