Looking for investor stories and overviews for JAX markets

3 Replies

Hey BP,

I am interested in hearing from investors in and around Jacksonville on anything and everything in that market.

Give me the details on MF, SFR, self-storage, mobile-homes... I want it all!

I am really looking to get a holistic overview of the components that make up the JAX and other north FL markets.

If you've got specific deal stories, I'd love to hear them, if you've got data and analytics I'd love to hear that too.

Thanks!

Hi @Parker Caldwell

This is a very broad question so I hope that I am able to help with my two cents.

We haven't been able to close on any Multi-Family deals yet and it seems to be very hard to come by decent (min. 8%) returns on multi-family. We have seen a handful of deals this past year and bid on some but not successfully.

SFR is our bread and butter and we average about 9.8% return on our buy and hold investments. Typically properties are purchased around $60-80K with $7-12K rehab and an ARV of $100-110K. We purchase with cash but we've recently started doing some financed deals and I'm waiting to see how the returns turn out with those.

We haven't done anything in self-storage and I'd love to hear your take on it. I have noticed that some of the larger self-storage companies are coming in and buying up the larger commercial spaces and putting in climate-controlled self storage but that is typically above our paygrade.

We have been avoiding mobile homes in general but I am open to hearing your take on this as well.

Good luck!

Joseph

As someone who's looking into this market too - what is the rent for those SFRs you mention with an ARV of 110k?

Thanks

Hi @Ariel Goldenberg we're typically looking at rents between $900-1,100/month. Some of our cheaper properties have been around $800-900/month but always those minimum returns. Our lowest deal was an acquisition of $47,000 from a local wholesaler that's rented out for $750/month. That's the lowest rent on any property I've sold but you can see why we did it.

Have you already invested in other markets or are you just getting started?

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