All Forum Posts by: Jack Bobeck

I have purchased from Auctions.com before, I have purchased from wholesalers and also from the bank. Find an area you want to invest in, have a Realtor build a search for you, for every new home on the market in the area, let them know your pricepoint and make sure you have the cash to close quick. 

I'm not buying over priced listings, I'm raising cash, waiting to buy when they fall. They will fall, they always do at some point. 

How small multi family  (# of doors) in Jax and what is your price point? 

I'd make sure you can show proof of funds at the least, most Realtors will not waste their time as a tour guide these days...

Stop buying overpriced listings and wait to find foreclosures....

IRVINE, Calif. – Aug. 21, 2018 — ATTOM Data Solutions' July 2018 U.S. Foreclosure Market Report shows that foreclosure starts increased from a year ago in 96 of the 219 metropolitan statistical areas (44 percent) analyzed in the report.

Twenty-one states posted a year-over-year increase in foreclosure starts in July, including Florida (up 35 percent); California (up 3 percent); Texas (up 7 percent); Illinois (up 7 percent); and Ohio (up 2 percent).

Nationwide, 30,187 U.S. properties started the foreclosure process for the first time in July – a 1 percent increase over the previous month and less than 1 percent year-to-year. However, it's the first increase in foreclosures after 36 consecutive months of year-over-year decreases.

According to ATTOM's report, four Florida cities have seen a notable change in foreclosure starts over the past three months, including:

• MiamiMay: 4 percent increase
  June: 35 percent increase
  July: 29 percent increase

• JacksonvilleMay: 22 percent increase
  June: 22 percent increase
  July: 81 percent increase

• OrlandoMay: 12 percent increase
  June: 22 percent increase
  July: 41 percent increase

• Cape Coral-Fort MyersMay: 11 percent increase
  June: 64 percent increase
  July: 59 percent increase

"The increase in foreclosure starts is not just a one-month anomaly in many local markets given that July represented the third consecutive month with a year-over-year increase in 33 metro areas, including Los Angeles, Miami, Houston, Detroit, San Diego and Austin," says Daren Blomquist, senior vice president with ATTOM Data Solutions.

"Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets across the country," Blomquist says. "Most susceptible to rising foreclosure starts are affordability-challenged markets where homebuyers are more financially stretched and markets with some type of trigger event such as a natural disaster or large-scale layoffs."

An update from the Jacksonville Business Journal, released today:

The city of Jacksonville is moving toward collecting bed taxes from Airbnb hosts, with Duval County having the 17th highest revenue from the company in the state.

Collecting taxes from Airbnb would make Duval the 40th of Florida's 63 counties to do so.

The City Council auditor will begin determining how much the city should collect, following a vote by the Jacksonville Tourist Development Council earlier this month.

The TDC also voted to begin a partnership with AirDNA Solutions, a subscription service company that provides advertised listings, room nights and other information to track. The service will cost $39.50 per month.

"We remain ready and willing to collect Duval bed taxes on behalf of our hosts and deliver new revenue to the city," said Airbnb Florida policy director Tom Martinelli in a statement.

Airbnb already releases how much hosts earn from county to county. In 2017, hosts in Florida earned $450 million and welcomed 2.7 million guests during the year, representing a 75 percent year-over-year growth.

In 2017 in Duval County, 42,600 guests stayed with Airbnb hosts, and hosts earned a combined revenue of $6.1 million. Duval county was the 17th highest earning county in the state last year.

On August 14, Airbnb announced that it collected and remitted more than $45.7 million in tax revenue to Florida state and local governments on behalf of hits hosts, up from $20 million in 2016.

Airbnb also began a campaign in 2015 to pursue partnerships with Florida counties that allow Airbnb to collect and send in local bed taxes on behalf of its hosts. Those agreements now exist in 39 of the 63 Florida counties, delivering a combined $12.7 million in local bed tax revenue.

All real estate is local. Forget what the press and CNBC are throwing out there in California or Oregon or Washington, unless you live there. Ceilings and Bubbles, forget all that stuff if you live in Indiana, Ohio, Pennsylvania, Tennessee, Georgia, Florida. Pay attention to your own market. Get to know your local MLS and ITS data. At the end of the day, the only thing that matters is YOUR local data.

California led the nation up, and will lead it down. Real estate, as we all know, is cyclical.  Properties we bought in 2009 should be the ones we look to sell now or roll up into new projects. There will always be new houses, new foreclosures, new short sales, they are all there in your local market, harder to find now, but still there. 

Do your research, find your markets you want to invest in, and then build a plan. The only ceiling and bubble for you in your real estate is between your ears, so forget it and move on. Don't let the media hype keep you out of real estate, you could be missing your next great deal. 

@Kevin Mathew Galang I am good friends with an assistant to a councilman, he sent it out to a group of us.