Thread: Forclosures in South Florida

Anyone making money with flipping forclosures In south Florida now? Just want to know if Im getting in at a good time.

im making some $$$

Originally Posted by SouthFloridaRealtor

im making some $$$

How long is it taking for you to flip them and is there money to be made in Dade or Broward?

the money is from selling REO's

Originally Posted by mike305

How long is it taking for you to flip them and is there money to be made in Dade or Broward?

I don't do MUCH in miami.. but I have clients that have bought out there and are making great money in lower income areas (rental/section 8). Broward prices have started going back up in certain areas.. still money to be made just harder to get your hands on a unit. The low interest rates stimulated the market for normal buyers which has made for lower "good" inventory.

I've done 11 in the past year. Banks are appraising low now. We are having trouble lately with getting or rehabs to appraise out. They are looking at comps rather than the 30K I put in rehab cost, new roof etc. I am starting to buy up rentals now. REO's an short sales both make money Reo's are just quicker to close than short sales.

Anybody doing anything in Ft Myers or Lehigh?

First Happy New Year to everyone
ShawnC thats crazy 11! what area are you doing it in and what price range are you buying/selling at? I was hoping In Sofla I can do around that number but didnt know if there is that many people buying now.
The Pun... I feel like I have to take a crawl before I can walk approach and prefer to do it around me first but I heard there's properties going for crazy low numbers over there.
I was looking on focusing on Rehabbing and Reselling sprinkiling in some rent to own(owner financing with strict contracts) in low income areas..I hate to say it but this is where people are most likely to turn the place back over to me.. Am I taking a good approach to begin with Forclosures or is their something im doing wrong or could be doing better when I begin in real estate..Thank You for all the help
PS...all PM's are welcomed

Originally Posted by The Pun

Anybody doing anything in Ft Myers or Lehigh?

Me lol. I stay out of Lehigh, Nice houses and great prices but there is too much for sale.
I have 5 for sale and I have done 11. I have 3 more closing this week.
Check these guys out for cape. http://www.desotoholdings.com/

Originally Posted by mike305

First Happy New Year to everyone
ShawnC thats crazy 11! what area are you doing it in and what price range are you buying/selling at? I was hoping In Sofla I can do around that number but didnt know if there is that many people buying now.
The Pun... I feel like I have to take a crawl before I can walk approach and prefer to do it around me first but I heard there's properties going for crazy low numbers over there.
I was looking on focusing on Rehabbing and Reselling sprinkiling in some rent to own(owner financing with strict contracts) in low income areas..I hate to say it but this is where people are most likely to turn the place back over to me.. Am I taking a good approach to begin with Forclosures or is their something im doing wrong or could be doing better when I begin in real estate..Thank You for all the help
PS...all PM's are welcomed

You can do Lease options too, You hold the note and they rent with an option to buy, If they default ..you get the place back. There is great money in low income but I dont think I would want to go into some of these areas without an army.