Daily Record Financial News &
THURSDAY, MAY 14, 2015
Vol. 102, No. 129 • oNe SectioN
35¢ www.jaxdailyrecord.com
Bus tour teaches art of flipping
Investor Ray Cusano figured the concrete block home in Arlington Hills would need $20,000 to $25,000 in repairs to be retail-sale ready. It was less than other houses he’d walked through that day. “It appeals to me to get in and out of a deal with the least amount of upgrades,” he said. And, the listing price, $74,900, was not a bad deal, considering the estimated value after repair was $130,000. Though, he’d offer less, of course. He’d update the kitchen and bathroom, replace the home’s 12-inch-square linoleum tiles, and paint it inside and out — there would be no more dark purple trim. Cusano forgot to mention, though, what he’d do about the faded above-ground pool and weathered deck in the backyard. And his instructor, Cameron Gaskill, didn’t give any hints, either. The home was a final exam for the 80 or so students who took part in the Jacksonville Real Estate Investors Association’s rehab Boot Camp and Bus Tour. The annual three-day course taught budding real estate investors — and a few seasoned pros like Cusano — how to size up rehab deals. The first two days were spent in the classroom learning how to find rehabs, estimate repairs, perform the work and secure financing. “Some people think they can’t do this because they have no money,” said Gaskill. “But, you don’t have to have a pocket full of money to buy a house.” On the final day, students boarded a bus and toured six Jacksonville homes in various stages of renovation. A few were houses only a true investor could love — with plywood replacing missing windows, a blue tarp nailed to a leaking roof, missing ductwork, light coming through rotted wall sheathing and rooms with no cabinets, appliances or finished flooring. FLIPPING... CONTINUED
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Photo courtesy of Heather Blanton
By Carole Hawkins Staff Writer
Jacksonville sheriff’s candidates Ken Jefferson and Mike Williams took questions from WJXT TV-4 anchor Kent Justice during a second televised debate Wednesday at Jacksonville University. The two, despite some differences, have much in common in terms of what they’d do if elected.
First agree, then disagree Sheriff ’s candidates have similar ideas on key issues
By David Chapman Staff Writer Despite their differences in on-duty experience and their pasts, Ken Jefferson’s and Mike Williams’ efforts as Jacksonville’s next sheriff have an awful lot of similarities. Those were apparent during Wednesday’s debate, when more often than not their answers to the city’s crime issues rang similar tones. Early on, there was one point when moderator Kent Justice of WJXT TV-4 asked Jefferson if his answer regarding reaching out to impressionable youth as a way to combat gangs was the same as Williams’. Jefferson said Williams’ answer came
“right out of my playbook.” “I’m saying my answer is his answer,” Jefferson replied, causing the vocal proJefferson contingent at Jacksonville University to laugh. There were other instances, too. Both talked of the importance of the effort they would bring every day to recruiting Jacksonville’s next wave of crime fighters. And the need for prevention and intervention programs, like the Jacksonville Journey, also were critically important to keeping the city safe. Even support for body cameras, an idea Sheriff John Rutherford has opposed, had some common ground. Jefferson called the tool the “wave of the future” and said federal money should be sought. Williams
was more hesitant because of budget constraints, but said he wasn’t against the idea. But they didn’t always agree. Williams continued to hammer Jefferson about his lack of experience as a supervisor and overseeing a budget. With the sheriff’s office having 3,000 employees and a $400 million budget, Williams said, “I think you need experience at the executive level.” Williams has had several director and leadership roles, while Jefferson’s roles include the department’s spokesman, recruiter and detective. Jefferson acknowledged he had never been a supervisor, but had succeeded in every role he’s been in. “I don’t have to be a supervisor to be a leader,” Jefferson said. SHERIFF... CONTINUED ON PAGE A-2
Chef followed grandmother’s path to cooking
Kepp attended Art Institute that is closing
The Art Institute of Jacksonville, a branch of Miami International University of Art & Design, is not accepting new students and will close when current students complete their degrees.
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Photo courtesy of metrojacksonville.com
By Marilyn Young Editor Matt Kepp grew up in a small Georgia town with 10,000 people and one high school. After graduating, he needed direction in his life. A path to follow for a career. Kepp remembered his grandmother, a caterer in Atlanta, had told him he would benefit from cooking. It was something he didn’t really understand until he began looking for what to do with his life. A Google search led him to the
Art Institute of Jacksonville. Finally, his grandmother’s advice made sense. His career path would be in culinary management. Kepp’s passion for cooking runs so deep, he doesn’t mind “when I work 18 hours, seven days a week for month and a half.” He’s now executive corporate chef at V Pizza in Jacksonville. Kepp is one of thousands of students who have attended the Art Institute since it opened in 2007. The school, a branch of Miami International University of Art & Design, is shutting down
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26,656
after the current students complete their studies. No new students are being accepted. The “teaching-out” phase could take two to three years, according to Chris Hardman, vice president of communications for Education Management Corp. Hardman said Jacksonville is one of 15 Art Institutes ending their runs, leaving 36 open nationwide. The closures came as part of a strategic look at programs to “focus on providing the best student-employer outcomes,” Hardman said. ART... CONTINUED ON PAGE A-4
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