I have a realtor that helps me look for investment properties in Duval county and the surrounding areas.
Right now I have two apartment buildings and 12 homes that I wrote for cash.
My realtor found an apartment building in south Jax that required a cash offer. I wasn’t prepared to make a cash offer on the building, but I was curious about the price. Since the buyer wanted to sell the property for cash, I knew that the transaction would be quick and easy. I knew that I could save a little bit of money on some of the realtor fees too. I always give my realtor a cut even when there is no need. She is on retainer and works for me full time. I sent a couple of contractors to the property, because a cash offer requires me to purchase the property in the condition it is in. This means I can be stuck with repairs and renovations that are lengthy and significant. Sometimes it’s not worth my time and money to invest in property that has too many problems. Flooring, roofing and appliances can eat into my budget quickly. The apartment building owner required a cash offer, so I looked at all of the information that was available before I made my final decision. The owner of the Jacksonville property wanted five figures, but there was no way that I could offer more than $800,000 for the property. It was a huge cash offer, but it was as high as I was willing to go for the 12 unit property. The owner wasn’t willing to budge any lower, so I had to let the property go to someone else.