All Forum Posts by: Maxwell Lee

@Eric Baum Love threads like these. Thanks for writing out your thoughts and analyses as well. 

Just wanted to reply to your question about Jacksonville. A lot of the best deals are gone as the REITs and hedge funds started coming in droves the past 1-2 years, but the deals still slip through from time to time. One particular neighborhood I like a lot still occasionally yields a small SFH with acquisition+rehab at ~50-60k and rent ~900-950. It's a gentrifying neighborhood and my tenants have been young professionals that want to be a part of the community and close to the adjacent popular neighborhoods.

There's also plenty of suburban SFH areas that will go to families anywhere from 800-1600/month, but as the rents go up the corresponding all-in costs increase by even more.

Had the best time!! Thanks to Dan and Ben for their hospitality and great meeting everyone!

Sad that I've had to miss the last two. Will hopefully be able to make it to this one.

Hey Josh, glad to see you're making progress!!

List price should have no influence on how much you're willing to pay. It could affect the number I choose for an initial offer, but I definitely don't budge on the max number. Don't be afraid, Josh!

Yeah all the above sounds like good advice to me.

My primary point was that I wouldn't come across the country just to check out one deal in person. You can do better due diligence without that trip. But it might be worthwhile to come for other reasons...establishing relationships and getting a feel for the market.

And fwiw, I absolutely believe there could be properties selling for $12K with rent at $450 here in Jax. I've seen and heard of such things, but never researched the details myself as they fall outside of my target areas.

What do you expect to see in person that will make you feel better? I mean, naturally it is nice to meet people and get a feel for whether you trust them, trust the tenant, etc. But in terms of the property is it really worth you time to come out? I would think that what you see in person is exactly what you are seeing in pictures...an ugly old property that isn't worth much.

Welcome, Donna. NEFL is an excellent place to be!

I can tell you that there are plenty of foreclosures in Jacksonville. Whether you find flips that meet your requirements is another thing.

I'm cool to meet up after Feb 24.

I think the advice you've received is pretty solid (i'm kelly's partner btw). Many people would consider me an expert on a few things in Jacksonville...namely the history, the arts and culture scene, and perhaps business and commerce too. How well that translates to REIT is anybody's guess lol...I guess we'll find out in a few years!

I do know a lot of people though including some politicians, urban/city planners, architects, commercial property developers and managers, etc, so they keep me somewhat knowledgeable of things happening around the region.

Also, @Scott Voytko, the river thing is a common misconception. There are actually hundreds of rivers that flow north. You can google to find extensive stories and lists of rivers...but I've chosen to include this one in particular because the website is an absolutely incredible source of information about jacksonville. However, it focuses primarily on urban aspects and therefore the urban core neighborhoods.

http://www.metrojacksonville.com/article/2013-apr-due-north-the-st-johns-river-is-one-of-many

hey whats up, jack?