All Forum Posts by: Charles A.

@Jc M.

https://www.biggerpockets.com/...

I know Jacksonville FL has been very popular on BP for the last several years.Inventory has been crazy low even in the middle of a drawn out pandemic.

However,the low inventory didn't truly hit home until I had a few vacancies this month and asked my agent to list them.

As is customary,I went on Zillow ,typed in my zip code and adjusted the filter for number of beds/baths and the desired rent amount.

To my amazement,in my entire zip code,only one other unit was on the market for rent in my price range <$1000.

Then the agent sent me "rental comps" the next morning in order to advise on a reasonable list price.It turned out 4 out of 5 units on his comps list were my recently rented units as well.At that point,it was clear we were our own competition.

Nobody is selling.Whatever is coming up for rent is being snapped up in record time.

The following week,a duplex came up for sale on MLS at the beach for $369,000.My notifications alerted me and I thought that was a fair price since I could probably get $1700 in rent for each unit with minor cosmetic upgrades.I checked "days on zillow"....8 hours!

I immediately called the listing agent directly and within the hour we came up with a full cash offer with only inspection contingency.I also inserted an escalation clause to raise offer price to $374,000 if seller received any other cash offer over full price.

The next morning,there were multiple offers and the seller had decided to go with another offer.

This is the terrain.

This is the climate.

It's a far cry from 2013,Joey!

There is so much cheap money floating around now that I suspect the game is no longer just about cash flow but about sheltering good debt.

Any available real estate is likely one of the best shelters of cheap money.Since cash will almost never be this cheap again,it's common sense that hiding as much of this as possible today even in a marginal deal is a no brainer since the same cash may cost triple the interest rate within the next decade.

It beats burying it in the front yard.And neither Gold nor crypto cash flows.

Happy plunging inventory ! ;-)

We are in an environment of unprecedented cap rate compression and record low interest rates which is only headed in one direction after this is all over.Yes, make no mistake, the music will soon stop.That has very little to do with an upcoming election and is regardless of who wins the White House or who controls congress after November.

If you've listened to Kevin Bupp and Rod Khleif, you know what happened to their portfolios in 2008.These were no amateurs, as a matter of fact, they had many years of investment experience when the music stopped.They both weathered the storm and came back stronger and that is why I remain a shameless fan of both men till today.Several others were not that lucky, and you will never hear their names.

In this space today, there are investors and there are educators.The educators have taken over the habitat.That is why there are now more podcasts on real estate than I can get through in a working week.Real Estate education is so very lucrative now that it is possible to make way more money from podcasts and books than in actual real estate investment for some gifted marketers with smooth tongues and gifted content creators.

more....

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@Leah N.

We stay away from Northside and Arlington.

Trulia has a crime map that's super helpful especially for out-of-state investors.

Plug in any address anyone is trying to sell to you and take a look at the color coded heat maps.

If you see mostly dark blue,run.That means vacancies and turnover.That WILL eat whatever pro-forma CoC they project for you.

Arlington is mostly dark.

Multifamily is available in the historic neighborhoods and the beaches.

Multis is all we buy.

If you don't mind buying houses built in the 1930s-1950s,you will see duplexes and quads in Jacksonville that beat returns on any "turnkey" SFR with much less vacancy risk.You just need to know what you're doing.

I've lived and invested in Jacksonville for 10 years.

In the end,we don't need 1000 units to achieve financial freedom,we just need a handful of well acquired cash flowing assets to arrive at that place of peace.With some patience and due diligence,most people can get there without sleeping with 75 strangers every 3 years only to end up with no portfolio and a bagful of inflation susceptible cash with little to no tax advantages.That's where we did not want to be in the first place....

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@Kevin Rea

Lived:

Lagos Nigeria 🇳🇬

Dublin Ireland 🇮🇪

Cork Ireland 🇮🇪

Dundalk Ireland 🇮🇪

London England 🏴󠁧󠁢󠁥󠁮󠁧󠁿

Cleveland OH 🇺🇸

Saint Johns FL 🇺🇸

Savannah GA 🇺🇸

Charleston SC 🇺🇸

Columbia SC 🇺🇸

Multiple visits:

Singapore 🇸🇬

Hong Kong 🇭🇰

Hue Vietnam 🇻🇳

Lithuania 🇱🇹

Estonia 🇪🇪

Greece 🇬🇷

Copenhagen 🇩🇰

Malmo 🇸🇪

Stockholm 🇸🇪

Helsinki 🇫🇮

Saint Petersburg 🇷🇺

Sanya 🇨🇳

Sydney 🇦🇺

Brisbane 🇦🇺

Melbourne 🇦🇺

Tasmania 🇦🇺

Wellington 🇳🇿

Auckland 🇳🇿

Christchurch 🇳🇿

Southern Italy 🇮🇹

Nice/Monaco 🇫🇷

Berlin 🇩🇪

Playa Del Carmen 🇲🇽

35 of the 50 states 🇺🇸

(Includes Hawaii)

*make no mistake whatsoever:

ABSOLUTELY NOWHERE COMPARES TO NEW ZEALAND.

I would relocate right now.

@Javier Cuevas Santos

Unfortunately Stessa is not even in the minor league compared to QB.

I tried Stessa and found it not at all user-friendly.

But that was a year or 2 ago when they were just launching.They may have upped their game now.

If you can get by with excel,that’s fine.

But when you need an accounting software,cut the chase and go to QB.

Anything else is penny wise in my opinion.

@Arthur Crum

You have 2 years experience and have 1 investment, per your profile info.

Maybe that has changed and it's old info.

But I think you may have a thing or 2 to learn from a guy who has more than 10x your experience and has been there done that?

Brian,

Please do not pay $25k for a mentor program.
Click on my profile and look for my blogposts. 

You'd probably learn more there than you would in that $25k course.

And my only guru bootcamp ever was main street USA.