I'm stat investing in Florida, which locations of the following as the best to invest in multifamily properties for buy and hold - Jacksonville, Daytona beach, Port Orange and Palm Point If you guys have some properties/ GC's / Title companies suggestion DM me.
I'm stat investing in Florida, which locations of the following as the best to invest in multifamily properties for buy and hold - Jacksonville, Daytona beach, Port Orange and Palm Point If you guys have some properties/ GC's / Title companies suggestion DM me.
thank you.
@Roey Ochayon piggy backing off of what @Jeff Hamann said, Jax has had a rough few years but has seemed to kind of bottom out a stabilize. We've bought 150 units in Jax, still own 51 units there, and manage for other owners in Jax and Orlando.
Rents dropped quite a bit 2022 through today, but most properties and units we have now have stayed pretty much flat. Occupancy has stayed pretty good, but days on market has gone up the past few years and leasing has been tougher. The lead volume per unit we get is down, however, each lead we get is more likely to lease than in previous years, so lead quality has actually gone up.
We've focused a lot more on the quality of our listings in recent years then we needed to in 2020-2022, and that has helped a bit. However it's still not easy and we're entering a historically slow leasing season right now as well.
There's definitely deals out there, and you can find listings on Crexi or Loopnet to look at, but definitely want to be careful which ones you go for.
I'd push back that there's not a "best" market to buy in right now. There are going to be some great deals and terrible deals in any of those places.
Multifamily rents are down a bit year-over-year in most of the larger cities in FL, but it feels like a steeper decline in Jax (there's a recent Yardi Matrix report that shows it's down 1.1% YoY in October). Seems like there's been a lot of new properties completed in the past couple years and more on the way, so I don't think at the market level it's going to bounce back too fast.
But although I think most deals might not be great right now, if you're able to invest at a really compelling price point and you don't have any occupancy issues out the gate, I'm sure you'd be fine. Just not sure a fix-and-flip multifamily approach would necessarily be the best play right now. (But, full disclosure, I'm a bit of an amateur, so take it with a grain of salt!)
I'm stat investing in Florida, which locations of the following as the best to invest in multifamily properties for buy and hold - Jacksonville, Daytona beach, Port Orange and Palm Point If you guys have some properties/ GC's / Title companies suggestion DM me.
thank you.
@Roey Ochayon piggy backing off of what @Jeff Hamann said, Jax has had a rough few years but has seemed to kind of bottom out a stabilize. We've bought 150 units in Jax, still own 51 units there, and manage for other owners in Jax and Orlando.
Rents dropped quite a bit 2022 through today, but most properties and units we have now have stayed pretty much flat. Occupancy has stayed pretty good, but days on market has gone up the past few years and leasing has been tougher. The lead volume per unit we get is down, however, each lead we get is more likely to lease than in previous years, so lead quality has actually gone up.
We've focused a lot more on the quality of our listings in recent years then we needed to in 2020-2022, and that has helped a bit. However it's still not easy and we're entering a historically slow leasing season right now as well.
There's definitely deals out there, and you can find listings on Crexi or Loopnet to look at, but definitely want to be careful which ones you go for.
Property Manager 路 Orlando, FL 路 Member since 2016 路 479 posts 路 277 votes
10mo
@Jordan Ray we focus on Orlando/central florida and Jacksonville. It's possible we can go outside that for the right opportunity, so we have a client with a larger new construction single family portfolio that we manage in palm bay and palm coast, so it just depends. Largely though, Orlando and Jacksonville we focus on.
New to Real Estate 路 Miami, FL 路 Member since 2024 路 1k+ posts 路 453 votes
9mo
Roey, solid markets on your list. Jacksonville stands out for scale, strong rent growth, and diverse economy. Daytona and Port Orange offer good cash flow but can be more seasonal. Palm Point is smaller, so inventory and tenant base may be limited. For long-term buy and hold, Jacksonville gives you the best mix of stability and upside.
Feel free to reach out if you need any help! Happy to connect!