Hi BP folks. I've narrowed my choice to investing in Jacksonville. Seemingly, I'm seeing relatively cheaper prices compared to the rest of Florida, with comparable rents, and strong Capx #s, ~10%. Problem is, there's so many different options.. Duplexes, triplexes, 8 units+ etc.. On top of that, there's a lot of properties that need complete rehabs, and some are already tennant occupied. For those that have experience with this market, what would you suggest as the best move? I have about $80k of my own finances to use for this venture, and would like to go with a hard money loan, although I'm open to traditional bank loans, but my goal is to refinance the property later this year, and use the cash to invest into further properties.
Any advice on the local market and helping steer me in the right direction would be much appreciated.
Ali, I have worked in real estate and property management for 15 years in Jacksonville FL. I'm working with a buyer right now that's looking for similar properties. There's some opportunities down here, but they do go quickly sometimes. I will send you a message with my thoughts.
Hey Matt, Let’s find sometime to chat on the phone. When are you free?
Ali, Tomorrow afternoon is good for me. I will message you my number. Take care, Matt