New to Real Estate · Jacksonville Florida · Member since 2022 · 14 posts · 2 votes
Hi all!
Anyone willing to share what they are doing these days as far as investing in Jacksonville, Florida?
I'll be making plans to do Rental Arbitrage via STRs and MTRs starting out.
I'm super excited to get the wheels turning as this seems like a fine path to investing for me at this time -- but I'm really curious what everyone else is doing to make investing work in Jacksonville -- especially given the "fun" of the Florida Homeowners Insurance market.
The price increases with insurance and taxes has certainly cut back our cash flow on many of our properties, but fortunately rents and rental demand have been pretty strong going into 2024. We still like the old fashion long-term rentals for the consistency and reliability of income. As far as new purchases we are pretty much looking at homes with little work needed, so that we can get them rented out and start cash flowing quickly. Materials and labor is high right now so we aren't doing much fix and rents or BRRRRs since rates to refinance are high.
The price increases with insurance and taxes has certainly cut back our cash flow on many of our properties, but fortunately rents and rental demand have been pretty strong going into 2024. We still like the old fashion long-term rentals for the consistency and reliability of income. As far as new purchases we are pretty much looking at homes with little work needed, so that we can get them rented out and start cash flowing quickly. Materials and labor is high right now so we aren't doing much fix and rents or BRRRRs since rates to refinance are high.
I hear you loud and clear, Elenis.
That's exactly what I figured the sentiment regarding investing in Jacksonville (or anywhere in Florida for that matter) might be.
These days, I'm definitely wishing I would've gotten started investing earlier. But, moving forward, while I'm still contemplating property in Florida, I'm thinking out-of-state investing (Georgia and the Carolinas, in particular) will be a better play for my investing goals.
The price increases with insurance and taxes has certainly cut back our cash flow on many of our properties, but fortunately rents and rental demand have been pretty strong going into 2024. We still like the old fashion long-term rentals for the consistency and reliability of income. As far as new purchases we are pretty much looking at homes with little work needed, so that we can get them rented out and start cash flowing quickly. Materials and labor is high right now so we aren't doing much fix and rents or BRRRRs since rates to refinance are high.
I hear you loud and clear, Elenis.
That's exactly what I figured the sentiment regarding investing in Jacksonville (or anywhere in Florida for that matter) might be.
These days, I'm definitely wishing I would've gotten started investing earlier. But, moving forward, while I'm still contemplating property in Florida, I'm thinking out-of-state investing (Georgia and the Carolinas, in particular) will be a better play for my investing goals.
Do you do any out-of-state investing?
Yes, we actually bought in Augusta, GA late last year. It took a bit longer than we would have liked to have gotten rented out, but I know the market was very slow in Q4. We bought a 4/1.5 SFR for $128k that needed about $2k of touch up work (mostly landscaping) to get it rent ready. We are getting $1200/m for it. We are looking to continue to buy up there since the price points are lower and insurance doesn't seem to be as strict in GA like here in FL.
And remember, "The best time to buy a house was 20 years ago, the second best time is now!"