All Forum Posts by: Chris Wilson

Thank you! 

Hey BP! 

Does anyone have experience and recommendations on banks in the Jacksonville/North Florida area that provide commercial MF mortgages? I have a few MF properties (range from $150-$400 per property) that I would like to re-finance along with a new property Im hoping to get financing on ( in the $2mm range).

Any help and direction would be great. 

Thanks 

@toddexheimer I have plans to relocated in the next 3-5 years to Jacksonville. There also no income tax, reasonable property tax, and I also have a very bullish outlook on the Jax market due to the new development projects currently underway and the planned Shad Khan shipyard/entertainment district. 

Thank you for your insight @Carolyn Morales @jayhelms @ChrisGrenzig

For starters, the proerpty(s) that I've been looking at do not meet the 2% rule - total rents are $2k per month and the purchase price is roughly $150k. Are there any multifamily properties in Jax that meet this guideline? 

My approach was to purchase and convert the building to all HUD tenants for guaranteed and timely rent payments and so long as a property management company would handle the day-to-day it would be a fairy sound investment.

I'm very new to investing so my approach is likely not the best route. 

Thanks 

Hey BiggerPocket Folks! 

Hope everyone is have a great weekend. 

I've been exploring the multifamily landscape in the Jacksonville Florida market and have interest in purchasing small low income multifamily properties (2-4 units). The cash-on-cash return is very appealing and the entry cost is obtainable for me at this time - roughly $150k per 4plex.  Unfortunately though, the supply appears to be rather limited in the Jacksonville area and most of these properties are located in what appear to be questionable neighborhoods - class D. I'm based out of state and would be relying on a property management company to handled the day-to-day. 

Would anyone with experience in Jacksonville be able to provide some insight? 

Is 32209 an ok area to purchase investment properties in? 

Any recommendations on property management companies that handled this area would be greatly appreciated as well.

Thanks 

Chris 

Great info, thank you for sharing.