I'm getting more and more inquiries from investors in Jacksonville. Many are asking for help finding a short sale, foreclosed, or bank owned REO home.
Real Estate Agent for Investors in Jacksonville
I've been a real estate investor in Jacksonville since 2005. I've purchased some bad deals and some really good deals. Finding the right deal is the hardest part - by far!
To find the right deal, know your exit strategy. Do you intend to rent out for positive cash flow, flip for profit, or a combination of the two? In today's market, a buy and hold strategy is dominant as you have a very good chance of having positive cash flow.
How to find the deal? You must know the rent rates of the area and the home you are considering. If the monthly mortgage, taxes, insurance, home owners association fees are more than the rent, it's a bad deal. Sounds easy enough, but many investors find themselves with months of uncovered payments as they look for a tenant or worse yet, they didn't account for all the potential monthly expenses and repairs.
Have a buying criteria. Knowing your exit strategy will help determine your buying criteria. Common "pre-bust" criteria was 70% of the true market value minus repairs. Example:
$100,000 True Market Value
70% = $70,000.
- $10,000 in repairs
= $60,000 for maximum allowable offer.
I've done mostly single family homes, but would urge my clients to Consider condos and townhomes with a buy and hold strategy. They have low to no maintenance exteriors, so the only thing you have to contend with is interior problems. With many of the newer built condos and townhomes going into foreclosure or short sale, I've witnessed some CRAZY good deals recently!
To find, negotiate, and close on a real estate investment in Jacksonville or Ponte Vedra, work with a professional REALTOR - Real Estate Agent in Jacksonville who has first hand experience as an investor.
Check out some of these links:
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Posted by Brad Officer on
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