How difficult is it to find deals in Jax and around? Looking forward to hear from local investors.
I have been an active Investor in Greater Seattle area, but now want to diversify. Heard anecdotes that jax is a great place to invest and it is still possible to have deals.
I agree with your thoughts on Jacksonville. I personally do not invest or work in this market, however I do deal with several wholesalers who do business in Jacksonville and they seem to be getting a lot of distressed properties that look to provide decent returns.
@John Meirose What's a "decent" return? I bought homes in Jax in 2012 and they are worth 5x what I paid for them. Decent return like that or just 20-30 percent?
do BRRRR still works in Jax? We looking to extend our system where we can continue to replicate deals after deals.. Also how is the local economy/jobs scenario?
@John Meirose ..are there good deals in MLS to be found or is it all off-market..Just from a quick look it appears there are MLS deals to be made.
Based on the information I've seen recently, from the wholesalers, you are most likely going to see the 20-30% return for short term flips. Long term holds you may see higher returns but not the 5x growth you've seen, just my opinion. The market has seen a lot of national hedge fund investors that are buying up markets which will decrease available inventory and increase property value. We've seen this in the Orlando and Tampa markets
@Rudy Manna ...I believe there are still good deals to be had in MLS but you are more likely to get into a price battle with other investors/buyers acquiring through MLS. I dealt with a couple of investors over the best couple of years and almost every "Deal" in MLS ended up with multiple offers and Highest and Best situations.
@Rudy Manna The Jacksonville market is operating at a 3.1% unemployment rate, well below the national average. Growth is all around the city with new projects announced daily. The prospects are great for those of us that own with pricing looking to rise between 8-10% in NE Florida in 2018. Some areas have 3 months of inventory and anything in St. Johns County is getting 96-97% of asking price. Its a HOT market in NE FLorida.
I'm a local realtor in the St. John's County and Duval county area. I primarily work out of St. Augustine but have dealt with buyers on the east side of Jax. Still deals to be had. Not as easy on the MLS, and yes they are most likely going into multiple offer. April is the hottest month of the year the past 4yrs at least for MLS deals and the market becomes most competitive. That being said, as a resource here in the area I would love to partner with anyone looking to invest in the area. Feel free to shoot a quick message or email anytime
Anyone looking at the Jacksonville market, please do yourself a favor and don't listen to the "experts", do your own research and look at the market stats, they are available by the 15th/16th of each current month for the previous month at the local MLS, here is the link and you can review the history as well. This data will tell you what homes have sold for, and what % of the list price the seller is getting on average in the area. Yes there are deals to be had, but everything is going up in Jacksonville, Rents, Home Prices, Values, and interest rates on money too.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.