Does anyone know of any wholesalers or RE agents in the Jacksonville area that focus more on class B or C areas? I've already got one rental and am looking to acquire another one. Let me know if there is anyone I could contact to start looking for me!
Thanks a lot!
Hi @Adam Frederick !
Your name sounds familiar - I think I went to college with your sister, Anna.
I'd be happy to help you find another investment property.
Real estate investing enabled me to quit my job earlier this year, but I do also work as a realtor for other investors when I have time between my own projects.
@Sarah Shockley yes, your name sounds very familiar as well. . . my sister is Anna and she did go to UNF. Small world!
Awesome to hear that you were able to quit your day job! I'd love to be able to do that in a few years. . . I really want to work on expanding my inventory and obviously the next step is to find that next deal. What areas do you focus on? I know some people like dealing with the section 8 housing in lower income neighborhoods and I know there's money to be made there, but I am just not up for the additional work that they entail right now. I've got a decent place in Bartram that is doing well, but I'd like to find something that I can put some equity into and that will also cash flow nicely!
@Adam Frederick Small world indeed!
My rentals are all in the Avondale, Riverside, and Murray Hill neighborhoods (A/B/C+ areas) but I work with investors who buy all over town.
A lot of the time "D" class properties/locations look great on paper, but just aren't worth the trouble once you factor in additional expenses for vacancies and maintenance. Really the only way to make money on that type of property is by being a "slumlord" and never paying for upgrades or maintenance. Ethically I just can't do that.
Do you do your own property management?
So far I do my own property management, but that may change as I continue to get more properties under my belt.
I like the idea of investing in the areas you're talking about! Do you have anyone that you work with to find those types of places or do you just work on finding deals yourself?
Before you deal with any unlicensed brokers consider something to protect yourself:
1. Always require WRITTEN comps that can be substantiated
2. Always require WRITTEN bids from LICENSED contractors
3, Always require WRITTEN comps to substantiate ARV
4. NEVER pay a non-refundable fee
5. Always correspond via email so there is written record to bring suit in the event of misrepresentation.
Unlicensed brokers generally have no insurance. From personal experience most just pull their ARVout of thin air. Lets see: claim it costs x and it will sell for y. If someone uses an agent, an agent won't provide or should NOT provide the BS an unlicensed broker does. They should not or do not provide rehab figures (to protect themselves). They should tell a prospective buyer to get their own bids. They can provide comps in some situations on an updated unit vs an original unit. Agents have something to lose, can be fined, and have their license suspended or revoked. Unlicensed brokers, acting as fringe operators skirting the laws have nothing to lose. They are acting as an agent without the laws, ethics requirements, education, and insurance that are vital IMO.
Hey @Adam Frederick did you ever end up getting that second unit?
Hey Adam!! I am a wholesaler here in Jax and would love to help out in the future. Please give me a call so I can find out some of your areas of interest.
941 586 2386
@Adam Frederick What is the additional work required by Section 8 that you don't want to deal with? If you are going to rehab a property to an ethical standard, the yearly JHA inspection will go by like a breeze. The paper work to register as a landlord in their program is not time consuming. It all ends up worth it to get your rental payment on time every month, and a tenant that values the program and the voucher they have received from the city.
@Sarah Shockley I disagree with your slumlord comment. I understand what you are trying to say, but there are opportunities to make good returns in these neighborhoods without being labeled a slumlord. I think it all begins with the level of workmanship performed on the initial rehab.
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