All Forum Posts by: Craig Barnthouse

Hello Rose. I am an active investor in Jacksonville and have preciously used Thumbtack.com to find new contractors. On a recent project I decided to interview 3 new GC's and accept bids. Thumbtack.com was a good resource.

Be prepared to search for a contractor based on the general type of work you are looking to have done. I.e. window replacement, roofing, HVAC, demo and rebuild, etc....

If you can provide a bit more detail in what type of work you anticipate I may be able to make a specific suggestion.

Since you are Wholesaling, I assume you're not looking for GS's and contractors for total re-habs.

You asked for opinions. My opinion is that an adequate profit amount is completely subjective and not for others to decide. YOU decide what amount of profit is adequate for you based on your circumstances. To some....$1000 is good money. To others.....$30,000 is a pittance. It's all relative to your financial considerations.

@Robert Peeples ..... I don't know that I would classify it as an ideal market only because the quality of the available inventory is not ideal. There is a ton of competition among investors and serious institutional money buying properties in Jax. Makes for a challenging landscape for acquisitions.

Yes it's a large area however my first two flips convinced me that purchasing in the outlying areas can work against you. On those two projects I did most of the work myself and visited the sites everyday. Drive time to and from the property and  cost of fuel can add up over the duration of the rehab.

I wanted to do 2 myself so that I could have a true working knowledge of the process when I moved to hiring contractors. That's what I have done and I am glad I had the hands-on experience of the first 2.

Jacksonville is a good market and I plan to continue for the next 5 to 7 years but it does take some patience and persistence to find a property where the numbers work which isn't gone by the time I find it.

Welcome to BP. I too am a Jacksonville based investor and focus solely on flipping quality, fully renovated homes. I am not an expert by any means and am currently on my 4th property in just over 12 months.

I differ from you slightly in that I started this venture as a way to invest my on-hand cash and so far have not engaged any financing. At this point I don't see borrowing money in the future but I know there are lots of people on here who can provide you with tons of information.

Just can't rationalize the expense for this type of training from any perspective. Too much of this mentorship training is emotional and less nuts and bolts.

I am now on my 4th flip property and spent under $30 on J. Scott's book, numerous hours reading and learning on BP, talking with a local guy here in Jacksonville who had a little experience and mostly capitalizing on my own good sense and ability to think a deal through and make a decision promptly. Certainly there is a lot to learn about this business but it can be accomplished much more cost effectively than a major capital investment in such a program.

Purely for clarification, Jacksonville Beach, which is designated by the zip code of 32250, DOES extend to the west bank of the intra-coastal. This is where I live. The Jax Beach western most designation ends at approximately San Pablo Rd. I can personally attest that the beach can be reached via bike within 20 minutes but you'll be huffing and puffing on your way up the bridge. However you'll be coasting smoothly on your down the other side.

Good luck.

I should point out that on the first property I did.....we spent a long period of time there but it was nowhere near full time. My partner continued to deal with the issues of his 19 rental units and I continued to oversee my 2 other companies. While they aren't really demanding companies, they did occupy a good deal of time. 

I just can't overstate the value of being hands-on for the first 2 projects. As I get ready to deal with a GC on this 3rd one, I am sure I'm in a much better position to understand the dynamics of the rehab now. Although, I'm not so sure I'm excited about the dynamics of the P&L statement! ;-)

Larry,

That first house was very time consuming because it was a huge learning process. In addition it had plaster ceilings and walls rather than sheetrock. We spent 3 months working on it. Probably averaged about 5 hours of work a day and the drive to and from the house was 45-50 minutes each way. Not ideal but it was a great 1st project.

I believe in FL there are both "Vacant Property" and "Builder's Risk" policies. I'll have to credit my wife with mentioning this to me. It's just one of those things that I overlooked in the hustle and bustle of everything else.

I"ve now added it to my acquisition checklist and will be buying from here on out. It's interesting that the policies I have researched have NO ability to receive an amortized refund if you happen to cancel early so my decision will be 3 month or 6 month. The policies seem to be easily extended if needed though.

Hello and welcome @Jose Gomez.