All Forum Posts by: Jasmine Hu

Thanks!

As title, interested in multifamily in downtown area - musemn distric to shockoe bottom. 

Is Shockoe bottom the next thing on progress?

If there are other places offering better yield, please also recommend.

Is Richmond VA now in 2nd phase and almost at the top now?

Thanks!

Hello JAX board,

I feel JAX is the place to be in FL now. I am evaluating some options here and please kindly give me some inputs.

Reason to coming down:

I assume that the real estate appreciation if any would be cut half across the nation. Still coming to south would be the trend for next 20 years.

Another assumption is that there could be some kind of recessions coming. Half of the realtor boards near me are either offering short sale certificates or consider offering in the near future.

The 3rd assumptions that there is only so much value-add you can do to increase rents. Lots of tenants including higher paid white collars are having challenge they find roommate to rent. So I assume there would be less chance to increase rent compared to past 2-3 years. 

option 1: Better location or ideally best location CBD to fight against recession.

I am considering purchasing 4+ plex in 32204, possibly 32205 location. I feel five points Post St or below (south) are better location. walk to restaurant etc. Yet I have never purchase properties this old. My oldest is built in 1978. 

What is the cost to install central AC/heating for each unit since it is just a grand house and being converted into a few units. 

What is the cost to bring them according to current code? if required.

What is the cost to separate all utilites metering and bill back to tenant?

At last, most important, if economy goes south, will tenants here be able to pay the rent? I prefer people have at least a few K saving regardless the age. Can tenant handle 3% annual rent increase for next 5 years?

My strategy is to bring back property to top condition, get higher rent, then cash out refi, ideally at 5th year or so. Then continue holding for another 3 -5 years. (holding time 4-8 years). I only expect property to appreciate 2% annually.

Option 2: Buy into turn around or upcoming areas (working class, ideally  no section 8 or low % section), sacrifices tenant quality for appreciation ( say 5% ). 

I really enjoy SE side of JAX. I dont' know if this could be option 3 for me.

Your 2 cents are greatly appreciated. If you know any good Property management companies for those small apts, or good location commercial lenders, please kindly refer me. 

Thank you! Enjoy  your sunshine!

Jasmine

some allow but you need to pay points like 2%

rent for student is easy - $500 to $600 per room in norfolk area. Most rooms are between $450-700 depending on cities nationwide.

Hi there, I visited JAX last week and I enjoyed it!

I am from Metro DC northern Virginia area. I am looking to sell my rentals in NOVA and move into FL.

I would like to invest in area considered moderate income area.

Can anyone give me some idea for areas?

I am currently considering 32216, 32211, etc. Southeast is nice too. Will 32244 near NAS work as well?

I do love UCF or beach area better. yet I am not confident about the price.

My goal is to acquire multifamily units, Quads or more units. If it works with the loan, I am also interested in purchasing lot and bring builder to build myself.

I will come back to JAX in a month or two.

Thank you very much and look forward to meeting likelymind people locally.

PS I have a partner and we have funding ready to go.

@Justin Bradley As of buy where you are, that is ideal situation. I will sell my buy and hold property next year in Ashburn and Tysons corner. There is no cash flow or I could say ignorable. I recently purchased property in Norfolk /VA beach area. Much better deal. The downside is that there is not not much or no appreciation as I can tell.

Still you can get close to 1% rule somewhere around .7-.8%  (like $1500 rent for $200K under house). In NOVA, it is $2500 rent for $550K townhouse in Ashburn.

As a realtor I can tell you the upside now is limited and lots of realtor association start offering class about short sale foreclosure again. It is looming. I would only invest cash flow property for now. I don't follow post that much. If you need, just email me within BP. 

Investment Info:

Single-family residence buy & hold investment in Norfolk.

Purchase price: $300,000
Cash invested: $65,000

Student rental with higher rent; self-managed, will consider PM company next year

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

Strong cash flow that is not offered in metro DC

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

MLS

How did you finance this deal?

Yes

How did you add value to the deal?

No

What was the outcome?

Plan to sell 8-10 years

Lessons learned? Challenges?

Spend more time to find right lender.

I know this is an old post yet I want to put my 2 cents. I visited JAX recently . to be honest most of their locations I would not touch. For remote investor, I 'd rather get lower return exchange of better neighborhood. I would say for me finding a realtor locally would be better fit.

I am a realtor myself and also investor. probably more on investor side. To be honest, bigger management companies could hardly handle phone calls coming in. Sometimes it is best to find a smaller PM company or even individual agent ( assume this agent has min 10 properties ) so you can get the service. 

It is doable to manage remotely if you spend time to find right people and have some backup there.