Complete Renovation of 1940 Home Jackosonville FL

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Complete Renovation of 1940 Home Jackosonville FL

Jason CrowePro Member
Real Estate Agent · Jacksonville, FL · Member since 2019 · 212 posts · 47 votes

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Purchase price: $85,000
Cash invested: $160,000
Sale price: $240,000

Renovation adding bath and 2 additional rooms. Mother in Law Suite Garage conversion as well.

Complete Remodel from plumbing, to windows, to roof, to room additions, siding, Garage remodel, resupport frame, etc.
ARV 240K

[email protected]
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  • Joseph BeilkeBusiness Member
    Real Estate Agent · Palm Coast, FL · Member since 2018 · 364 posts · 244 votes
    3y

    So if I'm reading this correct.  

    Paid $85,000

    Invested $160,000

    Total $245,000

    Sale price $240,000 with a ARV of also $240,000

    Net Lost of $5,000 plus closing cost and commission.


    Seems to me you over improved or am I missing something?

    240-676-4927
    Enkore Real Estate & Property Management4.836 Reviews
    WebsiteView Page
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  • Ke Nan Wang
    Developer · St. Augustine, FL · Member since 2018 · 311 posts · 384 votes
    3y

    @Joseph Beilke I think @Jason Crowe meant the $160,000 includes the purchase price. Otherwise it would be a lesson learned what not to do. Also $160,000 is almost enough for me to build this house brand new here in St. Augustine, which is 40 min south of Jacksonville. 

    If my assumption is correct, then this was a nice flip. Congratulations @Jason Crowe

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  • Joseph BeilkeBusiness Member
    Real Estate Agent · Palm Coast, FL · Member since 2018 · 364 posts · 244 votes
    3y

    @Ke Nan Wang

    I think you are correct and but it sure didn't read that way.

    240-676-4927
    Enkore Real Estate & Property Management4.836 Reviews
    WebsiteView Page
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  • Jason CrowePro Member
    OP
    Real Estate Agent · Jacksonville, FL · Member since 2019 · 212 posts · 47 votes
    3y

    The system wanted a sale price not an ARV so I put it as such. It appraised for this much then we took all the money out of the deal. Rented for 2050 a month and net after mortgage, insurance and taxes between 700-800. Then we used that money for another deal. Minimum cash flow on rentals averages for me $500 after everything counting property management fees in that cost as well.

    Now me and my investors just completed some subject to deals where we took over the mortgage at 2.8% and gave the owner $5k for the home.  Net close to $700 after costs and now we are recouping the 5k with a lease option to purchase tenant.  

    Seller finance deal on the way too.  Unfortunately posting everything I do timely I am not able as I am in the field and conducting the calls daily to make it happen for my investors in Jacksonville and surrounding counties.

    [email protected]
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  • Jason CrowePro Member
    OP
    Real Estate Agent · Jacksonville, FL · Member since 2019 · 212 posts · 47 votes
    3y

    Total cash in 160k all together with purchase of home.

    [email protected]
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