Thread: Bought this for 35K yesterday!

Originally Posted by Officer Cartman

Pretty bad.. My Dad used to be pretty heavy into this, and he still has a few properties in Florida that he can't unload right now. Indialantic and that general area..

There are great deals to be had for buyers, but it's damn near impossible to sell anything in this market! He ended up renting his places out until the market turns around.

We have a family friend that had to relocate from Florida to New Jersey for work, and it took them 2 YEARS to sell their place. Gulf coast too. Crazy.

I'm interested in those homes in Indialantic.

nice buys and good supporting numbers....

I represent investors and we do the same thing, here in Nevada.. have been looking to purchase in the Florida area and specifically the ft Myers area.. so it is a coincidence seeing this!

nice job.

I just wanted to quickly comment on something in here. Right now you are seeing many under priced homes which real estate agents are doing to create bidding wars. Inventory is very low in certain areas and what is on the market is more than likely a short sale/foreclosure which will result in a higher sales price. There are deals to be had, but nothing like what was seen a few years ago.

Originally Posted by Shawn C

Insane deals out there right now. Sorry cant share how I get them this low so dont ask Its my new business venture and I am trying to buy 3-4 per month. I am officially in the rehabbing business. I now have 3 of these in the works. Comps are 129-130K built in 75' needs about 35K in rehab the yard can fit up to a 32ft boat at the side lol

4/2/2 Boat motor is free to an L4p Member, You arrange pickup

looking myself, looks good, where is it located?? Can i rent one for 3 months Jan - March? pm me please

GL with your venture.

Its all about location

Damn thats cheap!!

Originally Posted by Shawn C

Insane deals out there right now. Sorry cant share how I get them this low so dont ask Its my new business venture and I am trying to buy 3-4 per month. I am officially in the rehabbing business. I now have 3 of these in the works. Comps are 129-130K built in 75' needs about 35K in rehab the yard can fit up to a 32ft boat at the side lol

4/2/2 Boat motor is free to an L4p Member, You arrange pickup

Is that real exposed brick inside the house, wall paper or a brick veneer?

how the hell are you getting great deals on houses

Originally Posted by Panerai_Pete

(Just my 2 cents here and I am a real Estate Broker.)

Yea, they are going for like 10k but even after you get them back to where someone might want to live in them you have two issues. 1st - The rest of the neighborhood is still in the low range so it is very difficult to get the comps, or someone who will want to live there.

And 2nd - If you do buy one for 10k and then toss 20k into it and want to sell it????you will likely have a very hard time selling the property. (It will be very difficult getting comps for other houses, a difficult time getting "pre-approved buyers" And then you have to figure out how to get the lenders "loosen" up their cash?

(And the worse thing is that while your guys are doing the work on the house and they are "re-wiring" everything and re-doing the house, they have to watch all of their stuff so it doesn't get stolen, and then the next morning, you can expect 10-20% of the work that was down to be ripped out and or stolen.)

So the reality is this, go to Florida and do it, and you will make more money and save yourself a huge headache!

Things may have changed, but I had my own Mortgage Company and a Real Estate Company in the Detroit Area until about 2 years. Now the the Real Estate Markets and the Finance Companies are a different animals. The best way to buy here is to buy cash and hang on to it for 1-3 years, maybe rent it out and then you might get your money out. The problem is that there is no money here, which is why I am on my why out...

Now, if you go to other parts of Michigan, like the west side of the state, or maybe Lansing or North, you may be able to find stuff like that?

you're spot on with this coment, even in the UK, with the ressision houses are 'cheaper'.. not stupid cheap unless a repossession.

say you pick up a 3 bed semi detatched house for £150k because the banks selling off... needs work doing toit to bring it up to standard.. (say £20-£30k needed)........ but then up th eroad someone tryin to sell who has already done all the work on their place are tring to sell at £165k.
Do the maths its not so much a good buy at £150k unless you sit on it till the market picks up.


Where I live in the city centre, there are some One Bed Studio Flats, were selling £119k 5years ago.... now on the market at £54k.. still brand new, no one bought them 5years ago. Or if they did it was from overseas investors from Ireland, Saudi - etc moving money about. This has brought on the property crash in the Uk, as these investors need to sell and sell cheap just to release their capital.. and do that at a cost to them, but private sellings with the same properties are also hit by the lower prices ofthe flats selling around them






back to OP,
looks a nice place (even if the areas not fantastic?)

what does TURN KEY mean?????