All Forum Posts by: Eric M.

I received a call back from my direct mail. The property is "The Cotton Mill" condominium complex next to the WW II museum. It is not the property I mailed about and is my first time doing direct mail campaign. Property is not yet on the market. The sellers are asking $280k. They are selling because they live out of state. Not sure how to move forward. Any and all guidance appreciated.

I avoid rental homes with a pool because of liability.  

I have a condo with monthly HOA's and it eats into my profits, $300. However, the amenities and 24hr security patrol the HOA pays for, keeps a tenant in the property. Still, I recommend avoiding high monthly HOA's.

An annual HOA on my SFH is $90 a year. It is worth it because they ensure residences keep their grass cut, trash cans off the street, and keep the subdivision presentable.

Yes.  I have begun focusing on that area.  This week I put in offers for two duplexes in that area.  Originally I was an accidental landlord because my condo in St. Johns Town center was because my baby brother was a UNF student. My home in my previous NC duty station was because mortgage payment was cheaper than rent.  After getting some education on BiggerPockets podcast and these forums I've learned where and how I like to invest.  I have been in New Orleans 4 months and this market is unappealing to me at this time. Being forced to move I have lived in different markets and of those in which I've lived I decided that NC is priced right for me.  

I used iMortgage for a 30yr rehab loan with 15% down and have to pay Mortgage Insurance (MI).  I roll the MI into the rent along with my Property Manager (PM)fees.  Call around to different lenders even out of state lenders.  I am in New Orleans and today put in an offer in North Carolina and using the lender EverBank in Florida.  If you watch a Jacksonville, Jaguars home game they play in EverBank Field.  EverBank is giving me 30yr conventional with 15% down if I pay MI.  20% down if I choose not to pay the MI.

Keep it professional. Something about your current agent is causing you to want to seek a different or additional agent. Follow your gut and continue to network. Typically there are several realtors at the local REIA that are also investors. Talk it over with them at your next REIA meeting. I have begun to invest in different areas of the same town and found realtors that focus on a particular niche of town to be the most helpful. In NOLA realtors from the East Bank don't know much about the West Bank and visa versa.

I invest in a different region because of price points in different markets.  Being military I move often and have learned that the areas around certain military bases are good for buy and hold.  To me the biggest benefit I've found is that in certain regions I can purchase a duplex for the same price as a single family.  

I've been working with a guy named Jimmy Boulangger on my primary home.  I interviewed 5 contractors.  I requested they produce their contractor license, workers comp insurance, 5 references, and to itemize their job quote to separate labor from materials.  Jimmy did all of that has been very responsive on phone calls and text.

Look at http://groundworkjacksonville.org/wp-content/uploa...  

That area is a big gamble and a lot of things would have to happen for that area to really turn around.  The North Side near the airport is where I invest.

Loren,

I am an out of state owner with property in NC and FL while I am living in LA.  I've had 3 managers in FL.  I have great success with my current property managers.  I am completely hands off and my involvement is receiving the monthly deposit and giving my input on any expense $300 or greater.

Remember that the property manager works for you.  They are applying for a job in your company.  Interview several managers that range from the small companies managing 50 properties to the major company managing 1,000 properties.  

I've found more success with the smaller companies that are hungry for the business and treat my property like it is their own.  The larger companies were very impersonal and made me feel like just another line number on their spread sheet.

Hope that was of some use,

Eric

I have a condo, townhouse, and two single families in various parts of Jacksonville.  My properties are near UNF/Town Center, NAS Jax, and U of F hospital.  All are renting for 1% or more than purchase price + renovations.  Although I am from Jax. I use a property manager because I am active duty military and only get home for the holidays.  I think the Jacksonville market will be good for you.