To further clarify, I have seen these reports and have dug a little deeper as I have had a few calls from investors who have seen this report.  I am a former analyst myself for a bank and know how these "other analysts" put their numbers together.  Unfortunately, they mislead using a media blitz to make up a good article with terrible due d…[Read more]

Yes, tons of vacancies.  Miami has the most and it is most drastic in the condo market.  Miami currently has 5 years of condo inventory on the market.  Regardless, same goes for AZ, NV, CA, AZ, etc. where there are a lot of bank owned homes.  Banks typically do not rent out homes they repossess due to liability purposes.  So as the bank rele…[Read more]

It's moreso due to liability.  They would have to hire property management, trust those managers to get good tenants, purchase insurance policies, and hope that everything goes right.  Too much risk.  They just want out.  Currently, banks are reluctant to sell assets for much less than appraised value or BPO (Broker Price Opinion)On big com…[Read more]

Hi Leo,I am a wholesaler.  To answer your questions, see below.  Keep in mind, there are wholesalers direct with the banks / asset managers / etc….and there are wholesalers who have bought properties turned over several times…Unfortunately, there are more of the latter than those direct.  A wholesaler typically models their business model ve…[Read more]

Everyone that is looking into financing…..Be sure to look at SEASONING!!!!  Most lenders require 90 day seasoning on assets owned by the seller.  I see very few good deals out there offered from wholesalers owned for more than 90 days.  Point is, you are probably over-paying for something owned for 90+ days anyway.

Depends on what area, but Judith is right, not as much as $100.  In many areas, we are seeing rental rate increases such as NY Metro areas and inner city NY.  Increases as much as 20%.  Indicative of job growth in the financial hub of the universe???  Always a good sign.I agree with Judith, that you were likely misled or misquoted in your pro forma. 

Just out of curiosity, perhaps when quoting ROI's, we can show some numbers to see how we got there.  A lot of ROI's are based off of fixed expenses.  Soft expenses or usually left out.  For instance if you have:Taxes:  $3,000Insurance:  $1,000Property Mgmt @ 8%: $2,000Does property management include lawn care?  Does tenant pay for that?  How ab…[Read more]

Investing in the stock market is way different than investing in real estate.  In my opinion you have to catch them just right.  My opinion on why some parts of the country has hit bottom is because a lot of the top 10 REIT's, if you will, have been issued uptrend alerts.  I watch a few of these and a couple in particular is Camden Property Tr…[Read more]

A lot in Cape Coral for $5,000, Rick?  If you can get a lot in CC for that you should jump on it.  I am seeing bulk purchases of irrelevent lots being sold for $9,000 minimum.  If you PM me the address, I can give you my thoughts.net_d2u:  Yes, many properties in CC have chinese drywall.  But CC is very big and "many" is not "that many".  A simpl…[Read more]

You are having investors assume an institutional mortgage?  Or do you have separate hard money lenders that buy and share title with the investor.  Sounds confusing.

Nigel,Are you talking about assuming mortgages?  They definately don't allow that in most states I know about, especially with foreign national investors.

Troy – Great post.  I agree with everything you said.  However, I have looked into private equity funds myself.  Problem is you have zero control and are exposed to bigger issues like fraud, comingling, etc….I've seen it a thousand times.  Then again, some funds and REITS are good…but that is my opinion.  Int'l lenders are very limited and…[Read more]

I lived in a Gulf Access home in Cape Coral until 2006.  I am one that likes boating and fishing like many others whose intentions is to live on the water.  To answer your question, yes you can buy Gulf Access lots in Cape for as low as $30,000.  However to increase your probability for appreciation, you want to be in South Cape Coral.  And eve…[Read more]

xdrew:  Agreed about Google Earth being outdated.  I also agree with your Lehigh assessment.  You can get lost in the ruralness if you don't know where you are going!  That being said, those looking to invest in something not off the beaten path in Lehigh should focus on Sunshine area or other areas that are more established..  But yes, there are…[Read more]

Hi James,A $40k budget is not something that will really work in SW Florida.  I don't see really anything in that pricerange unless you want to purchase HUD homes which are about $35,000.  There is a poster on here named Judith who is an investor in lower priced homes in Ft. Myers.  I met with her last week and we agreed that if you are in the ri…[Read more]

Yep..better opportunities than land right now in CC..Keep in mind that when you start new construction on land, you have to pay the city "impact fees"…In Lee County, those are insanely high….buy rental property.  Land is ok if you have a bazillion dollars and want to invest 100k in it….Rental homes will give you a much better return.

Update on Financing:Ok, so we already established the fact that financing is available.  Rates and terms are fine.  The problem is the SEASONING requirement that they all seem to have.In short, you as the investor have to purchase a property that has been owned by the seller for a minimum of 90 days.  Your only resource for homes is wh…[Read more]

I am not exclusive to Lehigh and Cape.  I live in Ft. Myers and am always looking for opportunity there as well.  We started our Tampa program about 3 months ago after giving it a trial run for ourselves.  The homes in Tampa are older, but well built (concrete).  Tampa is a little different.  We'll buy the homes for about $40,000.  Some need a new…[Read more]

Steve,I live in Ft. Myers.  What types of property are you buying and what do your cash flow numbers look like?  I am wondering why you buy 60 properties in one town and exclude others.  Just curious

I should be in the office most of the day tomorrow.  Feel free to e-mail me at Stallan54@gmail.com to set something up.