All Forum Posts by: Account Closed

Welcome to BP, I live here in Jax, and I'm working with a property manager who primarily focuses on A-B single family houses.  I'd be happy to share more, send me a message.  

The bank got back to me and confirmed the number.  There is a .35 tax per $100 of the note value that the state of FL assess if the documents for the note on an out of state property are signed in the state of FL. 

Hope this helps someone, it's a nasty surprise to find out as an additional cost.  

I searched the forums and have asked my lawyer and the FL dept of Revenue and gotten wildly different answers so I'm going to try posting my question here. I am a resident of Florida, but in the process of acquiring a property in Virginia. I was warned that there was some kind of a tax I would be liable for if the documents were signed in the state of FL. (Closing atty in VA would send me the documents so I don't have to travel). Does anyone have any experience with this issue? I'm trying to make the judgment call on just paying the tax vs travelling up there to sign in VA.

@Nick DeMarco

Nice to see you reaching out.  I've been here in Jax for 4 years and I am currently making the switch from SF to Multis.  I'd be happy to share my notes on a few properties and my experience here so far.  I'm sure I have a few things you'd find valuable to know, especially about the neighborhoods that I have been looking in.  

I appreciate all the answers, I still have this property on my radar, but I have gotten into negotiating a deal in another location that should close in about a month. Look forward to hearing about an eight unit building in VA.

@Joel Owens

I'm glad you brought up water, I do have the rent rolls for all the buildings.  It looks like the tenants are charged back for the water as part of their rent.  I didn't know how to model that back in, but on average it was a little more than $50/unit. 

@William Byers

I took the rent from all of the units and averaged them together to arrive at the $700 number. I would need anyone coming on to sign the note with me.  I would really appreciate some help evaluating the deal.  Even if it turns out to be not attractive enough to pursue I'm trying to learn more to accomplish my ten year goal, and expand my network.  When can I buy you dinner, and where would you like to eat? 

I have stumbled into a large deal.  There is a single investor who is selling a 14 unit building, an 8 unit building, 6 4plexes in the same neighborhood here in Jacksonville FL.  

I have included the BP calculator results below for the 4plexes, I'm not interested in the larger properties.  

Issue is, I don't have the 25% or 20% payment to swing to get a commercial lender to take this on.  Also at this price, the debt service coverage ratio is a bit on the low side.  

There are alot of things I don't know yet like why he's selling, condition of the inside of the units etc.  I have walked the area and talked w/ another owner of a building on the same street, she said she had been pretty happy with hers, and another guy who lived there said that the people in his building had been there for years and felt the area had gotten better over time.  

I had a coworker that initially said he would partner up with me but has since pulled out because they may move in a few years to retire.  I have also reached out to a person my real estate attorney introduced me to to see if he's interested in partnering up.  

Let's assume that I consider this to be a good enough opportunity to make a serious go at, I have a few questions in how to approach it.  

If I take on a partner, how should I structure the relationship and what are a few things that experts reading would recommend? 

If I can't find an interested party, how do I take down this whale without totally risking my family's safety and well-being? 

@Chris Porter

I currently have two rentals in a development called Sutton Lakes, and a third located near the North campus of FSCJ.  The cashflow numbers aren't eye-popping on them, but they have all appreciated adequately and I would expect them to continue to do so if I were to keep them.  I have been told by another person that if you focus on properties on the east side of 295 that are newer  you'll pay more, but you'll get higher quality properties/tenants.  However, as stated - you'll pay for them.  And there aren't many multis that I have seen in this part of town.  

If you'll be over at NAS, there are plenty of multis a little north or a little west of there. Look on Redfin.com if you don't already have a realtor contact that has given you MLS access. I think I saw one for like 70K, I'm sure it will cashflow all day long, but it didn't fit the profile of a property I would like to own - your goals may be different than mine.

Depends on which side of the River you will be on.  I just looked at some properties on the westside, around 103rd st that I wouldn't feel comfortable visiting at night.  Riverside and San Marco are probably the ideal areas, but you're going to pay for the locations OR you're going to pay for a major rehab.  Not my professional opinion, but that's based on what I have seen so far in my search for a Quad in the same area.  

Congrats on the first step. Did you find the property on the MLS or was this something that you found through another method. I'm curious because I have tried to negotiate w/ banks on two short sales I have pursued, but the answer always came back that they were pretty firm on the prices they published (on the MLS).