All Forum Posts by: Clayton Moss

@Michael Glaspie thank you for the info! I will start investigating into this a little further. I'm more focused on residential, but if a deal comes my way you bet I'll try to jump for it! You never know what your marketing funnel may be bringing in. 

Hey BP, I just got a lead on a commercial property that includes a coffee shop and 6 apartments. I'm only educated on the residential side of things. Basically I know that commercial is evaluated differently than residential based on income production.

Could you please elaborate on things I should be asking the seller and digging into in order to make an educated offer.

Thank you!

Hey BP, I am looking at a duplex 3/2 both sides, with a 1/1 separate garage apt. It's in a historic neighborhood close to riverfront. It's a great location! 

The property has been on market for a year and has come down from 675k to 525k, where it was under contract a couple weeks ago. The buyer backed out due to inspection showing active termites. Both subterranean and dry wood. 

The seller relisted the property at 400k last night. I'm thinking about offering way lower than that since arv would be around 500-550.

Has anybody dealt with termite problems in the past? The tent and fume would cost 14k, my worries are with the damage repairs..

Any help/ info would be great! This seller is EXTREMELY motivated after all of this.

Thanks everybody!

For those of you investing in Jacksonville, what are you seeing for criteria that works for buy and hold? On average, is it a 1% rule, 2% rule?

The properties I have been analyzing seem to have a low percentage based on the asking price. I'm not from the area so I'm not too familiar with the market yet. 

Thanks in advance!

Thanks for the info, Theo! We do plan to visit the property, but I currently work over the road and am out of state. I will contact some property managers familiar with the market to get some ideas. 

Thanks for the response Tim. I think that is roughly what I've been entering, maybe a little more. I've been trying to be fairly conservative with my analysis. 

I've been looking at some small multi family units in North Florida. During my analysis, I guess on the percentage estimate for repairs, vacancy, cap ex, and management. 

How do you all estimate these figures?

In my opinion the numbers seem a bit high, mainly on the monthly repairs. Thanks in advance!