Jacksonville for mult-unit investing (Tampa, Palm Beach: foreclosure, renters, buy)

[marylynbrodie]

Hi, I am an investor of several out of state properties. I recently sold a property in Palm Beach and I am looking to invest in a multi-unit for a 12 month rental - buy and hold. A report recently came out stating Jacksonville prices are low with high inventory. Of course these analysts do not live there. My question is if this is a good area to find renters as well as fair prices on multi-units. I am also considering other areas of the west coast, specifically Tampa. I look forward to your response.

[dallison1961]

Gotta love how the analysts know so much, but rarely have any rental units themselves, don't you?

I am local to Jacksonville and know this market. Other areas, I can't really say.

That said, Jacksonville is a national leader in the foreclosure market, and there are a lot of available units at truly mind-boggling low end prices. Depending on your willingness to rehab, many times you can purchase for not much more than the land value.

This is also a city with a lot of renters, and depending on your skill, the ROI on rental property can be very attractive. Close to 50% of all residential property in the state of Florida the past year was sold to investors, so you're not the only one thinking this way.

I suggest you contact an agent in each city where you have an interest in purchasing property.

Describe your goals, and ask them to create you a Portal in the local MLS to search for properties that meet your needs, and also a search for rentals that match your profile so you can research rents. Create an Excel spreadsheet, and start to do the math.

Good luck and I hope this helps you out!