All Forum Posts by: ST King

Quote from @Elenis Camargo:

And remember, "The best time to buy a house was 20 years ago, the second best time is now!"

So very true! I don't think I can forget at this point.

Quote from @Elenis Camargo:

Hi ST King,

The price increases with insurance and taxes has certainly cut back our cash flow on many of our properties, but fortunately rents and rental demand have been pretty strong going into 2024. We still like the old fashion long-term rentals for the consistency and reliability of income. As far as new purchases we are pretty much looking at homes with little work needed, so that we can get them rented out and start cash flowing quickly. Materials and labor is high right now so we aren't doing much fix and rents or BRRRRs since rates to refinance are high.

I hear you loud and clear, Elenis.

That's exactly what I figured the sentiment regarding investing in Jacksonville (or anywhere in Florida for that matter) might be.

These days, I'm definitely wishing I would've gotten started investing earlier.  But, moving forward, while I'm still contemplating property in Florida, I'm thinking out-of-state investing (Georgia and the Carolinas, in particular) will be a better play for my investing goals.

Do you do any out-of-state investing?  

Hi all!

Anyone willing to share what they are doing these days as far as investing in Jacksonville, Florida?

I'll be making plans to do Rental Arbitrage via STRs and MTRs starting out. 

I'm super excited to get the wheels turning as this seems like a fine path to investing for me at this time -- but I'm really curious what everyone else is doing to make investing work in Jacksonville -- especially given the "fun" of the Florida Homeowners Insurance market. 

Looking forward to hearing from you!

Alana,

It really makes me feel good that I'm checking all those boxes. I had a decent idea about the upfront costs so I'll likely pull from savings and or open a no-interest credit card to fund them. I still gotta clarify exactly what properties I'll be able to offer as an STR given Jacksonville's STR regulations, but I 'll work on that as my next step.

I will indeed get on AirDNA to be sure about the area I'll look to provide units -- so thank you for that, too. 

The only bit I'm not sure about is the landlord insurance --  so I'll work to get that sorted.

Really excited to get the wheels turning, here.

Again, super grateful for your help as far as thinking through the details. 

Quote from @Alana Reynolds:

I'd like to follow this post. I reached out to several landlords asking if they would allow sub leasing but have not had any luck. 

Really appreciate your support on this, Alana!

I have a few leads on landlords that may allow it.  I did some sleuthing using AirBnb as well as my general knowledge of Jacksonville to determine which landlords already have listings.

One of these landlords has approximately 15-20 listings -- so my guess is that they'll be okay with it.  

This is, of course, assuming they are aware they have units listed on AirBnb.

Hello everyone!

After a few years of sitting on the sideline with regard to investing in real estate, I think I'm finally ready to get this show on the road. 

I've decided, starting off, that I'd like to try renting apartments in my current market (Jacksonville, Florida) then furnishing them and offering them to traveling professionals on AirBNB and/or furnished finder.  Ideally, I'd like to run a strictly mid-term rental operation, though I'm open to short-term if it make sense given the regulations here.

I'd like to get a feel for whether anyone has tried this strategy in Jacksonville and how's its turned out for them so far? 

Any feedback is greatly appreciated.  Thank you.

Quote from @ST King:

I have a potential deal in which a seller is selling three duplexes and is offering to "hold a note" for 20% down of the agreed upon purchase price, on a 5 year balloon at 10% interest.

First, I think "hold a note" means that this is a seller financed deal, right?  Or maybe they're just agreeing to finance the 20% down?  Can someone clarify what this means.

I've looked up that a 5 year balloon means the entirety of the loan will be due after that 5 year period is up.  So the mortgage looks like a normal loan for 5 years then "balloons" to the remainder balance becoming due once that period is over.  Is that right?

Assuming the properties are in good condition, in a desirable location, and cashflow well, how good a deal is this to start out my portfolio?

Any help is greatly appreciated.  Feel free to dumb it down for me, too.  I'm new here.

Thanks!

Really appreciate both of you for helping me understand more about this offer.  I spoke with a broker yesterday who advised me very similarly to your input, Mac.  Brokers additional comments were on how he's seen tons of other sellers nearly "foaming at the mouth" to offer deals like these and how hard it can be to see these sorts of deals through for the buyer.   

I think I'll walk way from this one for now but I'll keep my eyes peeled for more favorable opportunities.  Can't thank both of you enough for your input on this.

I have a potential deal in which a seller is selling three duplexes and is offering to "hold a note" for 20% down of the agreed upon purchase price, on a 5 year balloon at 10% interest.

First, I think "hold a note" means that this is a seller financed deal, right?  Or maybe they're just agreeing to finance the 20% down?  Can someone clarify what this means.

I've looked up that a 5 year balloon means the entirety of the loan will be due after that 5 year period is up.  So the mortgage looks like a normal loan for 5 years then "balloons" to the remainder balance becoming due once that period is over.  Is that right?

Assuming the properties are in good condition, in a desirable location, and cashflow well, how good a deal is this to start out my portfolio?

Any help is greatly appreciated.  Feel free to dumb it down for me, too.  I'm new here.

Thanks!

Quote from @James McHugh:

Quote from @ST King:

Hello everyone!

I'm about as much of a noob as you can be when it comes to real estate investing -- already though I'm contemplating the BRRRR route as an appropriate starting point in creating my portfolio. My question is this -- when it comes to financing a potential deal, how likely is it I can do it with OPM given my lack of initial experience/funding?

By the way -- I already own a home through a conventional mortgage but I'm not sure I'll be able to refinance just yet.  I did think about that as a potential source of funds towards my first deal, however. 

Also -- what would you recommend towards finding that first opportunity?  My research seems to imply the best ones are not the ones that appear on realtor.com or zillow but rather those you find offline or through networking. 

Thanks for any input at all on these matters.  I really like that there's a community like this for investors.  

I am also on the newer side but doing my homework. You can also look at rolling your 401k into a self directed IRA. You can look for personal investors, then micro loans of credit and numerous others. I've been researching hard lately and it really is like drinking water out of a firehose!

 I totally agree with the firehose analogy.  I mean, I know we live in the age of information and all that but, jeez -- there's so much of it. 

Quote from @Tonya Michelle Dinkins:

 I would love to connect. I am focused on Jax and am trying to get a feel for the area and the best approach. I hear D4D is still best there.  Any tips? I am mostly looking to wholesale to get my capital up.  Any neighborhoods to focus on/avoid?  Thanks in advance!

I'd be down to connect. Unfortunately I don't know a great deal about the best places to D4D in Jacksonville but I'm thinking about wholesale, too. Maybe we can learn together. My understanding of the layout of the city is a bit limited but I'm thinking us finding a good agent/broker who's willing to partner up might be a good start. Someone who can give us leads on homes before they show up on the MLS.