All Forum Posts by: Brett Nissen

Thank you for sharing, and what you are feeling is very normal for rookie investors looking at a new market. I highly suggest listening to minutes 10-30 of podcast episode 563 w/ Sarah Weaver. Gives really good insight into the mindset and how to be a good “partner” to an investor friendly agent.

The good news for you is that every investing strategy works in Jacksonville, as we have such a wide array of real estate here. My advise is to read and listen to podcasts to determine what strategy and price point you want to focus on. Only when you have a defined strategy, should you then reach out to an agent to view properties. An example of a defined strategy would be "I want a SFH in Jax Beach for STR. It must have 3 bedrooms plus and be within 10 blocks of the ocean. Max purchase price is $800k". Top producing investor friendly agents are EXTREMELY busy right now given our market environment. Many are apprehensive to bring on rookie investors as clients, because often investors need to write offers within minutes/hours and rookies do not have the confidence/knowledge to write offers so quickly. If you can show to an agent you are very serious about acquiring in Jax, they will reciprocate and work as hard as they can to find you a deal!! To summarize: Focus inward on your strategy, define your acquisition goals, become a great partner to your investor friendly agent, and you will do great things!

If you are looking at Jacksonville Beach to STR, the bylaws do require a local person to be a 24 hour contract for the property. This makes self managing an issue. I live in Jax Beach, and also work with a lot of clients buying STR here (I am an agent). The property next to me actually is an Airbnb, and the owner is starting her own PM/consulting for ppl looking to STR in this market

Great job! I did a similar project in Jacksonville Beach, but just a tad lower price point (purchased for $375k, put $75k into rehab, ARV $525k). The semi-luxury price point is maybe the most lucrative price point for flippers in Jacksonville right now. The under $300k space is so saturated with buyers, investors, and I-buyers, so you decided to go where there is less crowd!

I agree with the posts above. Garage does not affect rental rate in 90% of the areas in Jax SFH investors look at. The only areas it may have a larger affect would be A class areas in the "newer" parts of town. As of late, garages have had less of an affect on ARV/re-sale as well

I am an agent in Jacksonville Beach and would agree with everything Patricia Steiner stated! In my area, Jacksonville Beach is less restrictive on rentals, than Neptune Beach or Atlantic Beach. Flood insurance often kills the deals at the beach though. For this reason I live at the beach, but invest in rentals in other parts of the Jacksonville market.

I am looking to interview individuals who have house hacked a property in the Jacksonville, Florida area in the last 5-10 years. I am a former house hacker myself, and looking to tell the stories (good and bad) of doing a house hack. Areas include Jacksonville Beach, Jacksonville, Fernandina Beach, St. Augustine, and the remaining areas of Northeast Florida. Looking forward to hearing from you!

Also both Riverside/Avondale and the beaches have a large young professional population to be your potential tenant base. Both are also near Navy bases (Mayport and NAS), and both are near major local hospitals.

Love that you are looking at Jax! I am a local agent and former house hacker. I house hacked a duplex in Avondale, but now live out at the beaches. Jax is no secret to investors or individuals moving here to live FT/PT. Jax was the #1 city in the country for net arrivals since April of this year, and has been a top 5-10 fastest growing city in the US for quite some time. The beaches vs Riverside/Avondale is a decision a lot of my house hacker clients face. I will say that the returns generally are a lot better in the historic areas like Riverside, Avondale, and San Marco. When I house hacked in Avondale, I got my monthly payment to about $100/mo. 

I am a local agent, house hacker, and have lived most of the last 6 years in Jacksonville Beach. While it depends on each investor's goal, I would be curious what your strategy is for multifamily in the beaches area. In my opinion, there are areas of Jax with better returns for multifamily than the beaches. However, if you love the beaches lifestyle and want to house hack, this is achievable with the multifamily at the beach. I personally rent at the beaches (right now), and use my investing capital to buy multifamily properties in other higher returning parts of the area. Feel free to PM me!

Wayne is 100% spot on with his answer, which explains why the building of this style of townhome is so common in Jacksonville Beach. It allows a developer to maximize highest and best use from a given parcel. The property is worth substantially more with each townhome being on its own.

Also, the only way to depreciate your side of the duplex would be if you had room mates. You then can divide the sq footage of your unit by the number of room mates. I would run this past your CPA of course.