If you are financing your purchases you should check with your lender. There are some zip codes in our area that lender's will not advance funds for rehab or require larger down payment percentages for rental properties in those areas. This will give you an idea of the zip codes you should be cautious about.
The zip codes that you mention currently offers 89 active 2 and 3 bedroom rentals that rent for an average of $894 a month and have been on the market for an average of 64 days. Of the homes currently rented in the past 365 days in those zip codes the average rental amount is $869 and the DOM is 79
Several of those zip codes include newer neighborhoods that offer 3 to 4BR homes selling between $150,000 and $200,000 that rent for over 1100 a month that influence the average rentals and days on market.
I cannot stress strongly enough that you should interview and select an experienced Buyer's Agent who has a background in single Family home investing. Actually a Realtor who also owns or has owned investment properlty themselves to assist you.
You should also aquire a current copy of the Florida landlord tennant statutes if you have not already done so.
I must agree with Katherine many of the properties you will find in the $80,000 to 100,000 range may not rent for 1000 a month. Most of the properties we can sell in that rpirce ange or we have purchased and repaired rent for $750 tp 850 a month.
There are several areas of Jacksonville where the rents are higher, However the chances of finding a fixer up home lin those areas for 80,000 to 100,000 ils much more difficult.
I saw your post about the area off Atlantic Blvd. The rents in that area for the home you described are between 750 & 900 a month. There are a numbe of older rentals in the 595 to 695 range.
We have a program that we use ito analize the data and determine if the numbers work for the home to be a profitable investment. If the numbers don't work our clients don't purchase the property. We also work closely with a hud inspector who advises us as to which areas, and what upgrades will bring the highest rent for Section 8 rentals as well.
If we can be of assistance. Please contact us.
You are listed on Trulia as being an agent not an investor or home buyer. If you hold a real estate license in Florida, then, why are you looking for a Realtor.
If you are not an agent in Florida, I would be happy to assist you with properties in the West Side of Jacksonville. I spot great rental properties all the time but the investors I am working with are not responding quickly enough in order to get their offers accepted.
There are properties available occasionally that would rent for $850-950 a month that can be purchased for $50000 - 70000 on the westside. In order to purchase these homes you need a "proof of funds" letter ready to go or a pre-approval from a lender. You only have 5 calendar days to do your inspections and 15 days to close. I recommend making simultaneous offers on the properties that are available so you don't lose out on the best deals.
If you are not currently working with a Realtor, forward your email to me and I will email you a list of properties to consider.
Brenda Gravitt CRS, GRI
Coral Shores Realty
I am Jorge NuÃ±ez, Realtor with EXiT Real Estate Gallery here in Jacksonville. Your name reminds me of an old Indian friend of mine, Raju Hussein.
A wise man has to be capable of learning from the mistakes of others and I believe this is why you are looking for a team of connoisseurs. This I Like.
I have written on this forum about the great opportunities our Jacksonville real estate market has to offer. Every part of Jacksonville offers investment opportunities as it has done in the past. Our job is to find them for you.
My team is composed of young vibrant and astute inspectors, appraisers, estimators, and real estate professionals. At EXiT Real Estate Gallery we have in house representatives for Banking, Marketing, Insurance, Public Relations, Renting First Programs, State First Time Home Buyers Programs Registrant, and two amassing real estate brokers. On 1st September 2008 we will open our fifth office and it will be at Jacksonville Beach.
Jacksonville is a fast growing city, what ever you do, selling or buying, make sure you request a Case Study and Analysis from your Realtor on all the properties before you commit to a contract. This is crucial to a rapid growth.
For your convenience we speak French, German, Korean, Pilipino and Spanish.
I think we should meet. Donâ€™t you?
Jacksonville is a great market for investment properties. Keep in mind a couple of basic points:
The best rentals are ones that stay rented.
Look for one bedroom one bathroom or 2 berdroom one bath units, they are always in highest demand. Multi-familiy properties are abundant in Riverside and Springfield, and these are very popular areas, so choose with location in mind before price.
Foreclosures are great opportunities but can take an awfully long time to close.
If you find a property in terrible shape that is sold to you as a fixer-upper, beware of the cost of renovation!! The biggest repair expense is often the one you cannot see hiding behind a wall or under the flooring.
f you are looking at distressed properties interview a few contractors and find one you trust who provides at least 3 references! If you get into fixing up distressed properties and end up going 20 or 30 thousand over budget, that can really hurt.
When you look at properties have your Realtor ask questions!! Try to find properties where the tenants are happy and want to stay inplace. A sudden vacancy or two immediately after closing can also set you back.
I hope these ideas are useful. Please check my contact info and call me if you would like to sit down and analyze some of the properties on the market right now.
Happy Hunting, Jason Lindsay
Welcome to jacksonville. My thoughts are that any property you pick up for under $80,000, will not be bringing in close to $1,000 rent/month. I'd like to invite you to come viist my office in Jacksonville Beach, and sit with me and my broker while we go over our enormous wall map of jacksonville with you. We will discuss neighborhood by neighborhood with you and, with the computer on, compare purchase prices with rental prices. You may know this but Jacksonville is close to 800 square miles, so it's probably beyond the scope of this answering column to point you in any one direction.
That said, there are just a lot a lot a lot of very good buys all over this city.
I work for Watson Realty Corp., which lists and sells, consistently nearly 50% of the market in the northeast Florida real estate market. And, the additional good news is, Watson Realty Corp is a home grown company, with a national ranking for excellence and volume sold. I'd be very glad to bring the expertise I have along with the weight of Watson Realty to the table to help you move into this very interesting market. Please call if you like. Katherine Davidson, Watson Realty Corp, Jacksonville Beach, 904-422-8262