Florida R.E. Investors -- Question - Posted by daveh

Real Estate Investing Vacation Rentals
#1

Posted by PatrickMD on May 17, 2000 at 14:58:44:

Hi! My wife and I were hopeful when we read your responses to Dave in MI. I have just learned from my planning instructor about the Palm Beach area. It must be a great place to live; especially due to the serious, quality approach taken in their Palm Beach County Comprehensive Plan by the county officials, business leaders, and the people in general to manage sprawl with carefully managed sustainable growth . As the number one sprawl-threatened community in the U.S., integrating the community centers, residential neighborhoods, and resort areas with a well-planned transportation system can do nothing but help the value of the properties and the Palm Beach County community. Everybody seems to want to live there! (From his point of view as communications director of the American Planning Association, that’s quite an endorsement! jsoule@planning.org).
That said, we’re thinking about doing a similar long-distance investment plan to David’s in the Palm Beach area. We do want to try to stay private and away from the govt. programs, though. We want to do a LaGrand rehab approach. Any favorite REO brokers or rehabbers that you know of - without barging in on your turf? Thanks for the boost in advance! Can’t wait to “sprawl” there too - on the beach! Pat.

#2

Florida R.E. Investors – Question - Posted by daveh

Posted by daveh on May 11, 2000 at 08:40:37:

I’m considering buying some SFR rental properties in FL. I have a R.E. broker that specializes in Florida VA repos. They handle purchase, fix-up and management so the long distance, while not ideal, should be manageable.

How’s the general rental climate? Any experience with VA’s? I know the nicer homes get bid up above FMV so I need to be careful not to go over a reasonable price. The $1000 down investor financing is very attractive. I have some cash and would be willing to joint venture with the right person.

I live in Michigan. Used to live in W. Palm Beach area and vacation down there a couple times a year. Will consider any part of the state.

#3

Re: Florida R.E. Investors – Question - Posted by CarolFL

Posted by CarolFL on May 14, 2000 at 11:32:32:

Like Chris, I live in Central FL, near Lakeland. Our part of the state is very strong on rentals - all price ranges. We have done a number of HUDs and VA’s and while the VA financing is attractive, there are few out there at this time.

The challenge you have is that before you bid on anything, you have to know whether it will support your debt service and the rest, so you need not only the FMV but the rental market info (sorry if I’m begin basic).

Whether they can be bought above or below market is of only some consequence if you intend to hold them as rentals.

IMHO, the best deals these days here are not your va’s and huds … but your walk-away fsbo’s and reo’s. At least there, there is room to negotiate!

Good luck and if we can be of any assistance in our corner of the world, feel free to email.
Carol

#4

Re: Florida R.E. Investors – Question - Posted by Chris Lund

Posted by Chris Lund on May 11, 2000 at 11:57:00:

I OWN THREE SFR RENTAL PROPERTIES IN LAKELAND, FLORIDA, THOUGH I HAVE OWNED THEM ALL FOR LESS THAN TWO YEARS. I AM ALWAYS LOOKING FOR GOOD DEALS, AND TRY TO JUMP WHEN I FIND WHAT I AM LOOKING FOR. I HAVE LOOKED AT VA/FHA HOMES SEVERAL TIMES, BUT THEY RARELY SEEM TO SELL BELOW MARKET VALUE. I KIND OF ENJOY THE SIMPLICITY OF INVESTING SOLO, BUT HAVE NOT RULED OUT PARTNERING UP TO BE ABLE TO DO BIGGER DEALS. WHAT PRICE RANGE ARE YOU LOOKING AT? ALSO, I USUALLY PUT THE FULL 20% DOWN AND DO CONVENTIONAL PURCHASES BECAUSE I FEEL MORE SECURE THAT WAY. E-MAIL ME AT CHRISL@MUTUALWHOLESALE.COM IF YOU WANT TO TALK MORE.