All Forum Posts by: Jack Bobeck

This just came out from Black Knight regarding the impact from Hurricane Florence. 

Just like what we saw in Florida from IRMA last year, there will be many homes that will go into pre-foreclosure soon as people will not have the correct insurance to protect against flood waters. 

@Brock - Wait and see after 90 days, I think you will see a lot of Pre-s soon. Just in time for the holidays too. Sad. 

For those looking to buy deals in 32209, this comes from the local newspaper:

A little over 20 percent of the 87 homicides in 2018 took place in just one ZIP Code: 32209, according to a database tracked by the Times-Union. The 18 homicides in that ZIP Code — which is in Northwest Jacksonville and has more black residents of any other — makes it the deadliest in the city.

It was also the deadliest ZIP Code in 2017.

And in 2016.

It has the lowest median household income — $22,288. It has the second highest poverty rate, 40 percent.

Read more here.

@Noah Farley From napkin math, looks like $735 a month in rents. Is that the going rate for the rents in the area? How much more could you reposition the property without pushing out tenants? What is the property appraised for? Have you done a walk-through of the property? Again, Gino might have some ideas on financing and he has almost 1000 units, so he knows more about it. He says you need to look at 100 deals to make offers on 10 that turn into 1 getting accepted. I hope this works for you, but if not, look at it as practice for the next one. 

@Shachar Hess This article JUST came out this month, from Forbes on The Best Cities To Own Rental Property In Florida. I live in and invest in Jacksonville. Happy to help if you have questions about Jax. Our local unemployment is down to 3.5%, under the national average. 

@Noah Farley I would recommend you read and listen to what the @Gino Barbaro and his partner Jake have created with their MFH properties. They have some creative ways to buy properties. I would start by asking the seller to hold a % to help you get in the deal. You can pay it off as the property appreciates and you go from a recourse loan to non-recourse. Gino can explain more and better details. 

Congrats on the find! Best of luck to you. 

I would stick with what you know. Not saying SFH is not a great investment, but you already own a Duplex and adding another would be "old hat" with what you do now.

If your goal to have 50 SFHs one day or 50-100 MFH doors? I'd dig deep and search for your goals in RE and then see if the investment matches your goal. If you come across a good SFH, you could always wholesale the deal to a friend or fellow investor.

@Dustin Beam only use a RE to SELL, never use one to buy. When you use an agent to buy, you are paying retail. All my homes I own free and clear we’re with a wholesaler, an auction and direct from the bank. Don’t waste time buying with a Realtor.

@Alvin Sylvain I am doing OO for a duplex in FL with Cardinal Financial and it’s only 15% down. Shop the market!

@Isaac Hebron on your units, add more value, raise rents, increase the property value and you could be sitting on a gold mine! It’s what is referred to as repositioning the property. During that 5 year time see what higher rented places have, copy and grow your own business.

All those in #Jacksonville, interested in their professionalism, come to the next free meeting Thursday Sept 27.

They have a nice book available online at Amazon, discussing the hardships, Joe had a $500,000 portfolio wiped out from the Great Recession and there is detail in the book about the family and how they invest. Joe is a legend in the local Jacksonville Real Estate Community, he's been doing deals since the 1980s. 

The maps drawn are simple, but that is this business, its very simple. The ones that make it hard are the ones to avoid. They try and educate people on what works for them, but its not for everyone. With several thousand investors in their portfolios, I'm betting it matters not about their map skills.