All Forum Posts by: Carl Goforth

 Fact! Very well said...thanks @Nick C.

@Benjamin Sulka you are definitely in the right place. Lots of support and connections in the BP community. Cheers

@Michelle Meyer congrats and thank you for sharing!

@Nathan Gesnerour experience has been overall positive. In addition to vacationing around Asheville, NC a few years ago staying in a basement apartment (cozy but well appointed) we have been surfing AirBNBs in the Jacksonville area for the past 4 months waiting for our house to finish. Staying in three different AirBNBs back-to-back gives some perspective - first, the experience is very much host-driven. We seem to have hit the lottery, as all of our hosts were extremely responsive and accommodating. Second, our different units over the past many months have given us some ideas of what we like (and don't like) regarding furnishings, kitchen outfitting, easy access to washer/dryer, etc.

Bottom Line for us: for the monthly rate the Jacksonville, FL AirBNB hosts are currently offering, there is absolutely no way we could have lived this well in a hotel for basically the same monthly fee. As an added bonus, we have new ideas for eventually turning our duplex into a short term rental to increase monthly cash flow.

 Will do! We have only been in the area for <1 year and still exploring areas I want to expand into. Will contact you sometime this summer (many irons in the fire at the moment). Best, Carl

@Ernie Loreto congratulations! Looking forward to eventually finding a wholesaler in the Jacksonville, FL area I can work with.

@Vivian Yip inspiring and looks fabulous!

If you are planning to stay in the home for another 2-3 years, and your current appliances are fully functioning, then retaining them is probably the best move. This will give you more cash NOW to invest in other ways and/or position you to capitalize on opportunities sooner.

We purchased our first duplex last year. The previous replies cover many of the details required to consider a property (such as separate meters for elect/water; status of current tenants), but I also spent a lot of time in MLS to assess other duplex sales in the same zip code, rental price history for the zip code, which gave me the confidence that I would be cash flow + from the first month (we put 25% down to get the most favorable interest rate, which also ensured we were cash flow +). Another key item was to fully vet the current tenants for payment history and their treatment of the units (it was all very positive), giving us the confidence to move forward.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Jacksonville.

Purchase price: $378,000
Cash invested: $120,000

Multi-family unit in the Avondale section of Jacksonville, FL. Positive cash flow $300/month

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

Prime location within two blocks of a trendy retail location with a Mellow Mushroom eatery, a bistro, bars, and other attractive retail stores.

How did you find this deal and how did you negotiate it?

Traditional method with a trusted local agent.

How did you finance this deal?

25% down traditional financing.

How did you add value to the deal?

Immediate capital improvements to the property.

What was the outcome?

Buy and hold strategy; may eventually turn units into short-term rentals.

Lessons learned? Challenges?

It's an escalating market with competition from all-cash investors; this is inflating prices temporarily beyond what I would consider reasonable, fair market prices.

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

Shannon Robinson with EXP Realty.