In my opinion they are a good start. I prefer to add on specifically what I need for that particular deal, especially in the commercial business.
Usually I am dealing with a realtor with my commercial deals and they dictate a standard contract they have in the office already set up. I usually adjust that as well to my needs by way of an addendum, or scratching out and initialing.
I prefer the contracts on CDROM as I can manipulate the text before printing it out to make it more proffesional though.
Thank you Loafty, can I get your email address so that we can discuss your orlando deal. I used to live in the Lake mary area, & therefore planing on starting to purchase some brand new morrison homes out in the winderemere area. I want to purchase condos in Orlando & resale like I;am doing here. Let me know
You should do well if you are #1 out of 500! If you hold it for one year you will be taxed at 15% capital gains. If you live in it for two years you will not pay a cent in capital gains if your gain in 250K or less if you are single. I would consider a 1031 Starker Exchange. When you sell you roll the profit into your next house and avoid capital gains. Keep doing this until you have a great house with tons of equity and then move in for two years and then take advantage of the lifetime exclusion of capital gains on you primary residence. If you can move around alot this is a great way to build wealth. Good luck!
Spshond-
Like it was mentioned prior you will be taxed on your profit if you do not roll it into a 1031 exchange (which don’t cost much). But what I would suggest if you want that money is to keep it at least 1 year and a day. By doing that you are only taxed 15% on the profit which is much less than if you sold it before that time. Unless your poor to begin with, but it doesn’t sound like it. Also it will give you the chance for other units to sell. I would take every little gain I possibly could especially since Atlanta only had an appreciation rate of about 4% last year
Turbo_007
Florida is extremely hot right now and will be for quite a while. Vegas was the strongest market last year at just over 50% appreciation… that’s just insane!!! But it is slowing down.
:-o
Hey Loafie, I live in the Sanford/Lake Mary area and am looking to do a pre-construction investment. What builders have you found to be investor friendly? Most want you to live in them for 1 year.
Buying th model home and leasing it back I will admit is a great idea the only problem I see with it is that
unless you pay all cash the bank or lending instituion
you use will have paperwork at closing saying you plan to live there for a period of one year (standard )
requirement. If you buy it as investment property
you then have then normally huge downpayment to
contend with then their are the insurance issues.
do you know of a viable way to avoid this ?
i started a couple of years ago in Miami. i bought a condo in n miami beach for 79k and sold it for 120k, tax free-i lived in it >2yrs. i just bought a loft in biscayne bay and plan to do the same.
i live in orlando now and the market seems to be more investor friendly. i am now looking for a pre-constructionproperty up here. does anyone know of a project at the very early stage of the development?
i heard avalon park was a good area of opportunity.
One thing you can do is go to the municipal office and get a list of properties that are going through subdivision. This is public info. The development file & plans will tell you who is planning to build what and where. Then get in touch with the builders and ask that they contact you -- or keep tracking the progress of their subdivision through the approval process.
I feel your excitement (and pain!). I live near you and I have been looking in multiple markets, including LA county for rehabs, Florida, Vegas, and Myrtle Beach for preconstruction, and Austin, San Antonio, Phoenix and parts of Utah for long term. Here in Ca the builders require that you occupy the home for at least one year, that makes precon difficult, at least for the short term.
I have decided to remain in so cal for my initial investments, I may even buy up and rent my current home ( I would have to do one of those option arm loans in order for the property to cash flow, or the newly offered 40 year arm, I must research these first). This way I can benefit from two properties appreciating. I do expect it to slow down, but there is really no sign of bursting bubbles indicated from hours and hours of research that I have done.
What I have done and continue to do as well is when I see someone working in the area, I make it a point to stop and talk to them. Many of them work "on the side" and will give you some rough costs when you tell them what you need done.
I have found that I now know someone who has an expertise (painting, air conditioning, etc) that I can call on.
In regards to must particapate a while before posting
replys I been a member for quite somtime and have numerous post for some reason you reset my password and user name over 10 years in real estate
rehab, finance, etc over a million made
would be glad to compare notes and credentials
anytime.
In my opinion they are a good start. I prefer to add on specifically what I need for that particular deal, especially in the commercial business.
Usually I am dealing with a realtor with my commercial deals and they dictate a standard contract they have in the office already set up. I usually adjust that as well to my needs by way of an addendum, or scratching out and initialing.
I prefer the contracts on CDROM as I can manipulate the text before printing it out to make it more proffesional though.
Kyle[ Edited by KyleGatton on Date 06/09/2005 ]
Thank you Loafty, can I get your email address so that we can discuss your orlando deal. I used to live in the Lake mary area, & therefore planing on starting to purchase some brand new morrison homes out in the winderemere area. I want to purchase condos in Orlando & resale like I;am doing here. Let me know
You should do well if you are #1 out of 500! If you hold it for one year you will be taxed at 15% capital gains. If you live in it for two years you will not pay a cent in capital gains if your gain in 250K or less if you are single. I would consider a 1031 Starker Exchange. When you sell you roll the profit into your next house and avoid capital gains. Keep doing this until you have a great house with tons of equity and then move in for two years and then take advantage of the lifetime exclusion of capital gains on you primary residence. If you can move around alot this is a great way to build wealth. Good luck!
loafie6....Thanks for the info.......Any areas in FL you suggest we look into for preconstruction.........
trinijah1
Spshond-
Like it was mentioned prior you will be taxed on your profit if you do not roll it into a 1031 exchange (which don’t cost much). But what I would suggest if you want that money is to keep it at least 1 year and a day. By doing that you are only taxed 15% on the profit which is much less than if you sold it before that time. Unless your poor to begin with, but it doesn’t sound like it. Also it will give you the chance for other units to sell. I would take every little gain I possibly could especially since Atlanta only had an appreciation rate of about 4% last year
Turbo_007
Florida is extremely hot right now and will be for quite a while. Vegas was the strongest market last year at just over 50% appreciation… that’s just insane!!! But it is slowing down.
:-o
I know about the 4%, do you guys thiknk this also includes new housing, specially when you are the first home being built in the community?
where or how everyone finds about pre-construction property like this?
Hey Loafie, I live in the Sanford/Lake Mary area and am looking to do a pre-construction investment. What builders have you found to be investor friendly? Most want you to live in them for 1 year.
Hello, thechangingtable
Buying th model home and leasing it back I will admit is a great idea the only problem I see with it is that
unless you pay all cash the bank or lending instituion
you use will have paperwork at closing saying you plan to live there for a period of one year (standard )
requirement. If you buy it as investment property
you then have then normally huge downpayment to
contend with then their are the insurance issues.
do you know of a viable way to avoid this ?
i started a couple of years ago in Miami. i bought a condo in n miami beach for 79k and sold it for 120k, tax free-i lived in it >2yrs. i just bought a loft in biscayne bay and plan to do the same.
i live in orlando now and the market seems to be more investor friendly. i am now looking for a pre-construction property up here. does anyone know of a project at the very early stage of the development?
i heard avalon park was a good area of opportunity.
kimmyjack,
One thing you can do is go to the municipal office and get a list of properties that are going through subdivision. This is public info. The development file & plans will tell you who is planning to build what and where. Then get in touch with the builders and ask that they contact you -- or keep tracking the progress of their subdivision through the approval process.
Nancy
kimmyjack,
I feel your excitement (and pain!). I live near you and I have been looking in multiple markets, including LA county for rehabs, Florida, Vegas, and Myrtle Beach for preconstruction, and Austin, San Antonio, Phoenix and parts of Utah for long term. Here in Ca the builders require that you occupy the home for at least one year, that makes precon difficult, at least for the short term.
I have decided to remain in so cal for my initial investments, I may even buy up and rent my current home ( I would have to do one of those option arm loans in order for the property to cash flow, or the newly offered 40 year arm, I must research these first). This way I can benefit from two properties appreciating. I do expect it to slow down, but there is really no sign of bursting bubbles indicated from hours and hours of research that I have done.
Take care,
[addsig]
What I have done and continue to do as well is when I see someone working in the area, I make it a point to stop and talk to them. Many of them work "on the side" and will give you some rough costs when you tell them what you need done.
I have found that I now know someone who has an expertise (painting, air conditioning, etc) that I can call on.
Hope that helps.
In regards to must particapate a while before posting
replys I been a member for quite somtime and have numerous post for some reason you reset my password and user name over 10 years in real estate
rehab, finance, etc over a million made
would be glad to compare notes and credentials
anytime.