All Forum Posts by: Chris Carson

@Mark Fries is spot on. Grew up about 2 miles away and have lived most of my life in the general area. You are technically Murray Hill but not really where people want to be within Murray Hill. IMO any property that shares a street with Eureka Gardens (or whatever it's called now) deduct significantly from the ARV.

That’s a pretty rough area. Anywhere north of i10 in 32204 is. There is money to be made there but it’s tough if you are unwilling to self manage. I didn’t even look at your number but unless it cash flows like mad, be prepared to sink a ton of money into evictions/turnover rehab/ etc. Also, McCoy’s creek floods really bad so make sure the property sits high.

Hi everyone! I posted some time back regarding moving my law firm to a large commercial property. We have since closed and been going over plans with our architect, designer, mech engineer, etc. There are a few big cap-ex and exterior projects that are the most pressing, and as a result, we are making slow but steady progress in the interior. The building has housed various professional businesses over the years and there is a massive amount of wiring that we are pulling out of the walls and ceiling. There is also a large amount of scrap metal between the old duct work and the metal studs in the walls. I imagine that when we start on the second building, we will encounter a similar situation. I've done a number of demos over the years but there has never been enough material to make any real money on scrap. I think this might be different. Anyone have experience scrapping these kinds of materials? Am I better off just selling in bulk to an actual scrapper? Other things I should be thinking about?   

Just looking to bounce ideas with some experienced folks on here.

My law firm has been expanding and has outgrown our current space. The seller of a unique property accepted our offer a month ago and we are set to close in about another month. The property is close to our current office but much larger. It's separated into two buildings, which are comparable in size and take up a good chunk of a city block. One of the buildings is half occupied by a long term tenant (established law firm) and our firm will be occupying the other half. We have it under contract at a price that makes sense for that building alone, so the second building is gravy. The second building is 2 stories ~ 9000 ft^2 and is occupied by two small tenants who pay almost nothing. They are on m2m leases. The buildings are on the located in downtown Jacksonville and are within an opportunity zone. The surrounding area is being developed with a number of large residential projects and is about to see a massive influx of money from the owner of the Jaguars. I need some thoughts on how we should analyze the highest and best use of the building. We are using a well known broker for the transaction but we just haven't heard any stellar ideas for the other building. It's both awesome and scary to have a good sized building and no idea what to do with it. Thoughts on how we should be looking at this as a commercial landlord?  

@Bill Dengler If you are still open to negotiation, sounds like that wasn’t really your highest and best... Don’t let emotion or personal attachment cloud your judgment. The numbers work or they don’t.

@Will Jimenez Florida doesn’t require disclosure.

What area of town?

Anything can be a good deal if you get it for the right price.

@Deepanshu Madan

As someone who lives in that zip and has been here for 30+ years, that area is hit or miss. We just got out bid last month on a 3/1 (similar SF) about a mile away and it went for 59k. You say it's in good condition, does that mean new HVAC and roof? Other deferred maintenance? Is it on sewer or septic? There was some flooding in that area from Irma. Was the house high and dry? You aren't going to get A class renters in that area. Do you have a good PM in place? Feel free to message me if you have more questions.

“What are obstacles flippers in the area face?” Substantial amounts of property crime (also violent crime in certain areas). Restrictions on rehab specifics in historical areas such as Springfield. Terrible comps, lots of inventory. You stated in your post that the houses sit on the market for a long time. That’s really all you need to know as a flipper. 32202, 32206, 32208, 32209 are not zips to work unless you know that areas very well or have intentions of holding lots of low end rentals. Springfield in particular, has allegedly been on the come up for 20 years. Lots of folks have bought property banking on appreciation and it simply hasn’t happened so they lose their *** and the property just sits. There are some beautiful properties there but they involve massive risk.