Rental properties in Jacksonville, FL

[Shalabh Jain]

Hi All,

I own some rental condos in WA. Now i am looking for similar rental properties in Fl.

I feel Jacksonville might be good as its a big city, so more rental pool, yet not as expensive as Miami to own.

I have following questions for anybody local:

a) what are typical property management fees there. Being out of state, i would need one.

Typically in WA/CA, its 5%-10% per month only. No additional fees.

b) Do the condos there have rental caps? They are quite common in WA

c) Do the condos frequently have special assessment ? Again, quite common in WA

d) Any advice on Jacksonville specifically ?

e) Any other word of advice from fellow investors for such out-of-state properties ?

[Larry Fried]

@Shalabh Jain I am not local to JAX, but an out of state investor like yourself.  I have been investing in Jacksonville for 4 years via a turnkey company, and they have excellent in house PM.  The PM charges 10% , and first month's rent for new tenant placement (which as Frank , and nearly all their leases are 2-3 years long.  They also charge a $250 lease renewal fee if a current tenant re-ups, and a some 2/3 of leases are renewed I believe.  I believe they also hold $400 maintenance for an investor's entire portfolio with them (whether that is 1 or 10 houses).