All Forum Posts by: Max Traveler

Eric its all in the realtor lease there is a section for parking on 1st section. I emailed it over to you already, correct? If not PM me email.  

Good afternoon! I need some ideas for how I can make a multifamily property work in Jacksonville Beach, FL. This is an offer market deal I found while writing letters and the seller call me with interest to sell. I am typically a buy and hold investor so that was my plan for this but Ive found it hard making that work. The ask price of around $730K and there are comps in the area over $1-1.2 mil. There is a ton of value add opportunity. It is about 4 blocks off the beach and close to the town center. 20% down is about $146K and that is without rehab. I believe in this market and believe it will appreciate over the coming years. With interest rates being so high and hard money being so expensive, I am having a hard time figuring out how I can make this happen.

Are there any ideas for how I can finance the down payment and rehab for this property? 

Property Details:

4 unit multi family home at $730K. All metered seperate. Rents foreach unit around $900 each but market rent for LTR is $1500-1600. There is a solid MTR/STR opportunity with the units that could generate even more return. Insurance estimated at $7,000 annually and taxes around $10,000 annually.

Hey @Mario Morales - The biggest downside of tankless water heaters is their higher initial cost. A good quality tankless heater will run you more than a traditional storage-tank model, although the savings in energy costs over time can make up for this difference.  If you can afford the upfront cost you definitely should.  

We have done it at several of our Chicago apartments.  More storage and better energy usage.

My belief is to do it right the first time, especially if it is vacant now. It will cost you less to complete a larger renovation now than doing it later unit by unit. Optimizing space for the water heaters is a good idea. Also updating your electrical and plumbing is strongly recommended.
I removed my chimney and it created a lot more space in the home for additional closets and hallway space. I ended up putting high efficiency units and electric water heaters eliminating the use of venting an gas appliances through a chimney. Good idea.

for the tile, I would just lay LVP over existing subfloor with a pad. Make sure your surface is level, otherwise youll start to see it cracking in the future. A thin 4x8 wood sheet and pad should help level the floor. 

if youre already putting in duct work you might as well run Central air to the unit. will increase your value and tenants prefer central air over window units. 

demo --> frame --> plumbing --> ductwork --> electrical --> sheetrock