All Forum Posts by: Jake Sink

@Soujanya Masna there are a lot of sfh’s in riverside as well as a lot of 2-4 unit buildings. Most of the buildings are very old so I would be mindful of that. Also, although the area is pretty nice, the crime is more than would be expected. A good amount of theft and car break ins.

After a google search I was unable to find the law about how many unrelated people can live in one house legally.

Specifically I was wondering about the laws in Atlantic beach (zip code 32233). Anybody know anything about this?

I wanted to get some recommendations on local real estate investor meet ups here in Jacksonville. I have found a few with a quick google search but I wanted to get you guys opinion also.

Thanks!

I am just starting out and want to start analyzing as many properties as possible just so I can get familiar with the numbers in order to confidently jump on an opportunity when one comes up. Is there anyone in the Jacksonville area that wants to bounce analyses off of each other just to brainstorm and catch possible mistakes?

Disclaimer: I will be analyzing mostly single family houses and small multifamily units in the Jacksonville area but I am down to learn about other investments.

If this interests you please reach out to me and we can start a dialogue!

Thanks!

I am just starting out and have heard from a few people that it would be smart to get your real estate agents license so you can learn the area and the laws more in-depth when starting as well as possibly make some money on commissions or save yourself some money when buying.

My question is, what vehicle or institution do you guys recommend getting the 63 hours of approved pre-licensing instruction?

I am currently living and working full time in Jacksonville and I wanted to start taking a class online after work that will help me get to the 63 hours. 

@Josh Stanley You're right, I was planning to roll the closing costs into the mortgage amount but it looks like I forgot to add it when I calculated the monthly principal and interest payment.

@Kahl McDevitt I have not joined a REI club yet but it is something I am planning on doing soon. Any specific ones you would recommend?

@Jack Bobeck I did not know about that resource so thanks for the information, definitely something I will take into consideration when running my numbers from now on. Also, I am just running these numbers assuming a 20% down payment for now, when I do get closer to actually buying a property I will most likely analyze using an FHA loan or some other option with a lower down payment.

Recently I have taken Brandon's advice and started to analyze rental properties every day just so I can become comfortable with the process and the numbers so that I can pull the trigger when I have the capital to do so. I wanted to make this post to show an example calculation that I have done and possibly get some feedback from you guys on the numbers in general, or on specifics if any of you are familiar with the area. Disclaimer: I am not planning on purchasing this house I just wanted to do an example analysis to get my technique down.

Here is the property listed on Zillow. 

https://www.zillow.com/homes/for_sale/fsba,fsbo,fo...

and here is a screenshot of my analysis.

-The rehab cost is only 3000 because the property looks turnkey as it is.

-I used rentometer.com to estimate the rent 

-vacancy: 5%, property mgmt: 11%

This rough calculation is giving me a CoC return of about 7%. Please let me know of any flaws you see in my calculations. Any help is appreciated as I am just trying to learn as much as possible at this stage.

Thanks in advance!

Jake

@Bethanie Blomeke following!

@Jimmie Keyes how would you recommend finding deals to analyze? Should you contact an agent before you know exactly what type of property you want or just use some other source such as Zillow?

@Shawn M. Thanks for the advice. It does seem like a good idea to allocate some of the money I would have used for a larger down payment for reserves dedicated to repairs