Jacksonville, FL · Member since 2015 · 60 posts · 15 votes
I am about to buy a home from an investor in Jacksonville. I was buying with cash.
It's a newer home and I am confident of the build quality, as I am an hvac contractor and have built homes by hand before. I have also worked in new construction for 15 years, so a building inspection is not necessary.
I have never bought a home before (built my own on land we bought from family) what risks do I run here? who should I include in the process? I have a friend who is new to real estate, should I use him and pay commission?
The Title search company protects against liens, but what other problems could a newbie get into?
I am about to buy a home from an investor in Jacksonville. I was buying with cash.
It's a newer home and I am confident of the build quality, as I am an hvac contractor and have built homes by hand before. I have also worked in new construction for 15 years, so a building inspection is not necessary.
I have never bought a home before (built my own on land we bought from family) what risks do I run here? who should I include in the process? I have a friend who is new to real estate, should I use him and pay commission?
The Title search company protects against liens, but what other problems could a newbie get into?
Charles,
One suggestion would be to call the local police station and ask about the neighborhood. And/or call a property management company in Jax and ask them about their experience with the neighborhood--how well properties rent, quality of tenants, etc.
I'd be a bit cautious about buying my first property in a C- neighborhood, only because the chance for big headaches could be higher, which might put you off RE all together.
My main concern with this property is the area, it is C- area, but a new home (built by HUD in a HUD/trailer neighborhood) Sold for a ridiculous $140k in 2007, some investor picked it up for $45k and is asking $65k ....comparables are renting for $900 (according to Zillow which I don't know about) I would be happy getting $750. It sure is convenient to the greater area.
Neighborhood is somewhat sketchy, similar houses are still selling for $80-100k a street over.
My main concern with this property is the area, it is C- area, but a new home (built by HUD in a HUD/trailer neighborhood) Sold for a ridiculous $140k in 2007, some investor picked it up for $45k and is asking $65k ....comparables are renting for $900 (according to Zillow which I don't know about) I would be happy getting $750. It sure is convenient to the greater area.
Neighborhood is somewhat sketchy, similar houses are still selling for $80-100k a street over.
Hi Charles, welcome to Bigger Pockets, if I can assist you in any way feel free to contact me.
I am about to buy a home from an investor in Jacksonville. I was buying with cash.
It's a newer home and I am confident of the build quality, as I am an hvac contractor and have built homes by hand before. I have also worked in new construction for 15 years, so a building inspection is not necessary.
I have never bought a home before (built my own on land we bought from family) what risks do I run here? who should I include in the process? I have a friend who is new to real estate, should I use him and pay commission?
The Title search company protects against liens, but what other problems could a newbie get into?
Charles,
One suggestion would be to call the local police station and ask about the neighborhood. And/or call a property management company in Jax and ask them about their experience with the neighborhood--how well properties rent, quality of tenants, etc.
I'd be a bit cautious about buying my first property in a C- neighborhood, only because the chance for big headaches could be higher, which might put you off RE all together.
I know the neighborhood, Jacksonville police has a neat web tool that'll show you all the murders, car thefts, etc everywhere in the city.....funny we should be discussing this right now, here is a news article from today on that exact area:
How much of the construction content is missing and why? Can HYGEMA house movers move that house to a better location?
I bet they could.
I cant believe someone paid 140k for that home in its locarion even before the bust.
Crazy thing is there are people paying $100k+ RIGHT now, not too far from where I was considering. Someone bought a 4 bedroom for $120 one street over.....I think after studying the market for a couple months I am gathering (newbie opinion) that it is warm to hot in many areas.
I talked to the neighbor the other day when I saw the house, her car had been broken into in the last week.
The rents that people are asking for in this area(on Zillow anyway) are $850-$950....
I think it would be much nicer to find the worst house in the best neighborhood, I'm going to search harder for that angle.
Here's another one for sale in that area......this one also specifies CASH ONLY.....why is that.....can anyone explain to me why the listings would say CASH ONLY?
Here's another one for sale in that area......this one also specifies CASH ONLY.....why is that.....can anyone explain to me why the listings would say CASH ONLY?
Cash only listings usually mean that it won't be approved for conventional financing. That is it needs considerable work before it is ready to live in.
It would probably be worthwhile to get a realtor involved. You may be able to negotiate the commission so that the seller pays part. But at minimum get an inspection from a licensed inspector and check with the police department for the crime statistics in the area.
Every city has good and bad. I am in Jacksonville, by choice. I would stay clear of anything close to a name like Ronda (Not the real name of the Builder). I bought it and I can show you the report from the home inspector after I moved in. A home inspection is worth every cent! I sat on a city committee years ago and heard complaints from many tax payers about various builders. If this is going to be your oasis, then spend the money and rest peacefully at night.
Here's another one for sale in that area......this one also specifies CASH ONLY.....why is that.....can anyone explain to me why the listings would say CASH ONLY?
Hey Charles,
I'm a local rei here in Jacksonville Fl. I operate in the capacity of a wholesaler and often times us wholesalers have a agent take a property to market for a flat fee but being the property will convey through a assignment contract we have to make it CASH ONLY because traditional financing just doesn't work with a assignment contract and sometimes these are good properties that actually will pass a home inspection.
Here's another one for sale in that area......this one also specifies CASH ONLY.....why is that.....can anyone explain to me why the listings would say CASH ONLY?
Hey Charles,
I'm a local rei here in Jacksonville Fl. I operate in the capacity of a wholesaler and often times us wholesalers have a agent take a property to market for a flat fee but being the property will convey through a assignment contract we have to make it CASH ONLY because traditional financing just doesn't work with a assignment contract and sometimes these are good properties that actually will pass a home inspection.
stay away from streets like Peter Pan and Snow White... as well...be leary of zips 32202/06/08/09 especially. 32222/44 is decent enough. 32210 has its good spots bordering 32073. 17/23/57/58/59 Mandarin NW St Johns, Switzerland, Julington Creek areas are all decent esp 58/59 if you have the $ to spend. 32221/ 32234 has its good spots in rural areas and some new construction.
One part of me says "How bad could this experience be?"
I have some friends who manage rentals in borderline war zones (one has a quadplex on Justina Rd hehe) and I could beef up security with a fence and motion lights, etc.
The other part of me wants to buy land and build, I may be better off ....