My brother and I decided to begin a side-business of buying and flipping houses in Jacksonville.
The real estate market in the area is extremely lucrative and dynamic.
Property values continue to soar. We toured a great many homes on the market, searching for one in a good location with potential for improvement. It took us several months to find an older home with a solid foundation and a view of the river. The roof, HVAC, electrical lines and plumbing were all in good enough condition to meet code requirements. The house simply needed modernizing. The layout, decor and appliances were all very outdated. My brother and I made a plan to enlarge the master bathroom, renovate the family bathroom and open up the kitchen/dining room area. We wanted to add a half-bath with access to the swimming pool in the backyard. New light fixtures, a coat of paint inside and out and landscaping were some of the necessary projects. My brother and I were determined to handle the work ourselves. At that point, we had very little knowledge of construction work. We invested into top-notch tools and watched lots of Youtube tutorials. We also learned as we tackled the various projects. Everything cost a lot more than expected and took longer than anticipated. By the time we finished the renovations, we were anxious to list the house and get out from under it. The Jacksonville market was no longer as stable, and we were worried about making a profit. While we managed to sell the property for a price that more than recovered the investment, the whole process was difficult.