Investment Info:

Single-family residence buy & hold investment.

Purchase price: $115,000
Cash invested: $3,200
Sale price: $115,000

Jacksonville, Fl.

What made you interested in investing in this type of deal?

Cash Flow

How did you find this deal and how did you negotiate it?

Realtor

How did you finance this deal?

Bank Loan

Do you still live in LA? Do you have a property manager in Jacksonville?

Yes, I still live in Los Angeles. I plan to manage the property remotely with some help from our realtor. 

Hi Kay!  I'm curious what kind of loan did you get and with who?  That's an awesome down payment!  

-Amelie (currently looking for investment property in Jacksonville) 

Hey Amelie! 

Conventional Loan w/ 5% down and seller credits. Message me for more info : )

Originally posted by @Kay R. :

Hey Amelie! 

Conventional Loan w/ 5% down and seller credits. Message me for more info : )

I wonder how you got a 5% conventional loan in a property in Jacksonville FL while still living in Los Angeles.
You normally need to occupy the property to get 5% conventional loans.

 

Correct, we fully intended to live in the home. Unfortunately, my husband's job is requiring him to stay in L.A. for a few more months due to COVID. 

Congrats on your first investment property @Kay R. !  You picked a market in Jacksonville.  With the financing you were able to get and the expected home price appreciation in the coming years, you're really going to maximize all 5 of your profit centers (cash flow, tax savings, principal paydown, home price appreciation and inflation-hedging.)  I've been investing in Jacksonville since 2006 and I'm happy to be a resource for you if I can help in any way.

Congratulations that's a great deal! I have six units in Jacksonville and would be happy to chat if you have questions for someone who is out of state.