I'm looking at purchasing some new construction homes in Jacksonville, FL with a company called "Southern Impression Homes" (www.sihomesfl.com). They currently are selling 3/2 homes for about $150k and rent them for about $1,250. The ROI is decent for a new construction. Has anyone ever purchased from them? Their experience? Positive/negative experiences?
Furthermore, they have a property management company called Suncoast Property Management, LLC. Maybe that company name will ring a bell for some people.
If not, can anyone provide some advice when dealing with new construction builders who provide properties to investors for rentals?
I know a couple of the Realtors on the team at Suncoast Property Management, Acquisitions & New Construction Manager, Gretchen Kornutik, REALTOR® - Good person.
I purchased their homes via JAX Investments and use Suncoast to manage my SFH rental. I posted a bit about my experience here:
My property is cash flowing well. No notable issues to date - mostly minor stuff. Given the price point you mentioned ($150k with $1250 in rent), are you looking at the Ocala, FL properties? I've considered them myself as my next investment. I like new construction since there isn't any deferred maintenance and the properties should be relatively maintenance free for the first couple years (although it's good to include maintenance/repairs in your pro forma and maintain reserves just in case). Granted new construction probably won't appreciate as much and you'll pay a slight premium for the property.
I like Suncoast. They're very autonomous and don't communicate too much which doesn't demand much of your time. It took me a bit to get used to since I was a bit jittery to start. The next property I purchase in their geographic footprint will also be managed by them.
Let us know what you decide to do. It's interesting to watch what others are doing to learn.
Thank you @Brandon Hausauer for your input and providing those links. Yes I am looking at Ocala, FL due to the fact that the properties they selling are non-HOA. I haven't signed a contract yet, but i'm considering it. Will keep you updated.
Btw, would you mind sharing your analysis spreadsheet for your new construction? I'm hoping you can save me some time from re-creating it. :)
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