All Forum Posts by: Shawn K Hicks

Hey guys, I apologize for being MIA the last couple of days. Can tomorrow afternoon or evening work for everyone?

@Deantre Burch how’s your Tuesday looking? Jay can chime in if he’s also available. I also can think of a few others that might be up to conference. I can meet with you one on one this week as well. I’ll message you.

Pre Covid we used to meet twice a month. At the very least like Jay mentioned we could video conference until more people are comfortable meeting in person.

Welcome Beau.

@River West I share your thoughts on the student market. This year, some buyers still purchased student housing, some are attending classes but holding off buying right now/just want to keep an eye on the market. In one case I even had a student decide to not even attend classes anywhere for the next year. From what I'm hearing from property managers however,-they are still doing ok with keeping properties rented. So, even with uncertainty, there is still some strong rental demand. I speculate when September rolls around, certain sellers of student housing will be more negotiable with their price expectations. Could be some good values coming up. -and like you mentioned there is some student housing in B neighborhoods that's reasonably priced/the numbers make sense.

Look forward to catching up with you & comparing notes further.

@River West If it's of use to you, here are my observations on the local Gainesville market. Quads in my area are currently being listed anywhere from 225k on up to 325k. Most actual comps are for quads in D+/C- areas and have closed typically between 180 and 225k depending on condition. Rents for most individual units I see range from 650 to 750 for 2 bed 1 to 2 bathrooms. Of note, some of these units will bring in up to 850 a month with section 8 tenants that qualify. The reason in my subjective opinion for the significantly higher list prices on quads priced 275 to 325k that are typically sitting on the market for months has to do with a lone comp where a buyer paid 285k cash in a neighborhood where the previous high comp was 215k. I notice the realtor on that transaction had both sides of the deal. Either the buyer was taken advantage of, or there is some kind of funny business where they inflated the sales price to have a higher comp and perhaps cash was then refunded back under the table. Once that comp hit however, everyone and their neighbor decided to try and list at that price or higher. The most recent actual quad sale however actually closed 10 days ago for 220k. The particular property had a newer roof, updated plumbing, and 2 of the 4 HVAC's had been replaced.

As to flip opportunities, again some of the best options are in the C/D neighborhoods. They are able to be purchased anywhere from 50 to 90k before renovations. Thereafter, most have great flip potential or long term rental potential. One of my top local investors shared with me he is done for the time being with our local A & B neighborhoods, as he ties up more capital, takes on more risk, and his actual profit margins are not any better than when he sticks to the C/D neighborhoods. If 12 to 24 months down the road however there is a market correction, a small wave of foreclosures associated with Covid fallout, etc, he at that time would entertain considering options in those higher priced areas.

Our market is flooded with whole salers. Some have more experience than others. I'd say right now 2 out of every 5 "deals" sent my way are having legitimate potential. 

I'd love to network with you.

@Mike H. Glad to help sir.

@Mike H. you bet!

Gator Heating & Air has good prices. It’s hit or miss the quality of the technician that shows up however. 

My other recommendation is Bounds who is a little pricier,-though my impression is their technicians as a whole are at a slightly higher standard.

@Carlos Gomez if you ever need any recommendations for Gainesville, I have you covered.