All Forum Posts by: Gregg Cohen

Thanks @Chris Clothier.  Always appreciate the support. 

@Craig Daniels - Looking forward to connecting!  JWB is a turnkey rental property company located in Jacksonville, FL.  I just sent you a private message to pick up the conversation. 

@Maxnbee Nyabende - So great to hear your approach of prioritizing vertically integrated companies when thinking of where to build your rental property portfolio.  I think this is the single most important part of the decision in order to set you up for success in passive rental property investing.

@Chris Clothier - Thanks for the JWB shout out. As many already know in the BP community, Chris and his team at REI Nation have set the standard for how to build passive income portfolios through rental properties for nearly two decades. Great people, great team, and thousands of happy clients over at REI Nation.

Full disclosure: I'm one of the owners of JWB Real Estate Capital.

Investment Info:

Single-family residence buy & hold investment.

Sale price: $222,017

JWB Real Estate Capital helps busy professionals from across the world invest in real estate in Jacksonville, FL. From sourcing turnkey rental properties to finding long-term residents, and comprehensive property management, our expert team offers a full-service solution for a truly stress-free investing experience.

A JWB client purchased this home on 8/30/2024.

What made you interested in investing in this type of deal?

Our company is built to make it easy for everyday investors to invest in rental properties.

How did you find this deal and how did you negotiate it?

We acquire land years in advance through our network of real estate agents and wholesalers in the Jacksonville market.

How did you finance this deal?

We use private lending to finance the purchase and construction of this home.

How did you add value to the deal?

We bought land and built a new construction home on the property. We then leased the home out to a long-term resident who signed a multi-year lease.

What was the outcome?

The investor who bought this home owns an asset that is cash flow positive from day one and one that will benefit from all 5 profit centers of rental property investing for many years to come.

Lessons learned? Challenges?

Building homes always comes with surprises but the best part is that our clients don't feel any of that. JWB owns the asset all throughout the construction so any overages or delays in timelines are our problem...not the clients!

The client gets to receive the home as a performing asset with built-in property management in place so the entire process can be smooth and enjoyable.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Our entire network of agents, title companies, insurance, conventional lenders, private lenders, and many others come together to make this an enjoyable experience. This is the value of working with a vertically-integrated company!

Thanks so much for the kind words @Paz Patel and @Nelisa Lee.

@Glenn McKinney

@Glenn McKinney - It’s great to see you exploring options and doing your due diligence.  We’ve been serving our clients for 18 years and have generated over $300MM in profits by investing in the Jacksonville, FL real estate market for those clients.  We’d  love the opportunity to serve you as well!

Hi @Glenn McKinney, I'm one of the owners of JWB and would be happy to answer any questions you have.

Good point on the importance of getting laser focused on the right market.

There is a lot of incorrect information out there when it comes to price declines.  I can't speak for all markets in Florida but I can tell you that prices are not declining in Jacksonville.  

Home prices increased 1.1% from 2022 to 2023 in Jacksonville, and as of April 2024, prices have appreciated 6.2% year over year. This data comes from the Northeast FL MLS.

The reason home prices have continued to increase in Jacksonville and in most markets across the country is because of the lack of supply.  

As of April 2024, Jacksonville has only 3.8 months of inventory.  A normal market has between 6-7 MOI.  Anything lower than 6 would be an indicator for higher-than-normal home price appreciation in the next 6-12 months.

This is why even as interest rates increased at the fastest rate in 40+ years in 2023 and have stayed at that level, home prices have continued to appreciate.

The media has been calling for a real estate crash for a while now and it hasn't happened and most people can't figure out why.  The reality is that low supply of single family properties will keep a high floor for prices.  

And think about what will happen when interest rates eventually come down...

When interest rates go down, mortgage applications go up like clockwork, which leads to more demand, which will likely lead to increased home price appreciation. 

This is one of the reasons why now is a great time to buy and hold single family rental properties in growth markets (like Jacksonville.)

But make sure you do your due diligence on the team before investing.  Find the team you think will be a good steward of your money and will give you a great investor experience.  Then do the research on the real estate market they serve.  If you do both of those well, the actual property selection will be easy and successful.

Good luck!

@Chris Clothier - Really appreciate you bud! Total class act. Easy to see why REI Nation is such a success as a company and has the track record of excellent performance for your clients.

@Gus Alegre - We'd love to connect to see how we can help.  Talk soon. 

Hi Kenneth, I'm very sorry that you've had a poor experience with us.  We're certainly not perfect, but I can assure you that we care deeply about the investor, the resident, and the Jacksonville community.  I understand you've left our services and we wish you the best of luck moving forward.  

Agree with Maureen!  Start with those companies and you'll be on the right track.  Full Disclosure - I'm an owner of JWB Real Estate Capital (Jacksonville Wealth Builders.)

Hi @Dawn Bertrand, 

I'm sorry that you feel this way about your experience as a resident of JWB.  We hope to create a win-win-win scenario for all involved and it's always a learning lesson when that doesn't happen. 

There is some additional information that wasn't mentioned in your post above which sheds a different light on the situation.  

1. JWB spent $2,300 on renovations prior to you moving into the home.  This is not an example of "skimping" on costs to get a home ready. 

2. There were 2 plumber work orders during the lease.  During both work orders, we dispatched a licensed and insured plumber.  We only work with licensed and insured vendors. 

3. Regarding the electrical issue - we always attempt to troubleshoot with the resident prior to dispatching a vendor.  This allows us to save time for you as a resident and save money for the owner of the property.  For the kitchen light, we did end up sending out a licensed electrician and the issue was resolved within 1 week. 

4. There are significant details that I'm choosing to leave out regarding rent payments and balance left for the owner as you terminated the lease early.  These are still unresolved and are a cost to the owner. 

5. For payment processing, we use Stripe.  This is a major processing platform used across the US which accepts legitimate payments from any banking institution. 

6. Rents in Jacksonville have risen over the past few years and we have a responsibility to our property owners to deliver market rent.  Keep in mind that property owners have experience significant hikes in their costs as well (property insurance and property taxes). 

7. As far as filter delivery - filters are delivered every 60 days.  We receive weekly reporting from our third-party vendor on filter deliveries, and have very few errors.  There have been times when a filter was delayed or a resident receives the incorrect size.  However, anytime errors are caught or delays are identified, we work quickly to resolve the issue.  

We care deeply about creating strong relationships with our residents and our property owners.  I'm sorry that you feel mistreated, but I can assure you that both JWB and the property owner lost in this equation as well. 

We wish you the best of luck moving forward.