All Forum Posts by: Christopher Goodin

Thanks Keith. I have left a message with both offices. 

Thank you in advance for the replies.

I am trying to find the best method to track the tax deed of one property in Jacksonville, FL (Duval County). At the moment, I have to check the Duval county tax deed auction, but I am worried I will miss the sale as so many go through this.

The tax certificate was sold in 2018 and based on county/city data, its available for a tax deed application on April 2020. Is there a way to see if the tax deed application has been filed by the tax certificate holder? After that I believe it will go to auction soon. I know the Corona virus has put some things on hold, but once things start back up, is there a way to track one property better?

Thanks,

Chris

Hi All,

I am structuring to acquire a 3 unit property in FL where the current owner will continue to live on the property for free and I will rent out the remaining 2 units. I am deciding between a master lease agreement and a Contract for Deed. Since the current owner has homestead this property and will still be living in the property, I want to maintain the Homestead exemption/current property taxes. Will either of these options (master lease agreement or Contract for Deed) trigger a change in the Homestead exemption/property taxes?

I am looking at a 3-plex property in which the current owner (elderly owner) is looking to live in the one of the units for the remainder of their life for free. I am currently working on deal structure terms, but have a question on appraised value as it relates to financing, due to the fact that 1 of the 3 units is being lived in for free.

The property is located in an area with a mix of single family and multi-family (2-4 units).

How would you expect a residential appraiser to value this property? Based on a sales comp approach of other 3-plex properties? or based on duplex properties?

If anyone has been involved with a similar deal, I would greatly appreciate any advise/feedback. 

I am looking to value this property as a duplex, given that only income from two units will be available for the foreseeable future.  

Thank you @Steve Potash. I realize now that it's hard to get close to numbers like these at the beach anymore, but I Keep looking. The inherited tenants were on a mix of lease terms, and I offered incentives, and identified better places for them to live. Understanding what each tenant wanted made this process much easier

Hey there Bigger Pockets members!

I have been using bigger pockets for over a year now, and have finally decided to share my first deal with everyone, and hope to soon find my next deal. My first deal had some hair on it (required substantial rehab, inherited existing tenants, required city approval to reconfigure), but was a great experience that I would do again and again! Feel free to share your thoughts/comments.

I purchased my first quad-plex (2 - 2 beds, 2 - 1 beds) at the Beach in Jacksonville, FL in November 2014. The property consists of two building that were built in the late 1930's, and had little improvements/maintenance since the late 70's/early 80's. As such all kitchens and bathrooms needed renovating, along with new plumbing (was poly), and new HVAC (was window AC). Below is a breakdown of the financials at purchase

Gross Rent (All 4 units rented): $3,200

Purchase Price: $372K

Through necessary rehab, and knowledge of the market, I determined I could increase rents, find better tenants, and lower maintenance/my time dealing with issues.

I purchased the property through a 203K renovation loan, with 3.5% down, 30-year fixed. After approx. 4.5 months, the property was completely renovated, and re-rented it to new tenants at the increased rates. Below is a breakdown of the current financials

Gross Rent (me living there - 3 of 4 rented): $4,750

Gross Rent (without me living there): $6,600

Purchase Price: $372K

Rehab: $144K

Total (Purchase + Rehab): $516K

Around 1 year later, I decided to refinance the property based on the new appraised value, and remove the PMI (1.1% - roughly $500/month).

I am now on the search for a another property at the beach (single or multifamily), or other well located areas of Jacksonville, that have value add opportunities.  I welcome any questions, and would love to hear thoughts from the BP community.