Seeking Advice on Investment Plans: Moving from Virginia to Florida

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Seeking Advice on Investment Plans: Moving from Virginia to Florida

Andrew Chase
Member since 2025 · 13 posts · 8 votes

Hi everyone,

Please excuse my long post. I am planning my investing future and am hoping for some advice. I'm 28 years old and currently living in Richmond, VA. I bought my first house in 2022 and have had a roommate since then, who pays slightly more than half of the PITI. After making some updates, I now have $50,000-$70,000 in equity.

I'm moving to Florida soon and have decided to relocate to Jacksonville based on my market analysis and personal reasons. My plan is to rent a room for several months and buy a property in the winter to house hack.

I work remotely, so I'm looking for a low cost of living area. I have a 7% employer match and max out my Roth IRA. Even after these contributions, I still have a healthy amount of savings to purchase a second property, although it might take some time to save a 20% down payment.

My current plan is to rent out my house in Virginia, which should cash flow around $150/month after property management fees. I'm having the home reappraised and expect to drop the PMI, reducing the payment by $92/month(raising cashflow to ~$250/month). The property is in good shape, but will need a new HVAC system in the next 3-8 years, which could cost around $12,000.

Although I'll be out of town, I'll visit frequently so I will be able to check on the property.

Here's my plan:

  • -Move to Florida over the summer.
  • -Rent out my house and form an LLC in Virginia.
  • -Before spring 2026, buy a property in Jacksonville with 3%-10% down and house hack.
  • -Do a mild, cosmetic renovation using a combination of sweat equity and contractors.

Example of the type of house I'm looking at (currently under contract, just for reference):

1025 W Lawfin St, Jacksonville, FL 32211 | MLS# 2075886 | Redfin

Comparable for ARV:

1010 Arlingwood Ave, Jacksonville, FL 32211 | For Sale ($298,000) | MLS# 2080151 | Redfin


1126 Cathcart St, Jacksonville, FL 32211 | Redfin

    Another option I'm considering is purchasing a multi-family property. This would either mean living in a less desirable neighborhood or selling my current house to use the tax-free profit for a down payment on the multi-family property. This option would eliminate the headache of being an out-of-state owner and give me a fresh start in Jacksonville.

However, I have reservations:

  1. -My current interest rate is 5.375%, which is lower than what I could get today.
  2. -My house in Virginia is in a quickly developing area with many new businesses and a large county park opening in the neighborhood in fall 2025, which may attract more affluent families to the mostly blue-collar neighborhood

I don't feel ready to dive into a multi-family property yet and am not confident in finding a great deal on one since they are typically owned by investors. Although I believe I can find a single-family home at a good price, possibly even outside the MLS.

    Once I move into a house hack and can force some appreciation, I plan to save for another house to renovate and rent, or a multi-family property in a few years.

My long-term goal is to continue working my job, eventually transitioning my W2 into a consulting business while working as a real estate investor part-time, aiming for more free time and financial security.

What are your thoughts on these plans? Am I missing something important? Any advice would be greatly appreciated!

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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    1y

    @Andrew Chase

    You're on a great path—house hacking in Jacksonville while renting out your Richmond property is a solid strategy that balances growth with stability. Keeping your Virginia home could pay off long-term, especially with neighborhood development and your low interest rate, but if you're leaning toward multifamily in Florida, using your equity via a sale or HELOC could accelerate your portfolio. Since you're still early in your investing journey, sticking with a single-family house hack and gradually building confidence and capital before jumping into multifamily sounds both smart and sustainable—you're thinking like a long-term investor.

    Good luck!

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    • Andrew Chase
      OP
      Member since 2025 · 13 posts · 8 votes
      1y
      Quote from @Wale Lawal:

      @Andrew Chase

      You're on a great path—house hacking in Jacksonville while renting out your Richmond property is a solid strategy that balances growth with stability. Keeping your Virginia home could pay off long-term, especially with neighborhood development and your low interest rate, but if you're leaning toward multifamily in Florida, using your equity via a sale or HELOC could accelerate your portfolio. Since you're still early in your investing journey, sticking with a single-family house hack and gradually building confidence and capital before jumping into multifamily sounds both smart and sustainable—you're thinking like a long-term investor.

      Good luck!


       Thanks Wale,

        I think I'll stay with single family for now, and perhaps sell the Virginia house in a few years to finance a multi family. 

      I'm looking at the logistics of the move, and considering buying immediately in Florida instead of renting at first.  When I consider the costs of moving 2x, breaking a lease, etc it quickly adds up and I'm wondering if I would be better served buying a property at retail price.  There are many homes which have been on the market for 100+ days in the areas I'm looking at, and it wouldn't be too difficult to fly down to take a look and put in an offer.  

      Obviously buying below market value is advantageous, but for a property to live in as well it has logistical difficulties.

      I could stay in my current property until I have a house closed in Florida, then move down.  My employer offers me a lot of flexibility, so this wouldn't be too difficult.

      Do you have any thoughts?

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  • Chris Grenzig
    Property Manager · Orlando, FL · Member since 2016 · 479 posts · 277 votes
    1y

    @Andrew Chase We've bought 150 units in Jacksonville, still own 51, manage other properties there, lived in Jax for 3 years and have been buying MF in Jax since 2016 for background. 

    I think a lot of that all makes sense and is a good plan, I can't speak too much to the house in VA, but just make sure you always have extra liquidity to pay for unexpected repairs or capex. Have it set aside as do not touch ever emergency funds for real estate somehow.

    I'm not a fan of the Arlingotn area, so I would definitely encourage you to rent somewhere first and explore a lot of Jacksonville and get a feel for it. I would never personally live in Arlington and I won't even invest there anymore. It's a C- area and I don't personally see it improving a whole lot anytime soon. Obviously houses on the water are a bit different, but not worth it in my opinion. 

    I would consider the north side of Jax before Arlington, or even some pockets of the westside. I think there could be some interesting opportunities somewhere in the outskirts of Murray Hill, or San Jose areas, or go to East Arlington area which is nicer than Arlington. If you're okay with that type of neighborhood that's fine, but just be careful for sure. 

    If you have any specific questions about the area or market let me know, happy to help if I can, it is probably going to be very tough to find anything that cash flows while house hacking currently if you underwrite it properly, Jacksonville rents have fallen a bunch the last 2-3 years, vacancy is up, and prices for properties have not fallen.

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  • Jr Miller
    Orlando, FL · Member since 2024 · 17 posts · 4 votes
    1y

    Greetings from Florida-

    Your plan is solid. Hold-Virginia. Rent a room and understand Jax demographics and rent rates. They are low and slow to get rented. Lots of competition. Completely different animal than Virginia.

    We have a solid Jax marketplace presence, and I am happy to weigh in on the good, the bad and the ugly if you see something that catches your eye. The better buys are in older neighborhoods, many on septic, with block foundations, and difficult to get quality tenants.

    My advice is to find a better quality home in at or near rent-ready condition with basic cosmetics and curb appeal needed. The sweet spot on rentals appears to be 1600-19xx. Product over 2k takes longer to rent. Tenants have lots of good choices, and can find what they need under 2k.


    Best of luck! 

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  • Bruce Lynn
    Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    1y

    Sounds like you are in a great position.

    #1 I don't think you need an LLC in Virginia. I'm no attorney, but it won't accomplish 95% of probably what you want it to do and your lender may not allow you to put your property in LLC since the loan is in your name. Often what I see is people spend a lot of time talking to attorneys and accountants about setting up LLC, spend decent amount of money to do it, set up bank accounts and all. Pay to change the deed, and 30-60 days later when the lender figures out you transferred the property, issues you a letter to change it back to your name or they will invoke the due on sale clause.

    #2. Does your interest rate matter in VA if you will in turn pay 10% PM fee vs higher interest rate in FL with no PM fee?

    #3. Go to FL, rent a cheap room for 6-12 months. Scout out the area. Look at every duplex you can find for sale on MLS. As you're out driving neighborhoods, start your own prospecting for other FSBOs or duplexes that might be for sale in the area, for example some may have a vacant side. Approach the owner to see if they want to sell vs rent?

    #4 If you can't find small MF, then just repeat the house hack in FL if that is where you want to be.

    #5.  I hope you like humidity.  Jacksonville is a nice place, but very different than Richmond.

    Best wishes and good luck with the move.

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