Rents in Jacksonville Are Rising
Joe and I have been saying for the last few years that Jacksonville, Florida is experiencing the perfect storm for real estate investors. With so much bank foreclosure inventory and historically cheap rental property for sale in Jacksonville, the opportunity to buy low and reap the benefits of owning cash producing rental property has never been better.
The best part about purchasing an investment property for $40,000 in one of Jacksonville’s most profitable rental neighborhoods is you are able to earn positive cash flow every month. Let’s look at a typical Locklear Real Estate Partners deal to get a closer look.
Our typical 40k deal will costs you 70 per month for property taxes and 60 per month for liability insurance. Our typical property rents for 750 per month and our normal client pays a property manager 10% of the monthly rent to place tenants, maintain the premises and collect rent. Throw in 5% for vacancy and collections and another 5% for repairs and you will get $280 per month for expenses.
This amounts to $470 per month of positive cash flow or 14% cash on cash net return!
We have already done 30 deals this year just like this one and we plan on doing 50+ deals next year. More than half of our buyers now are international and they are just absolutely thrilled to earn these types of profits on investment homes.
So, now that you can see how profitable single-family rental properties are in Jacksonville, I can’t wait to tell you what is now happening!
Our perfect storm of real estate investing just turned into a Cat-5 Hurricane because rental prices in our city for 2-4 bedroom homes are drastically rising. The recent increase in rents means your rental property will earn an even higher net return as the rental market gets stronger and your fixed expenses stay the same.
I hope you will join our family and get in touch with us to reserve some deals for yourself. This perfect opportunity can’t last forever!
To find out more about single-family rental prices rising read the original article here.