Hey guys, glad to hear you're doing well.
Good S-2's are scarce around Fort Lauderdale. Too many ambulance chasers offering way too much.
Maybe I should try harder there?
Cash is King though.
Preforeclosure market is developing nicely; solid growth there.
We buy them, clean them up and retail them with Owner Financing at full appraisal.
I just love mold...mold is paying for the toys. Most folks won't touch the nast stuff
.
Been looking to expand a little into the Orlando area. Any pointers there?
Happy investing.
[addsig]
way to go hawthorne! everyone seems to look down on mold, which to me means "run immediately to the mold" to get the deals. i go opposite of everyone else and take places no one else wants.
mold is hardly ever a deal breaker to me - especially since i now have a guy on my team who eats moldy apple sauce, he could care less about it!
philly is live with opportunities, dead with cash investors (in my realm anyway). but better than 9 to 5'in anyday!
I wish we have buyers run away from mold here in Los Angeles! You cant' scare this new generation of street warriors with mold. You can't even scare them with aliens looking like a wild Tasmanian cockroaches. On some ugly HUD auctions, I've seen so many buildings ratted with mold and no one seems to care. Common thoughts/practice: Paint on top with oil base pain, rent and sell.
People bid on those properties 30% or more over the appraised value, bank refuse to pay that much and the properties going back on sell in circle for 5 and 6 time. It's a madness and I hope those interest rates start going up soon before a rat house in war zone become a million dollar "home".
I flip land in Florida and business is booming. You guys in Orlando, what's Deltona and Poinciana like? Lots of new construction going on? Thinking about looking in there for vacant lots.
The market isn't dying in Florida anytime soon, thousands of people move here constantly. Tell the old timers to move to another state, more investing for us!
[addsig]
South Florida is too hot.
Destroyed REO's are put on the market by banks at market value and investors bid on it with 10 or 20% more than...the immaculate unit for sale next door!!!(and i still don't get it!).
Here, if a property at FMV of $300K is for sale at $295K, i'm in line with thousands of buyers trying to get it and i flip the contract for $5k-$10K the next hour or day...I'm rarely the winner though...often, there are 5 or 6 offers and sold for $315K-$320K...
Just sliding this ship out of drydock and getting ready to sail in Plant City. Can't wait to get going... got biz cards in, bandits should arrive on Monday, placing newspaper ads this coming weekend and hv a trial with Sitex Data to check out what it cando for post card mailings this week. Hv flipped several DW mobiles on land this past year while in passive mode. Still hv a day biz which i'm looking to sell soon. The breeze is blowing so gotta get the sails up now.
Quote:
On 2004-02-15 08:00, dataattack wrote:
Time off??
Get it while its good.
You talk to the old timers and they say this market will end very soon.
( hehe )
DataAttack
Old timers have been saying this for a while though. They've missed out on a huge boom in the meantime. Interest rates below 8% means a continued boom. Furthermore, as long as Florida is the 3rd fastest growing state in the country, it will continue to have the hottest real estate markets in the country.
I've been working TCI for some time. Wife and I moved to FLA 'bout 3 yrs ago.
Live in Boca. She works in WPB and I work in Ft. Lauderdale.
We devote lots of time to regular jobs, so we got really frustrated. Finally bought a pre-construction in Jupiter/abacoa back in Sept. First release! Went up by our deposit already!
I think it's all about time on your hands. If you do this FT or at least have lots of spare time, you can scrounge for the good deals. If not, then you need to go to areas that have fewer investors.
Where in FLA is everyone going for less competition??
I am investing in a great sleeper area right now. Best part is, I live right in the middle of it all. Bought a beautiful triplex for $125,000 March 1st. Had it under contract two weeks later for $180,000. It appraised last week for my new buyer's bank at the full $180,000. I am a happy camper and so is he. Gross income is 1,600+
I just picked up 35 vacant lots in one subdivision. Also, 85 acres next to it and now 45 acres up the road. Bought it all way way under FMV. So there is plenty of room for the next guy. Best part? It is walking distance to the #1 largest construction project in the U.S. and the #3 project in the world. Tens of thousands of new affluent retirees coming in to this one city. The disney of retirement communities. Yet, with all that hardly anyone is doing this creative stuff here! It is just about to start hitting the radar screen for investors I think.
I am about to try and flip the land soon! Wish me luck. I am open to any pointers too. Raw land is new to me
8-) [ Edited by Ricker on Date 04/15/2004 ]
Congratulations!
Do your 35 lots have horizontal improvements installed? If so, have you considered selling the finished lots to end users? Concerning your 85AC and 45AC parcels, have you started engineering and subdivision work or did you just want to sell as is where is?
Quote:
On 2004-02-15 18:50, Codythebest wrote:
South Florida is too hot.
Destroyed REO's are put on the market by banks at market value and investors bid on it with 10 or 20% more than...the immaculate unit for sale next door!!!(and i still don't get it!).
Here, if a property at FMV of $300K is for sale at $295K, i'm in line with thousands of buyers trying to get it and i flip the contract for $5k-$10K the next hour or day...I'm rarely the winner though...often, there are 5 or 6 offers and sold for $315K-$320K... <IMG SRC="images/forum/smilies/icon_frown.gif">
Hear, hear! The situation down here DOES stink for trying to do any kind of wholesaling, but since I'm about to sell my primary residence, I'm counting on just that scenario you painted to work for me.
I'm moving to N. FL, where the competition isn't quite so fierce and there are more opportunities for rehabs. Trying to get started here in Palm Beach/Broward County has been daunting, to say the least.
Talk about being in a fish bowl????? Try Port St . Lucie Fl. Property's are going up 20% plus yearly!!!! Got a call today on a homeowner who wants out!!! Only problem is...it's a 2.5 million dollar house!! Wouldn't even know what to do with this one...let alone holding costs!!
Suggestions?
Kerry
[addsig]
I would have to say that ALL of you are correct in you assessments of the action in S. Florida.
I just looked at a property today up "Mandiland's" way (see 2nd page of post), while I was there studying the interior for about 10 minutes I had Five....thats 5... other Investors stop in on me!!!!! 3 of them with their partners and or rehabbers...
Maybe some of you guys???????
Anyway it's HOT!!! I estimate a property like that one gets at least 30-50 drive bys,go sees a day here. (this is NOT the first time) It will sell at least 10K over the asking price from the bombardment of bidding. (there were already at least 5 bids/offers when I went to see.)
I have been lucky and situate myself in small pockets of growth activity and just go to town on them.....until either prices soar or it starts raining investors on the neighborhood.
"Ricker" seems to be doing well in Orlando area, and PSL is hot too.
Here's a tip......Get use to driving if you live in Broward or PB....That is unless, as someone else mentioned. You happen to have a load of CASH in the bank.
I'm not too fond of Deltona...just too dry for me. Might be worth the look though. Poinciana on the other hand is pretty hot. Tons of new construction....not too sure of what kind of land is available. I would imagine mostly large, undeveloped land there. Plenty of new developments - great gains on the pre-construction side of things. I'm sure there's quite a few foreclosures happening too.
Quote:
On 2004-02-06 20:09, Highlife wrote:
I flip land in Florida and business is booming. You guys in Orlando, what's Deltona and Poinciana like? Lots of new construction going on? Thinking about looking in there for vacant lots.
Quote:
On 2004-04-16 10:21, realestatedork wrote:
ft myers is bad
no investing going on here.
nope nothing here.
I hear Georgia is good.
yep, all go to Georgia......
realestatedork
I like your sense of humor. I'm going to sell everything I have in FL and head for Georgia.... Sure I am!
[B]Littlefoo[/B
Got any more info on that 2.5 million dollar house in Port St. Lucie????
Hey, Kerry here. The house is not in Port St Lucie. It's in Martin county, just south of here. The house is located on Jupiter Island. Waterfront property. HIs back yard is the ocean. He caught his ole lady with someone else while he was away. He bought the home for "her".
There is about 600 k in equity. He no longer wants the house but then again that's all I can get out of him.
will keep you apprised.....too everyone else in this forum......Florida is real hot..the summer seems to have come early this year.
Kerry
[addsig]
Hey, Kerry here. The house is not in Port St Lucie. It's in Martin county, just south of here. The house is located on Jupiter Island. Waterfront property. HIs back yard is the ocean. He caught his ole lady with someone else while he was away. He bought the home for "her".
There is about 600 k in equity. He no longer wants the house but then again that's all I can get out of him.
will keep you apprised.....too everyone else in this forum......Florida is real hot..the summer seems to have come early this year.
Kerry
Hello fellow Investors I also live in Orlando....I would like to know if anyone got a break from another investor? What I mean is a big part of Real estate investing is networking. Has anyone found a private investor that put up the money for your project. To receive a higher interest rate of return on there money. If so would you share your story with me **Please See My Profile** thank you TCI
I agree with going where the crowds aren't. My easiest and most profitable flips have been in small towns that are "under the radar" so to speak. Because these areas aren't crawling with other investors and buyers, we've been able to negotiate better deals and enjoy higher profit margins. (Though when I take my investor clients to these rural communities they sometimes look at me like I'm crazy...until I show them the comps.)
Casey Ellsworth
Denver, CO
Hi Jason, Orlando florida here.
Damm, I know Orlando is hot.
You rich yet?
Down town Orlando is crazy.
Make us even more jalousie on the other coast, post the short specific of your type of deals! Go FL Go!
Im cleaning up on sub-to's.
I love the occasional short sale.
( alot of phone calls, but nice paychecks)
Hey guys, glad to hear you're doing well.
Good S-2's are scarce around Fort Lauderdale. Too many ambulance chasers offering way too much.
Maybe I should try harder there?
Cash is King though.
Preforeclosure market is developing nicely; solid growth there.
We buy them, clean them up and retail them with Owner Financing at full appraisal.
I just love mold...mold is paying for the toys. Most folks won't touch the nast stuff
.
Been looking to expand a little into the Orlando area. Any pointers there?
Happy investing.
[addsig]
way to go hawthorne! everyone seems to look down on mold, which to me means "run immediately to the mold" to get the deals. i go opposite of everyone else and take places no one else wants.
mold is hardly ever a deal breaker to me - especially since i now have a guy on my team who eats moldy apple sauce, he could care less about it!
philly is live with opportunities, dead with cash investors (in my realm anyway). but better than 9 to 5'in anyday!
I wish we have buyers run away from mold here in Los Angeles! You cant' scare this new generation of street warriors with mold. You can't even scare them with aliens looking like a wild Tasmanian cockroaches. On some ugly HUD auctions, I've seen so many buildings ratted with mold and no one seems to care. Common thoughts/practice: Paint on top with oil base pain, rent and sell.
People bid on those properties 30% or more over the appraised value, bank refuse to pay that much and the properties going back on sell in circle for 5 and 6 time. It's a madness and I hope those interest rates start going up soon before a rat house in war zone become a million dollar "home".
I flip land in Florida and business is booming. You guys in Orlando, what's Deltona and Poinciana like? Lots of new construction going on? Thinking about looking in there for vacant lots.
Thanks!
Fort Myers/Cape here also, I also do deals in WNC. Takin some time off for awhile!!
Time off??
Get it while its good.
You talk to the old timers and they say this market will end very soon.
( hehe )
DataAttack
The market isn't dying in Florida anytime soon, thousands of people move here constantly. Tell the old timers to move to another state, more investing for us!
[addsig]
South Florida is too hot.
Destroyed REO's are put on the market by banks at market value and investors bid on it with 10 or 20% more than...the immaculate unit for sale next door!!!(and i still don't get it!).
Here, if a property at FMV of $300K is for sale at $295K, i'm in line with thousands of buyers trying to get it and i flip the contract for $5k-$10K the next hour or day...I'm rarely the winner though...often, there are 5 or 6 offers and sold for $315K-$320K...
John Locke taught me this -
Go where the crowds are'nt.
You are in the fish bowl,
Howdy,
Just sliding this ship out of drydock and getting ready to sail in Plant City. Can't wait to get going... got biz cards in, bandits should arrive on Monday, placing newspaper ads this coming weekend and hv a trial with Sitex Data to check out what it cando for post card mailings this week. Hv flipped several DW mobiles on land this past year while in passive mode. Still hv a day biz which i'm looking to sell soon. The breeze is blowing so gotta get the sails up now.
Quote:
On 2004-02-15 08:00, dataattack wrote:
Time off??
Get it while its good.
You talk to the old timers and they say this market will end very soon.
( hehe )
DataAttack
Old timers have been saying this for a while though. They've missed out on a huge boom in the meantime. Interest rates below 8% means a continued boom. Furthermore, as long as Florida is the 3rd fastest growing state in the country, it will continue to have the hottest real estate markets in the country.
Highlife,
your getting me excited ( for R.E.)
You ever invest in Northern Lights?
Quote:
On 2004-02-17 07:25, dataattack wrote:
You ever invest in Northern Lights?
What's dat?
Hey all,
I've been working TCI for some time. Wife and I moved to FLA 'bout 3 yrs ago.
Live in Boca. She works in WPB and I work in Ft. Lauderdale.
We devote lots of time to regular jobs, so we got really frustrated. Finally bought a pre-construction in Jupiter/abacoa back in Sept. First release! Went up by our deposit already!
I think it's all about time on your hands. If you do this FT or at least have lots of spare time, you can scrounge for the good deals. If not, then you need to go to areas that have fewer investors.
Where in FLA is everyone going for less competition??
I am investing in a great sleeper area right now. Best part is, I live right in the middle of it all. Bought a beautiful triplex for $125,000 March 1st. Had it under contract two weeks later for $180,000. It appraised last week for my new buyer's bank at the full $180,000. I am a happy camper and so is he. Gross income is 1,600+
I just picked up 35 vacant lots in one subdivision. Also, 85 acres next to it and now 45 acres up the road. Bought it all way way under FMV. So there is plenty of room for the next guy. Best part? It is walking distance to the #1 largest construction project in the U.S. and the #3 project in the world. Tens of thousands of new affluent retirees coming in to this one city. The disney of retirement communities. Yet, with all that hardly anyone is doing this creative stuff here! It is just about to start hitting the radar screen for investors I think.
I am about to try and flip the land soon! Wish me luck. I am open to any pointers too. Raw land is new to me
8-) [ Edited by Ricker on Date 04/15/2004 ]
I made an offer on my first investment property in FLA - rental - wish me luck!
It helps that I used to live 10 miles away.... I now live in Philly area.
Ricker,
Congratulations!
Do your 35 lots have horizontal improvements installed? If so, have you considered selling the finished lots to end users? Concerning your 85AC and 45AC parcels, have you started engineering and subdivision work or did you just want to sell as is where is?
Quote:
On 2004-02-15 18:50, Codythebest wrote:
South Florida is too hot.
Destroyed REO's are put on the market by banks at market value and investors bid on it with 10 or 20% more than...the immaculate unit for sale next door!!!(and i still don't get it!).
Here, if a property at FMV of $300K is for sale at $295K, i'm in line with thousands of buyers trying to get it and i flip the contract for $5k-$10K the next hour or day...I'm rarely the winner though...often, there are 5 or 6 offers and sold for $315K-$320K... <IMG SRC="images/forum/smilies/icon_frown.gif">
Hear, hear! The situation down here DOES stink for trying to do any kind of wholesaling, but since I'm about to sell my primary residence, I'm counting on just that scenario you painted to work for me.
I'm moving to N. FL, where the competition isn't quite so fierce and there are more opportunities for rehabs. Trying to get started here in Palm Beach/Broward County has been daunting, to say the least.
Talk about being in a fish bowl????? Try Port St . Lucie Fl. Property's are going up 20% plus yearly!!!! Got a call today on a homeowner who wants out!!! Only problem is...it's a 2.5 million dollar house!! Wouldn't even know what to do with this one...let alone holding costs!!
Suggestions?
Kerry
[addsig]
I would have to say that ALL of you are correct in you assessments of the action in S. Florida.
I just looked at a property today up "Mandiland's" way (see 2nd page of post), while I was there studying the interior for about 10 minutes I had Five....thats 5... other Investors stop in on me!!!!! 3 of them with their partners and or rehabbers...
Maybe some of you guys???????
Anyway it's HOT!!! I estimate a property like that one gets at least 30-50 drive bys,go sees a day here. (this is NOT the first time) It will sell at least 10K over the asking price from the bombardment of bidding. (there were already at least 5 bids/offers when I went to see.)
I have been lucky and situate myself in small pockets of growth activity and just go to town on them.....until either prices soar or it starts raining investors on the neighborhood.
"Ricker" seems to be doing well in Orlando area, and PSL is hot too.
Here's a tip......Get use to driving if you live in Broward or PB....That is unless, as someone else mentioned. You happen to have a load of CASH in the bank.
SG
ft myers is bad
no investing going on here.
nope nothing here.
I hear Georgia is good.
yep, all go to Georgia......
I'm not too fond of Deltona...just too dry for me. Might be worth the look though. Poinciana on the other hand is pretty hot. Tons of new construction....not too sure of what kind of land is available. I would imagine mostly large, undeveloped land there. Plenty of new developments - great gains on the pre-construction side of things. I'm sure there's quite a few foreclosures happening too.
Quote:
On 2004-02-06 20:09, Highlife wrote:
I flip land in Florida and business is booming. You guys in Orlando, what's Deltona and Poinciana like? Lots of new construction going on? Thinking about looking in there for vacant lots.
Thanks!
Quote:
On 2004-04-16 10:21, realestatedork wrote:
ft myers is bad
no investing going on here.
nope nothing here.
I hear Georgia is good.
yep, all go to Georgia......
realestatedork
I like your sense of humor. I'm going to sell everything I have in FL and head for Georgia.... Sure I am!
[B]Littlefoo[/B
Got any more info on that 2.5 million dollar house in Port St. Lucie????
Frank
Frank:
Hey, Kerry here. The house is not in Port St Lucie. It's in Martin county, just south of here. The house is located on Jupiter Island. Waterfront property. HIs back yard is the ocean. He caught his ole lady with someone else while he was away. He bought the home for "her".
There is about 600 k in equity. He no longer wants the house but then again that's all I can get out of him.
will keep you apprised.....too everyone else in this forum......Florida is real hot..the summer seems to have come early this year.
Kerry
[addsig]
Frank:
Hey, Kerry here. The house is not in Port St Lucie. It's in Martin county, just south of here. The house is located on Jupiter Island. Waterfront property. HIs back yard is the ocean. He caught his ole lady with someone else while he was away. He bought the home for "her".
There is about 600 k in equity. He no longer wants the house but then again that's all I can get out of him.
will keep you apprised.....too everyone else in this forum......Florida is real hot..the summer seems to have come early this year.
Kerry
Hello fellow Investors I also live in Orlando....I would like to know if anyone got a break from another investor? What I mean is a big part of Real estate investing is networking. Has anyone found a private investor that put up the money for your project. To receive a higher interest rate of return on there money. If so would you share your story with me **Please See My Profile** thank you TCI
I agree with going where the crowds aren't. My easiest and most profitable flips have been in small towns that are "under the radar" so to speak. Because these areas aren't crawling with other investors and buyers, we've been able to negotiate better deals and enjoy higher profit margins. (Though when I take my investor clients to these rural communities they sometimes look at me like I'm crazy...until I show them the comps.)
Casey Ellsworth
Denver, CO