Starting out in Jacksonville, FL

Hello to all, I live in Jacksonville, FL and am a Florida attorney. I have been managing every aspect of my parents' rental property business for over 15 years. Everything from tenant screening, lease drafting, rent collection, compliance issues, insurance, evictions, rehabbing, etc. I have handled for their 10+ properties. I have also handled landlord/tenant issues and contract drafting for my clients. I am now interested in buying my own rental properties. I am open to flipping as well but my long term goal is to build a sizeable portfolio of rental properties (SFH, condos/apartments, multi-family). I am interested in learning how to get hard money loans to purchase these properties. What are the initial steps that need to be taken? What companies/sources are out there that are credible and willing to work for a first-timer such as myself? I have my own money that could be used in the rehab of the properties if necessary. There is a lot of information out there and I would love to know from you members what strategies you have used in your real estate investing ventures. Any guidance you can provide would be greatly appreciated. Thank you in advance.

Comments

  • Why are you looking for hard money loans for the rentals? You will only be able to get 1 or 2 year terms with hard money. I would look for longer term solutions unless refinancing is part of the strategy. https://investfourmore.com/2013/03/16/how-to-buy-rentals-with-no-money-down-using-a-hard-money-refinance/
    Creator of Invest Four More
    If you want more help with your investing, check out http://investfourmore.com/blueprint-for-successful-real-estate-investing/


  • I live and own rentals in Jacksonville, FL. My advice to you would be to find an area of town you like and work that area. I live in Avondale and have worked Riverside, Avondale and Murray Hill. I never go to the Southside or Mandarin, just too far away. I like to be 5 minutes from my properties. Hard money is easier to find than you think. Lots of people making 1-2% on money in a bank. Offer 6-8% and since you are an attorney, we might be able to work together on documentation and rent to own deals. So much going on in Jacksonville. Maybe we can meet up for a meal or coffee. - Jack
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