All Forum Posts by: Jamel Brown

Good Evening Tom,

Thank you for your service and I understand your situation all too well. I am active duty Navy stationed at Naval Station Mayport (Jacksonville, FL). The best advice I can give for all military personnel is to use the VA loan.This allows you to put zero money down without PMI and the VA loan gives you access to some of the lowest Mortgage Rates. When you move to your next duty station, you can then use the VA loan again because of your new set of orders.

This is very powerful, because after your 2nd duty station approximately 4 years would have pass, which means your first property should have gained some equity. Refinance your first property out of your VA loan. Use the equity to purchase the third property (investment property). When you move to your 3rd duty station you will be able to use VA loan again since entitlement would have been freed up. Thus your fourth property will be covered without another down payment!

Feel free to message me if you want to discuss more about it. Good luck and welcome to Bigger Pockets, have a blessed day!

P.S. Also follow the Military Investing Forum on Bigger Pockets. 

@Tom Holiday

Good Evening Justin,

I love the enthusiasm for wanting to start in real estate. Your motivation will be the fuel that pushes you further into the asset class. 

Like @Tim Johnson said in the early reply, start off by finding a lender to see what you are able to afford. It would suck to look at multiple properties without the ability to qualify for them. 

Next find a real estate agent that knows your market. I always recommend finding investor friendly agents in your local area via Bigger Pockets. 

Don't worry about the CPA yet, that will come later. You are brand new, talking to one is an unnecessary expense. 

My advice for avoiding early mistakes is to ensure your fiancée has a clear understanding of your vision and the exit strategy with the property. 

Last but not least, for House hacking I would buy a SFH and rent by the room (depending on you and your fiancée's comfortability level). I currently do this with a townhome and the net income is fantastic. Reach out to me if you have any further questions. Have a blessed day!

@Justin Phen

First, major props for you pursuing a mechanical engineering degree. I went to the United States Naval Academy and majored in Quantitative Economics. But everyone at the Naval Academy receives a bachelor's of science so I understand how hard Mechanical engineering can be. 

Before you go head first into real estate you should first spend a weekend by yourself with no distractions and figure out what you want in life. You stated that you no longer want to continue your engineering path because of the opportunity cost being too great and that your current goals are better met with real estate. Well answer these questions:

What were your goals before real estate? Why does real estate meet your new goals? Why did you go to college? Why did you choose mechanical engineering as a major? Do you want time freedom, financial freedom? What are your passions? Are you choosing real estate because of unlimited financial potential? (etc.) 

Knowing the answers to these questions should help solidify your decision. I know a lot of my classmates who went into real estate while being engineers and military officers. They are killing it because they love their job and they give people their money to invest. I also have classmates that left their jobs and went into Real Estate full time, they are also killing it! Regardless of the path there are numerous ways to invest in this asset class. 

Reach out to me if you want to talk one on one about your thought process. It's a big decision to make. However no matter what choice you make, always ensure you make asymmetric bets that benefit you. Have a blessed day!

@Blake Ramsey

I would also recommend the following data sites for not only Jacksonville but also for other cities and states.

U.S. Bureau of Labor Statistics (bls.gov)

Data USA (datausa.io)

World Population Review (worldpopulationreview.com)

Additionally whatever city you are interested in look up their local county/city website for economic and development data.

As an investor in Clay and Duval County it’s important to stay current with what is occurring in the market, especially if new investors are wanting to invest in Jacksonville. Please take the time to review the plans the city has for Cecil Airfield. I found the articles and meetings fascinating! The most recent meeting was held last week Thursday, 20Oct22.

Additionally when reading about future projects always take everything with a grain of salt. Happy investing and have a blessed day.

Website:

cecilairportmasterplan.com

@Gerardo Waisbaum

I would love to meet up with you and discuss the different opportunities and projects occurring in Jacksonville. I am active duty Military and a Realtor®️ with Watson Realty Corp at Oakleaf. I currently have a small portfolio but am looking to expand. Please feel free to reach out. Also follow JAXREIA! They have events occurring weekly.

All the replies on here are valid especially for the specific markets. Simply speaking I would agree that STR have not ruined the ability for LTR to cash flow. With the market changing I recommend looking more at townhouses and condominiums. In my market you can still find some for good prices and price them lower than apartments.

As stated earlier in the comments it all depends on what your goals are.

@Niv Nissim

I am a Real Estate agent and investor in Jacksonville, FL. Feel free to give me a call. 

Real Estate Agent Florida (#SL3535955)

Watson Reality

Good Afternoon BP Community,

I am obtaining all the proper licenses and documentations to run my Airbnb this September in Jacksonville, FL. However during my research I encountered that the City of Jacksonville (COJ) zoning laws states "dwelling units may be for owner occupancy or for rental or lease on a weekly, monthly or longer basis." My single family house meets the legal definition of Dwelling unit and I am in a Planned Unit Development (PUD) zone. However when I visit Airbnb there are plenty of postings that have rental requirements for only 2 nights. Has anyone in the local Jacksonville area come across this problem? If so, how were you able to work around it?

Investment Info:

Single-family residence other investment in Jacksonville.

Purchase price: $299,975

Currently operating as my primary residence and am renting two rooms at $500 for a total of $1000 a month in passive income.

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

I was looking for a place to live in 2021.

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

I found it on the MLS and was able to receive the deal by writing a letter to the seller and talking to her in person.

How did you finance this deal?

VA loan.

What was the outcome?

I am currently living in the property but plan to move out in September. I will then use the VA loan again and turn this property into an Airbnb.

Lessons learned? Challenges?

It pays to be sociable and genuine with people. Additionally find ways to stand out.

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

Kim Felix at Movement Mortgage. She is based in Jacksonville, FL.