All Forum Posts by: Kyle Jensen

Interested as well. Some people seem to want to stay local and others look for the right fit no matter the location. I’m not sure which camp I want to be in yet. 

@Kelly D. We have a guy who will be handling most of the renovations and a few of the trades will be hired out. I’ll update this post throughout the process of renovations and leasing, so definitely stay tuned for more.

@Jonathan Roberts thanks! 

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Purchase price: $78,000
Cash invested: $15,000

Closed on a new investment this week! It’s a 3/1 block home that we will lightly renovate and hold as a long term rental. The renovations set to begin this week and I hope to have those compete in about 3 weeks. Then we can place a tenant and get our money back out with delayed financing.

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

It’s a solid house that should cash flow well.

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

Found the property on MLS

How did you finance this deal?

Cash from a home equity line of credit. We will use delayed financing after the renovations are complete so we can get our purchase price back and get that money working again for us on another investment.

How did you add value to the deal?

We will replace the roof, fix plumbing issues, and refresh the kitchen, bathroom and flooring.

What was the outcome?

In progress

Lessons learned? Challenges?

TBD

Interested. Send me a pm. 

Thanks

@Ricky Reese congrats!

I have a similar story and timeline. Keep the updates coming. It’s good encouragement for many of us!

@Bryan T. whether you move here or not, please feel free to reach out if you have any Jacksonville specific questions. I was born and raised in Jacksonville and don’t mind sharing my 2 cents on areas of town or strategies, etc. 

They might want to try Southern All Wood cabinets https://sawcabinets.com/

Or Oxley Cabinet warehouse

https://www.oxleycabinets.com/

Nathan, I think you received a lot of good advice in your thread about looking for $1k a month in cash flow. It’s really a matter of picking a strategy that aligns to your goals and risk tolerance. 

If it were me, I'd look for a good value add property that needs renovation. Purchase price in the $40-45k range and renovations around $15k. If you do it right, you should have built in equity and it will cash flow well with no mortgage. It also open you up to executing on the BRRRR strategy if you so choose.

@Nathan Asher Robson

Auctions can certainly provide opportunities to pick up properties at a discount, but it’s also riskier. Do you have reserves on top of that $60k for renovations? Chances are there will be several hidden costs and additional repairs needed before the property is rent ready. Since this is your first property, I would tend to shy away from auctions, but others may disagree with me on that. I think if you’re diligent with your research and put some offers out there, you should be able to find markets where $60k cash land you a decent cash flowing property.

Correct, we did not have to replace the roof. Closing happened last week and all went well! 

We have put offers on a few properties recently, but don’t yet have our next property under contract.