looking to invest in 1-3 unit properties in Jacksonville, FL

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looking to invest in 1-3 unit properties in Jacksonville, FL

Jake Sink
Jacksonville, FL · Member since 2017 · 15 posts · 3 votes

Hello,

I am very excited to get started with real estate investing! I've just graduated from the University of Florida and recently started working full time as an engineer in Jacksonville, FL. I am very interested in investing in single family homes or potentially doing a house hack situation. 

I have been reading many books on the topic but now it is time to start getting hard numbers and analyzing deals. I have done some quick calculations and found that the zip code of 32244 satisfies the 1% rule when using median rent and sale prices. 

I am looking to do my first deal so I am leaning towards a SFH that does not need any major rehab. I will also be financing any deals with regular bank financing with 20% down unless I am going to do a house hack where I will try to pursue an FHA loan with a smaller down payment.

Thanks! Please feel free to connect with me or reach out if you have any questions. 

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  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    7y

    @Jake Sink I always like to recommend to new investors you can do low money down loans with conventional mortgage as well. I used FHA on my first property, it all worked out in the end but for my second purchase I used a conventional mortgage putting 10% down (you can go as low as 5%, I think). What made this loan so great is I did not have to refi to remove PMI, I simply got an appraisal once I believed my loan was under 78% and PMI disappeared.

    In regards to 20% down, if you are planning to owner occupy and renovate property you may want to consider less money down and using the liquid cash to instead renovate and force the equity.

    973-975-3895
    House Hacking New Jersey561 Reviews
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  • Jake Sink
    OP
    Jacksonville, FL · Member since 2017 · 15 posts · 3 votes
    7y

    @Shawn M. Thanks for the advice. It does seem like a good idea to allocate some of the money I would have used for a larger down payment for reserves dedicated to repairs

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  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    7y

    It largely depends on your area but for me I used low money down knowing I had to renovate regardless.  I used 50K for down payment, spent 50k to renovated.  My property grew over 80% in value from start to finish.  Had I used the full 100k for down payment, I would still be renovating "one brick at a time" with my own hands.

    973-975-3895
    House Hacking New Jersey561 Reviews
    WebsiteView Page
    0Reply
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