All Forum Posts by: Joseph Beilke

$160 for a 2 story 2 bedroom 2 bath in St Augustine. 

Good evening Bourbon drinkers!!!  Couple pours in this evening, so please don't bash my grammar or typing skills.  So I had a tenant ghost me with one month left on the lease.  I can say she left the place clean other than she violated the lease terms by smoking in it and busted a hole in the air return box.  I caught her smoking about a year ago and she put up an outside smoking area.  Things were cool, she alway paid a few day before the first of each month and she was very nice.  Thursday I get a text that she leaving and the key is under the mat. I go over Friday and smoke smell is bad.  So today ozone treatment and air return box repair, then I found some dry but soft base board behind the refrigerator.   $163.00 later from Lowes and $200 for Ozone treat I hope I can turn this place fast.  I'm out a months rent, any might have to paint.  Another couple hundred buck in paint and my wife's labor.  Plus some landscaping up keep.   I'm beat, rant over!   Time for some pours.  Two ice cold Coors Light, First bourbon is Luck 7, second was Blade and Bow, third will be.......

@Jacob Caffee

If you are not in an HOA the city as a whole allows short term rental. So HOA within the city limits have their own rule. Feel free to reach out.

@Arina Alexiuc

Financing isn't as simple as it sounds.  First of most lenders will need 20-25% down for an investment property.  So based on the price and with 25% down you need closing cost too.  That could be another 3-7% depending on the lender points, rate buys and title fees.  For a $500K duplex that's coming to the table with about $150K. Now depending on your rate and how much rents could pull in said neighborhood you might be cash negative, even or positive.   Even if your positive are you making enough to off set the expense, future improvements or repairs, insurance and tax increases, management fees, vacancies, and other carrying cost.  All these factors have to analysis to make sure it's a smart investment.  

I will say this, rates will come down some eventually and when they do, everyone sitting on the sidelines waiting to buy will probably jump in and push up prices.  I don't think waiting for a rate drop is smart.  Buy now if you can, an refinance later.

@Rafael Ortega

Welcome to BP and the craziness of real estate investing.  Most everyone here is super helpful and won't steer you in the wrong direction.  The advice give in normally very board, mainly because we don't know you personally and you need to keep you personnel stuff personal.  I  always recommend if you want to learn more ask more direct questions or reach out to some of the contributors in DM or call us.  Many have you cell number public.

I see you interested in multifamily. I specialize in Duplex's and SFH in Palm Coast. About hour south of Jacksonville. Feel free to reach out.

First rule of BP is we don't talk about BP.  😂 Welcome to the club!

You could also post on the UF Jacksonville Boards.  There is no housing for the student that go there and I know first hand a lot of students commute 90 min or more 4 to 5 day s week. 

You can also search airlines board and post the rooms for flight crews that are based out of JAX but do not live here.  My brother lives in Orlando and his base was Chicago for a few years.  He rented a room around 4-8 days a month.

You also have Navy here in Jacksonville and on base housing isn't the greatest.

All the information from the other contributors is good.  If you want more detail advice, it might help to share a little more of your details.  I believe you can replace your day job with real estate investing, but it takes a lot of capital up front, few mistake along the way and a whole lot of hands on work.  With you being in Florida I would recommend you invest as close as possible to home as possible.  This will provide you the ability to stay on top of everything and make sure you see each step through.  Maybe in even self manage if to save that cost if your very close by, I'm talking 30 minute drive.

This is not going to happen over night, I bought my first house in 2006 and 18 years later I still have not completely replaced my 9-5 income.  I'm close, but know I need to go above and beyond to cover insurances and other stuff longterm stuff.  

I will admit I probably could be there by now, but after 2009 I got really scared and has over  analyze every deal and got paralysis.   It was a learning curve that took too long, but I got it figured out now. 

@Arina Alexiuc

As a fellow previous Marylander and still an owner of a property in MD, I feel comfortable speaking on the Baltimore area and the Area between Daytona Beach and Jacksonville.

I have had nightmares in my Maryland property and really only lame scary dreams in Florida.  I have already posted about issue in Maryland before so no need to beat a dead horse.  As for Florida I would say I am finding success in Flagler County Palm Coast and I have a few under management in St Augustine and Daytona Beach that the owners are doing well with. If you want to discuss more please feel free to reach out.

Biggest recommendation I can give is know the laws and know neighborhoods you are interested in investing in, they can make or break you.

@Troy Parker

Congrats on your first property! I think getting the proper insurance will be your biggest saver for increasing your ROI. I would hold off a little bit on the appraisal to ditch the PMI. If rate come down and you refinance out of current loan, another appraisal will most likely be done again, no need to pay it twice. I got you DM. Lets talk more

@Connor Castillo

Conner, the answers you are looking for are really pretty simple to figure out.  Let's start with the second first.  

Land Zoned residential.  You need to contact the governing body that has jurisdiction over the zoning laws for either the incorporated or unincorporated of the county or city for the plot you are interested in building on.  They will be your best resource for that information.  While you're on the phone or interwebs with them ask about building permits, impact fees, and anything else that is required to be paid for building in on that lot or parcel.   That info will help answer question 1.  Those fee should be standard across the board and be the same or very close to the same for whatever you build.

Next you need to understand that usually the larger the property the cheaper it gets per SQFT.  Slab over Basement, Wood or Block,  Many factors come into play.  Do you have plans?  I would bid it out to a few GC and have the break down prices.  You then can cross reference the material cost with what they are charging you and average out what it should cost.  It simple to do, but it takes time and research.  Looking for an answer hear won't be very reliable unless you get someone local and very familiar with your exact area and has done what you're looking to do very recently.  

Best of luck