All Forum Posts by: Andrew Chase

A lot of the properties I am looking at have carports.  I plan to do a live in renovation, and I personally need a garage.  It's hard to find properties with garages in my price range though.

In cases like the attached pictures(where the carport is integrated into the home's roof) would it make sense to convert the carport into a garage?

This seems like a reasonable DIY project.  I basically need to frame walls, and have a door installed.   

Any thoughts? Could this be a positive ROI?

Thanks all

 Thanks Wale,

  I think I'll stay with single family for now, and perhaps sell the Virginia house in a few years to finance a multi family. 

I'm looking at the logistics of the move, and considering buying immediately in Florida instead of renting at first.  When I consider the costs of moving 2x, breaking a lease, etc it quickly adds up and I'm wondering if I would be better served buying a property at retail price.  There are many homes which have been on the market for 100+ days in the areas I'm looking at, and it wouldn't be too difficult to fly down to take a look and put in an offer.  

Obviously buying below market value is advantageous, but for a property to live in as well it has logistical difficulties.

I could stay in my current property until I have a house closed in Florida, then move down.  My employer offers me a lot of flexibility, so this wouldn't be too difficult.

Do you have any thoughts?

Hi everyone,

Please excuse my long post. I am planning my investing future and am hoping for some advice. I'm 28 years old and currently living in Richmond, VA. I bought my first house in 2022 and have had a roommate since then, who pays slightly more than half of the PITI. After making some updates, I now have $50,000-$70,000 in equity.

I'm moving to Florida soon and have decided to relocate to Jacksonville based on my market analysis and personal reasons. My plan is to rent a room for several months and buy a property in the winter to house hack.

I work remotely, so I'm looking for a low cost of living area. I have a 7% employer match and max out my Roth IRA. Even after these contributions, I still have a healthy amount of savings to purchase a second property, although it might take some time to save a 20% down payment.

My current plan is to rent out my house in Virginia, which should cash flow around $150/month after property management fees. I'm having the home reappraised and expect to drop the PMI, reducing the payment by $92/month(raising cashflow to ~$250/month). The property is in good shape, but will need a new HVAC system in the next 3-8 years, which could cost around $12,000.

Although I'll be out of town, I'll visit frequently so I will be able to check on the property.

Here's my plan:

• -Move to Florida over the summer.
• -Rent out my house and form an LLC in Virginia.
• -Before spring 2026, buy a property in Jacksonville with 3%-10% down and house hack.
• -Do a mild, cosmetic renovation using a combination of sweat equity and contractors.

Example of the type of house I'm looking at (currently under contract, just for reference):

1025 W Lawfin St, Jacksonville, FL 32211 | MLS# 2075886 | Redfin

Comparable for ARV:

1010 Arlingwood Ave, Jacksonville, FL 32211 | For Sale ($298,000) | MLS# 2080151 | Redfin

1126 Cathcart St, Jacksonville, FL 32211 | Redfin

    Another option I'm considering is purchasing a multi-family property. This would either mean living in a less desirable neighborhood or selling my current house to use the tax-free profit for a down payment on the multi-family property. This option would eliminate the headache of being an out-of-state owner and give me a fresh start in Jacksonville.

However, I have reservations:

1. -My current interest rate is 5.375%, which is lower than what I could get today.
2. -My house in Virginia is in a quickly developing area with many new businesses and a large county park opening in the neighborhood in fall 2025, which may attract more affluent families to the mostly blue-collar neighborhood

I don't feel ready to dive into a multi-family property yet and am not confident in finding a great deal on one since they are typically owned by investors. Although I believe I can find a single-family home at a good price, possibly even outside the MLS.

    Once I move into a house hack and can force some appreciation, I plan to save for another house to renovate and rent, or a multi-family property in a few years.

My long-term goal is to continue working my job, eventually transitioning my W2 into a consulting business while working as a real estate investor part-time, aiming for more free time and financial security.

What are your thoughts on these plans? Am I missing something important? Any advice would be greatly appreciated!

 This what I have read as well.  I would be interested if someone could chime in.  My understanding is, it can be a good idea if and only if you have the cash to cover the outstanding balance if the lender calls the loan?

Hi and thank you for posting this.  I am planning to relocate to Jacksonville soon and just spent 2 weeks there exploring, checking out neighborhoods and real estate.  I am absolutely amazed by the amount of new construction.  It seems that every free lot has a brand-new house on it, no matter what part of town.  

Once I relocate to Jax, I will be house hacking, so I am very interested in any information or listings you still have.  Most likely looking to buy in the 2025-2026 winter timeframe, but it could be sooner if I found the right deal.  I have house hacked for 3 years in Virginia with one single family home, but I am still very new to this and would love to learn more.

Feel free to send me a DM to connect.  Thanks!!

Thanks guys, I really appreciate the replies.  I've never discussed it with the neighbor, simply because the location of the property line is clear from the lot layout and he's a very nice guy, so it has caused 0 problems in 3 years.  I think we have a very simple mutual understanding, and he's a great neighbor.  I'll talk to him and the property manager before I rent it out.

Hi everyone,

New to the forums.  I have owned my home and rented a room out for 3 years now and I am ready to buy another and turn this into a full time rental.  I'm preparing the property for rent currently. 

The house shares a driveway with the next door neighbor. This has been fine since I've been here, but im wondering if it will cause issues with tenants.

Im also having the back yard fence replaced, and wondering if I should have the driveway divided along the property line with a fence to avoid future issues. 

Photo of shared driveway attached.  My house on left.

Thoughts?  

Thanks all