I am a fairly new investor from Jacksonville, Florida and recently closed on my first multi-unit property! It is a concrete block duplex in the Avondale/Riverside neighborhood of Jacksonville, with each side being a 2/1. Here are the details:
Purchase Price: $330000
Downpayment: 10% (savings, family assistance, and small 401k loan)
Rental Income: $1150/mo from one side of duplex, $700/mo from room mate in my unit
Monthly "living costs" = approx. $200 before utilities
I ended up using a portfolio lender for this property, as I could not get approved for a conventional loan, due to a 12 month sabbatical I took to travel the world. Luckily, I had an existing relationship with a local portfolio lender, and they were able to get me approved with a LOE about my travels.
I have been a long-time follower of BP and the @Scott Trench model of building wealth, and feel this first property fits the mold for a perfect house hack. It has drastically reduced my housing costs, allowing me to quickly save for my next house hack in 12-18 months. I understand I am not hitting the 1% rule on this property, but I am gaining experience as a landlord and so far have had a smooth transition with my inherited tenant. I even increased their rent by $50/mo and they were more than pleased to stay in the property!! Market rents are about $1200/$1250 per unit, and eventually I will get the property up to these levels, which should give me about $300-$500 of CF a month when I move out.
I am very excited about this first deal, and wanted to share with the BP community! If you have any questions please feel free to reach out to me as I LOVE this strategy for starting out in real estate investing.
PS - the same seller has a very similar property for sale down the street from me. If you want to do a house hack and be my neighbor I will be happy to give you some details!!
Good for you! Thats a good start! Especially in Avondale area. You might can repeat that even cheaper if you go toward western 32210 ,32221 and other zips less trendy but more affordable.
This is rad --- congrats!
@Brett Nissen , congratulations on your house-hack! Great way to get started and it sounds like you found a great property in town. Look forward to hearing about your future deals.
At what point do you plan to move out and do a similar investment?
Congrats, Brent! Really great work - I often say if I started my REI journey over again today, I would house hack early and often. You are off to a great start!
Kudos to you for sharing the wealth on the other duplex on the market near your buy - lots of folks here looking for similar deals and your story could be just the motivation to push someone across the line.
Best of luck on your continued journey and I look forward to following your successes!
@Matthew Rosenthal I currently plan to buy my next 2-4 unit house hack in 12-18 months! I am primarily looking at Avondale, RIverside, San Marco, and the beaches.
@Brett Nissen I’m looking to relocate to Jacksonville in the next 12-18 months and am looking in the same neighborhoods (Avondale, Riverside, and San Marco) for a House Hack. I’m seeking referrals to investor friendly agents who understand the house hack approach and can help me creatively find and create a $0 cost of living scenario. Do you have any referrals you can share? Congrats on your recent success with this powerful approach to wealth building!
I'm interested as well to hear other's experiences.... Just based on what I've seen it isn't quite possible with the current prices to get a smokin' deal. I just bought a 4plex using FHA house hack right in riverside, couple blocks from the river/hospital. The only way it worked out for me was because I was coming from California with high state taxes to Florida 0% as a remote worker. Rent is pretty cheap in jacksonville
I just listed a great opportunity to house hack in Jacksonville, 4 miles from the Shoppes of historic Avondale. Two buildings on one lot...if you rent out the larger building, you could live for free!! PM me for details.
4 miles or 4 blocks? 4 miles could put you on Moncrief in the middle of the war zone that is 32209. A few miles can make a huge difference.
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