I’m getting ready to close on my first home in Jacksonville, are there any other people who invest around here? I figure with the steady paychecks from marines, it isn’t a bad move.
I agree with your observation. I looked at Jacksonville a couple of years ago but at the time the base housing was overbuilt and opened to the public which lowered rent rates. I’ve just not looked back into it. I’d love to know what your experience is and what rent you get from the house. You can definitely buy some good deals down there.
Congrats on closing on your first house! There is a pretty good network of investors here. Once meeting in public is socially acceptable again, you will have to come to the REI meetup.
Are you buying an investment property or primary residence?
I just moved back into the area and am looking forward to meeting some local investors as well. I have one rental in Jacksonville (that I'll be living in temporarily while we decide on building or buying our new primary residence between Holly Ridge and Hampstead).
I've been learning as much as I can for the past few years while new children and a new job kept me from going full bore into SFH investing, most likely via BRRRR.
Our first rental was purchased as my primary residence before I began learning about REI, so I had to do a bit of work with a refi, a good insurance broker and solid property management to make it cash flow at all, but it ended up working out even though it wasn't purchased right for a rental property.
Now that it rents have gone up a bit and rates are down I am looking into another refi to make it cash flow better when we put tentants back in it.
All in all, I got lucky with great tenants on my first run that left it almost better than it was when they moved in - One of the benefits of renting houses that appeal to some of the more senior military personnel around. I'll be sure not to expect that every time however!
I tried to get into the game while in southern California, but unless you are established, bought more than 10 years ago, or part of a large investor group its nearly impossible to break in. There, I ended up having to just find a market with good appreciation and hope it set me up well for when I came back to NC, and I got lucky again.
Anyways, I've only been back in NC 2 days and I'm still wading through a sea of boxes in my house, but I am eager to link up with some local investors and begin getting a feel for things out here. Definitely reach out if you are interested in grabbing a coffee sometime. I am also very handy regarding construction and repairs, and would be happy to help out on a rehab just for the cost of soaking up some knowledge, so if anyone needs some free labor, let me know!
@Brendan VanDalinda , I have not invested there but have a lot of friends that do. Good luck!
@Sean McDonnell thanks for the response and invite! I’d love to join you for a meeting once we can! I’m buying a primary residence and house hacking it for now
@Brendan VanDalinda I’ll be moving into the area in a week, and I would love to meet some like minded investors!