Is this a good deal - Posted by alvin

Real Estate Investing Vacation Rentals
1

Posted by Natalie-VA on August 02, 2006 at 08:44:21:

Alvin,

I can’t give you good advice since I’m not familiar with the market down there, but there are some things I would question:

  1. The 400k appraisal means nothing if it was done for the developer.

  2. The conversion to a vacation rental with 95% occupancy can’t be guaranteed.

  3. Aren’t there A LOT of vacant condos on the market down there?

–Natalie

2

Is this a good deal - Posted by alvin

Posted by alvin on July 31, 2006 at 15:23:32:

$300k 1+1 waterfront condo conversion in front of Universal Studios in Orlando,FL.
$400k appraisal
$30k for 10% Non owner occupied
$5k to tie up the property
$25k remaining for downpayment.

Developer is offering a 2 year lease back plus 15% cash back 30 days after closing.
$45k cash back

Condo conversion will be rezoned to a vacation/rental to IMG academy soccer players with about 95%+ occupancy rate.

I dont have the 10% down but I’m looking for a money partner to either get a 50/50 equity share after selling or a conservative rate on their money until I can get the cash back from closing.

Title will be held in a land trust and equity partner will be secured with beneficial interest in the trust property.