All Forum Posts by: Jordan Baker

@Marc Starkman hey Marc i recently did a similar investment to this and from living in Jacksonville the past 5ish years there are definitely some up and coming sections which are seeing an increase in rental value. Two that stand out are Murray Hill and Springfield. However, 40,000 is a solid down payment and if you do conventional for a multi family it only requires 15% if you plan to live in it for a year or if you can do FHA even better 3.5%. That being said in both these areas you can get a multi family unit in the 250-350 range that with most numbers that I've crunched hitting a 1% monthly return with all units rented out. Some parts of Arlington you can also find multi family units in this range but it is less common. Most other places In jacksonville are going to be higher in cost requiring a larger down payment though.

@Sam Collins I recently did this and used an FHA loan to purchase a duplex. I made sure that the numbers were meeting a 1% rule or better when all units were rented out for my ROI. I also had to put in a good bit of rehab and my two suggestions are 1. High ball your rent a little bit, because there is a bit of a renting shortage right now. 2. Whatever your rehab budget is multiply it by at least 1.5 because even when you double check your numbers, unexpected things happen that can cost an extra 500 or 1,000 here and there and it adds up.

@Mark Brennan I have had really good luck with some refurbished ones in my area and have also used American freight where you can get a slightly dented fridge for about 400- then get a warranty for 5 years for an extra 150. If there is one in the area you are it is definitely worth a look at their inventory.

Gald to see some Jacksonville fokes on here! 

All good advice and I am definitely going to do extensive research on HUD rules and policy before/ if I decide to go through with section 8 housing for this property. I do see that the legalities behind section 8 for renters rights are much stronger which can lead to streneous efforts with evictions and getting someone out of a property quicker if they are not meeting the expectations in the lease agreement. However, are there ways to avoid this? Could possibly requiring a higher security deposit before moving in help weed out some applicants on sections 8 that would not be the best tenants (i don't know if i would call them "morons") but the idea of guaranteed 70% rent seems promising especially if you get better tenants that more consitently pay the other 30%. My thought behing if they can pay a higher security deposit then they most likely will have either a slightly higher or consistent form of income.

A second question @CarlMathis what do you mean by unremediable breach of the contract? For example, If you have tenants that are consistantly leaving trash in the common area, having snuck in pets, or missed three or more payments can that be grounds for eviction? Or does it need to be something along the lines of criminal charges or destruction of property to constitute grounds for eviction when dealing with HUD/section 8?

-Jordan

Hello Eli, 

I am looking into purchasing a property and renting it out as section 8 in Jacksonville, Fl. I was wondering if you had any tips for success or additional insights when renting out a property as section 8 housing? Not sure if your endeavor went through in Jacksonville but any advice would be greatly apprciated about getting a property approved for section 8, quality of tennants, common setbacks or hiccups, or even certain things to avoid. I ahve not rented out to section 8 before and looking to get a little more information on what it looks like and the process. 

Thank you for your time!

-Jordan

Hello everyone, 

I am an investor looking to rent out section 8 housing in Jacksonville FL. I have never had tenants through section 8 and was looking to see if anyone has any insights or testimonies of renting section 8 in Jacksonville. I have been looking at properties on the North, South, West, East side, and Arlignton mainly. These areas seem to have a higher ROI for each property and most 2 bed rooms accoridng to HUD have a fair market rent rate of $850-1000.

Any info or testimonies on quality of tenants, process for getting a property approved for section 8, or things to avoid/be cautious of when renting out section 8 would be greatly appreciated. 

Thank you for your time and help!

-Jordan