First House Hack!!! Jacksonville Florida duplex

[Brett Nissen]

Hey BP!

I am a fairly new investor from Jacksonville, Florida and recently closed on my first multi-unit property! It is a concrete block duplex in the Avondale/Riverside neighborhood of Jacksonville, with each side being a 2/1. Here are the details:

Purchase Price: $330000

Downpayment: 10% (savings, family assistance, and small 401k loan)

PIMI: $1950/mo

Rental Income: $1150/mo from one side of duplex, $700/mo from room mate in my unit

Monthly "living costs" = approx. $200 before utilities

I ended up using a portfolio lender for this property, as I could not get approved for a conventional loan, due to a 12 month sabbatical I took to travel the world. Luckily, I had an existing relationship with a local portfolio lender, and they were able to get me approved with a LOE about my travels.

I have been a long-time follower of BP and the @Scott Trench model of building wealth, and feel this first property fits the mold for a perfect house hack. It has drastically reduced my housing costs, allowing me to quickly save for my next house hack in 12-18 months. I understand I am not hitting the 1% rule on this property, but I am gaining experience as a landlord and so far have had a smooth transition with my inherited tenant. I even increased their rent by $50/mo and they were more than pleased to stay in the property!! Market rents are about $1200/$1250 per unit, and eventually I will get the property up to these levels, which should give me about $300-$500 of CF a month when I move out.

I am very excited about this first deal, and wanted to share with the BP community! If you have any questions please feel free to reach out to me as I LOVE this strategy for starting out in real estate investing.

PS - the same seller has a very similar property for sale down the street from me. If you want to do a house hack and be my neighbor I will be happy to give you some details!!

[Carolyn Morales]

Good for you! Thats a good start! Especially in Avondale area. You might can repeat that even cheaper if you go toward western 32210 ,32221 and other zips less trendy but more affordable. 

[Matt Berklacy]

congrats...really inspiring

[Account Closed]

This is rad --- congrats!

[Katrina Gillrup]

@Brett Nissen I am also located in Jacksonville and embarking on my real estate journey. Do you know what the address is for the other property? Or the sellers contact info?

[Corey Clarkston]

@Brett Nissen, congratulations on your house-hack! Great way to get started and it sounds like you found a great property in town. Look forward to hearing about your future deals. 

[Matthew Rosenthal]

At what point do you plan to move out and do a similar investment? 

Also congrats! 

[Christina J.]

Congrats, Brent! Really great work - I often say if I started my REI journey over again today, I would house hack early and often. You are off to a great start!

Kudos to you for sharing the wealth on the other duplex on the market near your buy - lots of folks here looking for similar deals and your story could be just the motivation to push someone across the line. 

Best of luck on your continued journey and I look forward to following your successes!

[Brett Nissen]

@Matthew Rosenthal I currently plan to buy my next 2-4 unit house hack in 12-18 months! I am primarily looking at Avondale, RIverside, San Marco, and the beaches.

[John Jacobus]

@Brett Nissen I’m looking to relocate to Jacksonville in the next 12-18 months and am looking in the same neighborhoods (Avondale, Riverside, and San Marco) for a House Hack.  I’m seeking referrals to investor friendly agents who understand the house hack approach and can help me creatively find and create a $0 cost of living scenario.  Do you have any referrals you can share?  Congrats on your recent success with this powerful approach to wealth building!

[Mike Alt]

I'm interested as well to hear other's experiences.... Just based on what I've seen it isn't quite possible with the current prices to get a smokin' deal. I just bought a 4plex using FHA house hack right in riverside, couple blocks from the river/hospital. The only way it worked out for me was because I was coming from California with high state taxes to Florida 0% as a remote worker. Rent is pretty cheap in jacksonville

[Account Closed]

I just listed a great opportunity to house hack in Jacksonville, 4 miles from the Shoppes of historic  Avondale. Two buildings on one lot...if you rent out the larger building, you could live for free!! PM me for details.

[Jack Bobeck]

4 miles or 4 blocks? 4 miles could put you on Moncrief in the middle of the war zone that is 32209. A few miles can make a huge difference.