And The Winner Is......Jacksonville?

Question

Hey Everyone!

As an aspiring out-of-state real estate investor located on Long Island, NY, I have been doing some in-depth market research to identify several healthy investor-friendly markets to begin exploring. My sniff test has included: 1. Recent strong/stable population growth and 2. Recent strong/diverse employment growth. My findings have led me to: Jacksonville, Tampa, and Austin.

In my Jacksonville research I am seeing:

- A trend that the market is moving away from the more expensive coastal areas and moving towards i-95 in Baker & Nassau county, as it is more affordable and provides easier access to downtown Jacksonville

- There has been significant development in the counties directly south of Jacksonville including St. John's and NE Clay County

I am hoping that any of you Jacksonville investors, homeowners, renters, and/or speculators like me can help shed some further light into my research. Initial signs point to these areas as being healthy opportunities as long as the right deals are found but it would be extremely helpful to hear more about the cash-flow opportunity (as population growth may be driving up prices), if this area was hot a few years ago and may be cooling down and any other market-specific aspects that I may be missing/not including in my research.

Any feedback would be greatly appreciated!

Michael

Michael San Roman · Answer

@Mike DeBuccio Jr. Thanks so much. I'll go ahead and PM you man.

Jack Bobeck · Answer

Best deals now are with wholesalers, IMO.

Find some you can trust and make sure you do not over pay for something that may not cash flow. Ask realtors that find renters, as rentometer and other sites may not take into consideration local "flavor".

Tampa is a strong area because it is a destination city. Tampa/St Pete/Clearwater, its a growing area of Florida. West Palm is another area that was mentioned having strong job growth in addition to Tampa and Jacksonville.

Orlando is a zoo. Last year, it welcomed 72 million visitors.

Patti Rosepiler · Answer

I am building my own personal home in Nassau county between I-95 and the beach (Fernandina) because of exactly what you said...people are flocking that area and I have to move every few years for my husbands job, so we always have to sell and need it to move fast plus make $ when we do.     We are looking to invest on the side but I can't find multi-family that is nice in Nassau county.    Jax, FL  (Duval) just BE CAREFUL!  I see a lot on the BP Marketplace for sale that I KNOW are BAD areas.  Check Loopnet multifamily in Orange Park area. I was looking there, but am now distracted by an awesome deal in South Tampa.  I am familiar with Tampa too because I used to live there and am now there constantly because my daughter is stationed there.   Baker is SLOW moving for now. It's super affordable, but I didn't chose there because things sit on market for awhile and low rents...it's still pretty rural. Nassau is the way to go or South Tampa.  Just my 2 cents!

Michael San Roman · Answer

@Jack Bobeck That resource is great! Thanks so much. This will certainly help kick-start some deeper market analysis.

Jack Bobeck · Answer

Some info from Realtors magazine, Jacksonville not one of the best places for flipping. Enjoy the read.

Michael San Roman · Answer

@Jack Bobeck That's some good advice. I will certainly keep that in mind as I get closer to that step. Thank you!

Michael San Roman · Answer

@Vanesa Gonzalez That's great to hear, good luck with your wealth building!

Vanesa Gonzalez · Answer

Last year we bought a couple of rentals in the Duval county area and so far we are happy. Our goal is to add 2/3 more properties in the same area but its been difficult to find good properties. Still looking and still feeling its a good area for cash flow ( not so much appreciation).

Good luck!

Mike DeBuccio Jr. · Answer

Hey @Michael San Roman,

Florida overall is a great spot for investing right now. Along with Jacksonville, I would most definitely check out the Tampa Bay area. I moved down here because of the crazy amount of growth going on in this city.

Both cities growth statistics are pretty similar.

Down here in Tampa, the most desirable areas for fix and flip, or buy and holds are definitely South Tampa, Tampa Heights, Ybor City, Seminole Heights, Carrollwood, Temple Terrace, and a few more. Key factors are major projects that have been approved by the city such as a 21.5 million dollar project in Tampa Heights, next to UT. Currently under construction is a waterfront community right on the Hillsborough River, including Amateur Works (dining and bar scene), apartment complexes, event halls, and commercial business offices, ect.

http://www.tampabay.com/news/business/realestate/t...

Jeff Vinik and Bill Gates have also began a plan to invest 3 billion dollars into rejunivating the city, which in result is increasing the values of all the suburbs surrounding the city. Along with attracting many new residents to the area.

If you want to chat about the market down here let me know man.

Mike

Michael San Roman · Answer

@Patti Rosepiler Thanks! I have actually been seeing a lot of "deals" that are actually in unsafe areas. Thanks for the guidance, I will certainly be looking in the Tampa area as well.

And The Winner Is......Jacksonville?

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