First-investor interested in house hacking in St. Augustine, FL

Jacksonville, Florida
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First-investor interested in house hacking in St. Augustine, FL

Seth Donnelley
Member since 2024 · 5 posts · 5 votes

Hello everyone!

My name is Seth, and I decided to join the BiggerPockets forum this year as I am looking to purchase a single-family home to house hack later this year. I am currently in Jacksonville, FL, but my preference is for downtown St. Augustine (mainly King St or surrounding blocks, if you're familiar with the area), or Jax Beach / Atlantic Beach area. I am also open to considering opportunities in the Riverside / Five Points neighborhood, or San Marco, in Jax.

Ideally, I would like to find a livable property with 3+ beds / 2.5+ baths, make use of FHA to purchase, and rent out 2+ rooms while renovating into separate, complete units. However, I am also considering duplex and tri-/quad-plex assets if they pencil.

Additionally, I currently work for a locally-based commercial developer/lender on multifamily, land, and some hospitality projects. If you have a deal in the Jax area that might be a fit, I might be able to connect you with someone who could help.

Thank you!

Seth

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Jaren Woeppel
Lender · St. Augustine, FL · Member since 2015 · 120 posts · 26 votes
1y

Hey, @Seth Donnelley

Welcome to St. Augustine!

House hacking is one of my favorite investment and wealth building strategies. I have personally house hacked for over 10 years and continue to do it to this day, right here is St. Augustine!

There are many ways to house, and even more way to plan for the future with 1031 exchange and Primary Residence strategies!

If I could ever be of some help in the process or want to discuss specific areas of town and investment analysis, please reach out!

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  • Hunter Purnell
    Real Estate Agent · Wellington, FL · Member since 2019 · 33 posts · 19 votes
    1y

    That sounds like a good plan. I purchased a live-in flip for my first home. I don't necessarily regret it, but I think I would have been better off finding a 4-plex and house hacking. Then I could have looked for a live-in flip. My advice would be go for the most they will loan you as long as you're in an appreciating market and you can find a value-add. It's easy to be upside down with only 3.5% down. Good luck!

    0Reply
  • Chris MuryBusiness Member
    Realtor · St. Augustine, FL · Member since 2017 · 182 posts · 100 votes
    1y
    Quote from @Seth Donnelley:

    Hello everyone!

    My name is Seth, and I decided to join the BiggerPockets forum this year as I am looking to purchase a single-family home to house hack later this year. I am currently in Jacksonville, FL, but my preference is for downtown St. Augustine (mainly King St or surrounding blocks, if you're familiar with the area), or Jax Beach / Atlantic Beach area. I am also open to considering opportunities in the Riverside / Five Points neighborhood, or San Marco, in Jax.

    Ideally, I would like to find a livable property with 3+ beds / 2.5+ baths, make use of FHA to purchase, and rent out 2+ rooms while renovating into separate, complete units. However, I am also considering duplex and tri-/quad-plex assets if they pencil.

    Additionally, I currently work for a locally-based commercial developer/lender on multifamily, land, and some hospitality projects. If you have a deal in the Jax area that might be a fit, I might be able to connect you with someone who could help.

    Thank you!

    Seth


     Sounds like a great way to get started, Seth! We got our start with a 3-unit house hack in Downtown Saint Augustine just off King Street. Happy to share what we learned along the way. Good luck!

    Chris Mury- Realtor543 Reviews
    WebsiteView Page
    0Reply
  • Nick Velez
    Lender · Member since 2019 · 250 posts · 219 votes
    1y

    @Seth Donnelley

    Kudos to you for taking the first step! House hacking is an amazing strategy when utilized correctly, and can set you up for future success. My first house hack involved me living in an enclosed patio while renting out all of the 3 rooms of a townhouse which was extreme, but I would not have the portfolio I do today if I did not take that first step! 

    0Reply
  • Seth Donnelley
    OP
    Member since 2024 · 5 posts · 5 votes
    1y
    Quote from @Hunter Purnell:

    That sounds like a good plan. I purchased a live-in flip for my first home. I don't necessarily regret it, but I think I would have been better off finding a 4-plex and house hacking. Then I could have looked for a live-in flip. My advice would be go for the most they will loan you as long as you're in an appreciating market and you can find a value-add. It's easy to be upside down with only 3.5% down. Good luck!

    Hi Hunter,

    Thanks a lot for the advice! I definitely think in my area, many of the good opportunities I could qualify for with my income would have pretty high rehab needs before they're rentable, so it's good to hear where you would start out instead. Appreciate it.
    1Reply
  • Seth Donnelley
    OP
    Member since 2024 · 5 posts · 5 votes
    1y
    Quote from @Chris Mury:
    Quote from @Seth Donnelley:

    Hello everyone!

    My name is Seth, and I decided to join the BiggerPockets forum this year as I am looking to purchase a single-family home to house hack later this year. I am currently in Jacksonville, FL, but my preference is for downtown St. Augustine (mainly King St or surrounding blocks, if you're familiar with the area), or Jax Beach / Atlantic Beach area. I am also open to considering opportunities in the Riverside / Five Points neighborhood, or San Marco, in Jax.

    Ideally, I would like to find a livable property with 3+ beds / 2.5+ baths, make use of FHA to purchase, and rent out 2+ rooms while renovating into separate, complete units. However, I am also considering duplex and tri-/quad-plex assets if they pencil.

    Additionally, I currently work for a locally-based commercial developer/lender on multifamily, land, and some hospitality projects. If you have a deal in the Jax area that might be a fit, I might be able to connect you with someone who could help.

    Thank you!

    Seth


     Sounds like a great way to get started, Seth! We got our start with a 3-unit house hack in Downtown Saint Augustine just off King Street. Happy to share what we learned along the way. Good luck!


    Hi Chris,

    Thank you, and it's great to hear that this was a good part of town for you too!

    1Reply
  • Seth Donnelley
    OP
    Member since 2024 · 5 posts · 5 votes
    1y
    Quote from @Nick Velez:

    @Seth Donnelley

    Kudos to you for taking the first step! House hacking is an amazing strategy when utilized correctly, and can set you up for future success. My first house hack involved me living in an enclosed patio while renting out all of the 3 rooms of a townhouse which was extreme, but I would not have the portfolio I do today if I did not take that first step! 


    Wow Nick, that definitely sounds like a bold step you took to drive cash flow, but I'm glad to hear it paid off. Appreciate it!

    0Reply
  • Jaren Woeppel
    Lender · St. Augustine, FL · Member since 2015 · 120 posts · 26 votes
    1y

    Hey, @Seth Donnelley

    Welcome to St. Augustine!

    House hacking is one of my favorite investment and wealth building strategies. I have personally house hacked for over 10 years and continue to do it to this day, right here is St. Augustine!

    There are many ways to house, and even more way to plan for the future with 1031 exchange and Primary Residence strategies!

    If I could ever be of some help in the process or want to discuss specific areas of town and investment analysis, please reach out!

    2Reply
    • Seth Donnelley
      OP
      Member since 2024 · 5 posts · 5 votes
      1y
      Quote from @Jaren Woeppel:

      Hey, @Seth Donnelley

      Welcome to St. Augustine!

      House hacking is one of my favorite investment and wealth building strategies. I have personally house hacked for over 10 years and continue to do it to this day, right here is St. Augustine!

      There are many ways to house, and even more way to plan for the future with 1031 exchange and Primary Residence strategies!

      If I could ever be of some help in the process or want to discuss specific areas of town and investment analysis, please reach out!

      Hi Jaren, thanks for the feedback, and that’s great to know you’ve had success house hacking in St. Augustine. I’ll definitely let you know if I have any questions while getting started!
      1Reply
  • Jaren Woeppel
    Lender · St. Augustine, FL · Member since 2015 · 120 posts · 26 votes
    1y

    Please do!

    0Reply
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