All Forum Posts by: Matt Jones
Matt Jones has started 28 posts and replied 339 times.
Post: Investing in Florida
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
Quote from @Jeremy England:
No collapse here in Pensacola. Neighbor recently sold for 950k
That was about 15% from their list price but still.
But i hope oos people do steer clear of florida investing. More for the folks that live here
If we continue to have a high number of properties for sale and a shortage of active and able buyer's then we should have some really solid buying opportunities even if the overall market doesn't drop. Motivated sellers will have to price aggressively to stand out in a crowded market so there will be deals to be had if the current trends continue.
Post: Short term rental photographer
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
Keyside Visuals and Riptide Media both do great work on STR's. Happy to share their contact info if you want to shoot me a DM.
Post: Relocating to Pensacola area!
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
Pensacola, and the panhandle in general, is an active area for investors. You can be successful with most strategies here if you can source good deals. Be sure to plug in to some of the local REI groups and feel free to give me a shout if I can help you on your investing journey!
Post: Pensacola Florida agent information request
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
Hi @Cole Payton I'd be happy to connect. I'm a real estate agent and investor. I have experience with STR, MTR & LTR and I live and work here in Escambia county.
Post: Looking for long-term financial freedom
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
Quote from @Jordan Ornelas:
My name is Jordan and I live in Lynn Haven, FL (Panama City). I have always been incredibly intrigued by real estate. I have been self-taught about investing, retirement, taxes, and various other financial things but have never learned much about real estate investing beyond owning a home and maybe renting it when you move. I have a large family and want to build up the ability to leave the 9-5, spend more time with my wife and kids, and serve my community more. I look forward to learning and growing with all of you!
Post: Rental Cabin Design and Feasibility
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
@Luke Hyder it sounds like you could use a design consultant although I can't recommend anyone specific for that service. You could also work with a few professionals like a surveyor, landscape architect and/or engineer to help. A past client of mine is a very successful landscaper in Pace, you might start by just consulting with someone like that. DM me if you want his info.
STR inventory in Pensacola exploded between 2020- and now which has driven down occupancy per unit and in some cases rates. Personally, I'd be very conservative in my revenue projections on something like this just in case this trend continues. The RV route or a mix might be the best bet these days. If you aren't familiar with them, check out Cold Water Gardens in (North)Milton for ideas on layout and competition. It's currently for sale.
Post: New to Investing and Trying to get Started in Multifamily & Other Like Investments
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
Quote from @John C.:
Good day. I am as green as they get in real estate investments but I truly believe it is the best way to go to create residual income and financial security for my family's future. I am primarily interested in multifamily but I am also open to other investments that make sense such as syndications, commercial, and vacant or unimproved land. Until I find my niche, I am keeping my options open. Also, while my first interest is in Pensacola, FL, I am open to explore Alabama, Tennessee, and other regional, or Southeastern, areas of interest. Have a great summer and I look forward to meeting new people, developing mutually beneficial relationships, and maybe even new friends along the way.
You are in the right place to learn and get started with real estate investing! I started listening to the podcast and posting here a decade ago and it's been transformational for my life and business. When you say multifamily are you talking about small(residential 2-4 units) multifamily or larger properties? Pensacola and the surrounding area(Pace, Milton, Navarre, Perdido Key, Cantonment, Gulf Breeze, etc..) is a great market for both LTR & STR investments and we have, in my opinion, very landlord friendly laws for LTR. I was in Mobile, AL when I started but moved across the state line both because I liked Pensacola but also because I thought the landlord/tenant laws preferable here. As you look at different areas that you could invest be sure and look into the state & local laws, it's an important part of due diligence that is easy to overlook. If I can help you in the Pensacola area feel free to reach out!
Post: Help 1st mobile home park
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
Quote from @Mike Reynolds:
Quote from @Jordan Jaramillo:
Quote from @Mike Reynolds:
Quote from @Jordan Jaramillo:
Quote from @Logan M.:
Quote from @Mike Reynolds:
Quote from @Jordan Jaramillo:
Hey guys, I’m trying to figure out if this deal makes sense.
the purchase price is $2 million. The seller wants $500,000 down the operating cost on the property runabout $8500 and the seller wants a $9000 payment each month. He is willing to do a 25 year seller finance on this deal after accounting for vacancies, maintenance, capital expenditures I should be looking at around an 18% cash on cash return ROI is that a good cash on cash return for a mobile home or should that be higher?
So many questions. How many lots? What’s the price per lot? Or you renting houses or renting lots only? How old are the houses? What’s the interest rate?
I would echo Mike, we need more information.
I would offer 1.6. Give them 800k down and have them finance the other 800k on a second lien. Then I would get the bank to loan you the down (800k) on a first lien plus another 100k. all in you would owe 1.7 and walk away with 100k cash to get right into it and fix it up. Nothing down. If you have the 500k down then you don’t need the extra money. You are in the position of strength. If they don’t like the offer then walk away and find another one. Never fall in love with anything.
This offer will give the owner more cash than he is asking for and that’s a big draw. You will have cash to do upgrades right away. The bank gets a first lien with 50% equity. The owner gets to defer taxes on the second half of his capital gains. This is a win win for everyone.
This was actually my bankers idea once upon a time. I use a local commercial bank. What bank wouldn’t finance something with 50% equity left in it? If you default, and I don’t think you will if you do the rights things, they get the property. The hardest one to convince is the owner to take that second lien. It easier when you have a track record of turning parks around. You have to get the trust of the owner.
I'll second local banks, talk to their commercial banker. Local and regional banks will loan on about any piece of real estate if the numbers are solid and you have a solid downpayment. I know several in the Pensacola area so feel free to DM me if you need some contacts.
Post: House Hacker Wannabe
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
Welcome @Austin Sargent!
Pensacola is a great market for investing and especially for house hacking. I specialize in small multifamily(2-4 units) deals both as an investor and agent. You're timing is good because the number of multifamily properties for sale has been steadily climbing for the last 6 months and we currently have about double the number of properties for sale that we've had at any time in the previous 3-4 years. I track the statistics for the multifamily and rental market here and publish a monthly newsletter specifically geared toward investors. I'll send you a DM with some info that should be helpful in your search.
Post: Where Are The Deals!?
- Real Estate Agent
- Pensacola, FL
- Posts 376
- Votes 306
Quote from @Chelsae Roach:
Quote from @James Cordeiro:
@Selina Giarla
I am an investor's realtor and investor based in Gainesville, Fl.
North central Florida has many good investment opps. Especially with the entry level SFH. Whether it be a fix/flip, STR, MTR, or LTR.
DM me to discuss
Hi James,
I am new to the real estate investing world and currently live in Washington State. The market is flooded here but I was born in Pensacola and have been considering trying to enter the flip/ BRRR market option in north/ central Fl. Your comment made me want to reach out. Any info would be greatly appreciated. Thanks!
Pensacola is a great market for investors. Flips & BRRRR deals are still working here and I'm starting to see better deals from our wholesalers. It's still tough to find on market deals that will work but the off market investing options are solid here.