Low ball- Property Market and vacation home investment (Boca Raton: to rent, condo)

maxthemax · 02-11-2010, 02:55 PM

Quote:

Originally Posted by annerk

LOL! I don't think the OP is looking for a fixer upper trailer in the middle of east Alabama.

He's looking for vacation property that can be rented out short term, most likely in a resort type area.

At 40k why not. Buy it just in case I want to give up life in the fast lane, smoke weed and shoot beer cans. Good plan B IMO

skylinet · 02-11-2010, 04:10 PM

I'm starting to notice a lot of short sale flipping down here. Where people are doing pretty much exactly what you are talking about.
A lot of buyers don't have the patience to wait for a short sale, so investors are coming in with cash, scooping up a property at a discounted price and then reselling it only a couple months later. The profit margin is not what it was by anymeans, but some of these they aren't putting any work into and still getting a decent return...

007.5 · 02-12-2010, 07:35 AM

Quote:

Originally Posted by annerk

LOL! I don't think the OP is looking for a fixer upper trailer in the middle of east Alabama.

He's looking for vacation property that can be rented out short term, most likely in a resort type area.

LOL ! Why not let the OP decide for himself what he wants instead of deciding for him ? Its not in 'eastern alabama' either ; Im in Florida and this is a Florida Forum .

beachmouse · 02-12-2010, 08:01 AM

Property tax rates are largely set at the city/county level and can vary hugely from place to place. You'll pay 2.5-3.0 times more in parts of the Tampa area than you would in parts of the Panhandle.

Despite 007.5's constant claims of cheap property in the Panhandle where he lives, the Ft. Walton Beach/Destin/Beaches of South Walton area normally has some of the highest selling prices in the state. Median single family existing prices are almost what you'd pay in Miami/Ft. Lauderdale, and twice as expensive as what you'd pay in Ft. Myers, Ocala, and Punta Gorda.

annerk · 02-12-2010, 08:05 AM

Quote:

Originally Posted by 007.5

LOL ! Why not let the OP decide for himself what he wants instead of deciding for him ? Its not in 'eastern alabama' either ; Im in Florida and this is a Florida Forum .

Who's deciding for him?

He wrote in his first post:

From what I see I can get good returns on nice homes with a pool now close to the coast let out short term.

A trailer in the woods in the panhandle isn't a nice home, nor will it have an inground pool, nor is it near the coast. Fail x3.

dave w · 02-12-2010, 08:16 AM

Quote:

Originally Posted by skylinet

I'm starting to notice a lot of short sale flipping down here. Where people are doing pretty much exactly what you are talking about.
A lot of buyers don't have the patience to wait for a short sale, so investors are coming in with cash, scooping up a property at a discounted price and then reselling it only a couple months later. The profit margin is not what it was by anymeans, but some of these they aren't putting any work into and still getting a decent return...

make me understand, your saying SS are flipping but they dont have patience to wait for SS.so investors are paying more for propety with cash and making less money

skylinet · 02-12-2010, 09:23 AM

Quote:

Originally Posted by dave w

make me understand, your saying SS are flipping but they dont have patience to wait for SS.so investors are paying more for propety with cash and making less money

investors are buying short sales low and selling to people that don't want to wait 3-6 months at a higher price.

TampaKaren · 02-12-2010, 10:47 AM

Since FHA lifted the 90-Day seasoning rule, flips are more prevalent.

007.5 · 02-12-2010, 12:04 PM

Quote:

Originally Posted by beachmouse

......

Despite 007.5's constant claims of cheap property in the Panhandle where he lives, the Ft. Walton Beach/Destin/Beaches of South Walton area normally has some of the highest selling prices in the state. Median single family existing prices are almost what you'd pay in Miami/Ft. Lauderdale, and twice as expensive as what you'd pay in Ft. Myers, Ocala, and Punta Gorda.

I was only stating that homes are very cheap in the area that i live in...and I clarified that to be near Crestview, Fl.

maxthemax · 02-12-2010, 12:13 PM