All Forum Posts by: Sastry Srini

Lane Kawaoka I am not sure if your comment was regarding my post.. either way, that was my internal criteria and was not shared to TK provider.. Either way, thanks to BP resources which helped me to run the numbers.. the property has positive cash flow and coc ~ 7% I was just sharing my experience with Norada here on BP.. Norada was helpful in getting me started..

It is a first in Jacksonville.. I have one more locally. Jacksonville- warm weather ( Long time resident of MI) Was looking for a new construction .. < $180k, possibly retire in .. Long term buy and hold..

Yochai Paz I thought JWB and jax investments separate unrelated companies.. Please clarify.. thx

All, I bought a Jacksonville SFR ( a new construction) through Norada introducing me to JAX investments. Since it was a new construction, All Norada did was to introduce me to Jax investment. There was not much interaction from Norada.. The project was delivered end of June and Tenant placed with in 3 weeks. No issues so far, except Suncoast PM is a little slow in responding to my queries.. apart from that no issues.. I am not sure this feedback helps anyone, but putting out there..

Be prepared to ask questions about his re experience and knowledge of the area.. Ask questions about process and listen carefully to his answers to verify he can demonstrate his knowledge. Bottom line, whether both of you can work together to achieve your goals. If you google up, there are resources about hiring re agents and questions you need to ask.. Also, request him to add you to MLS so you can get listing of properties filtered to your criteria..

Thanks!

No, I do not have any affinity for 32219. As stated earlier, it is appealing for couple of reasons 

 1. New construction.. lesser maintenance,longer term buy and rent ( min 8 yrs)

2. Has +be cash flow (6-7% coc rerturn

3. Current situation: low rates, not looking for immediate cash flow, tax benefits and looking for an area that appreciates (hoping)

Given that, I am trying to run some numbers to determine if it works out.

Being an out of state investor, I am leaning more towards turnkey. Jacksonville another reason to retire in a warmer climate..

Joe Koppel Your federal taxes depend on your net income ( total income- deductions). This depends on a lot of factors like your filing status ( single vs married filing jointly etc..) and whether you are taking itemized deductions or standard deductions, number of dependents etc.. In general, $320 per month gives you around $3840 annual gross. Assuming you are in 28% tax bracket, take 30% as a good approximation for your tax bill. Again, I am not a tax expert, that's what I would account for generally.

Karen Chenaille Thanks for the question.. in general borrowing from 401k is generally bad as it was involved double taxes as explained by another bper.. The answer in your case depends on many things .. What is the interest rate you pay on the car loan? If you are paying a very low or no interest rate, then I would suggest keeping it. Or you can take a loan based on your credit and simply invest in RE. This way it will be a good debt Or You can leverage 401k , buy a property and take equity out of it, pay back your 401, take REI benefits ( cash flow, appreciation and tax benefits) The only advantage borrowing from 401k is the ease of getting money. What I suggest is to start with a longer term goals ( what you want when you retire) and work backwards to define your strategy. A financial advisor may be able to help out on that.. Best of luck..

I have used Charles Reinhart realtors in AnnArbor. They know the AA area pretty good and have very big presence here. Also offer PM services too.. Please pm me and I can share the realtor name whom I worked with.. Ps: I have no affiliation with that company.

Joseph Hamaoui thanks for the comments.. I was looking at TroutBluff area 32219 area code (8829 Golden bamboo drive, Jacksonville FL 32219 ) with new constructions coming up.. Any thoughts on that area? It is west of outside of 295 loop .. Primarily was looking at new constraints as it would minimize repairs and maintenance costs during initial hold /rent period. Look forward to your comments on the general area and vicinity. Srini