Poinciana? (Kissimmee, Altamonte Springs, Winter Haven: foreclosures, rent, crime rate)

[EditorJul]

Originally Posted by Fl1150

What a nice house and I bet once some more families realize what a bargain the area is the houses are going to be snatched up left and right.

The big challenge is that most families won't have access to those homes. Your typical family looking to buy a starter home like this isn't coming in with all cash, isn't attending auctions or looking at REOs, doesn't have the experience to buy a foreclosure or a short sale, and so on. These properties are great for investors to buy cheap, jack up the price high, and then drive up the real estate market to the point where it ends up in a bust cycle (at which point they switch it from sale to rental until they can unload it or, if they are a lousy investor, until it gets foreclosed upon). But unless you have inside knowledge and some good connections, you can't just walk in and buy many of these properties.

[BrokerHarry]

Originally Posted by EditorJul

The big challenge is that most families won't have access to those homes. Your typical family looking to buy a starter home like this isn't coming in with all cash, isn't attending auctions or looking at REOs, doesn't have the experience to buy a foreclosure or a short sale, and so on. These properties are great for investors to buy cheap, jack up the price high, and then drive up the real estate market to the point where it ends up in a bust cycle (at which point they switch it from sale to rental until they can unload it or, if they are a lousy investor, until it gets foreclosed upon). But unless you have inside knowledge and some good connections, you can't just walk in and buy many of these properties.

Your opinion is filled with absolutely inaccurate information, Jul.

Just because some investors might pay cash doesn't mean everyone has to.

I have assisted many buyers to obtain FHA-insured loans, with a low 3.5% down payment.

Lower income families seeking a good deal on a starter home, such as those often found in areas like Poinciana, can take advantage of the FHA Streamlined 203K rehab programs to finance renovations:

Welcome to REbuildUSA

The Streamlined 203k program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. This program allows discretionary improvements and/or repairs shown below:

Repair/Replacement of roofs, gutters and downspouts
Repair/Replacement/upgrade of existing HVAC systems
Repair/Replacement/upgrade of plumbing and electrical systems
Repair/Replacement of flooring
Minor remodeling, such as kitchens, which does not involve structural repairs
Painting, both exterior and interior
Weatherization, including storm windows and doors, insulation, weather stripping, etc.
Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
Accessibility improvements for persons with disabilities
Lead-based paint stabilization or abatement of lead-based paint hazards
Repair/replace/add exterior decks, patios, porches
Basement finishing and remodeling, which does not involve structural repairs
Basement waterproofing
Window and door replacements and exterior wall re-siding
Septic system and/or well repair or replacement

[EditorJul]

I didn't say every homebuyer has to have cash in order to get one of those deals, but it is a combination of factors as I listed. (And yes, cash does help get you to the front of the line on the really good deals. I'm sure you agree with that.)

Primarily the main obstacle for a typical buyer of a starter home to obtain these "fire sale" properties is knowledge of how the system works. The typical homebuyer these days is looking over Zillow and Realtor.com, and when they see a house they like, they call up, visit, and then *maybe* get a realtor to get through the process or they drive through the neighborhoods they want to live in looking for for sale signs or open houses on the weekend. As I'm sure you're well aware, the really good deals never make it to those sites and many houses are sold without a for sale sign ever going up in the yard. An "informed" homebuyer may hire a realtor to look for them, but unless they have an awesome realtor who can devote a lot of time to their client, they still are going to miss out on the best deals.

So anyone who thinks they are going to pick up a $250,000 home for $100,000 by driving around and looking for for sale signs will be sorely disappointed, even with the large amount of foreclosure inventory. I'm sure you, as a someone who has those requirements of professional ethics in your field, can agree with that, Harry.

[annerk]

Originally Posted by BrokerHarry

Your opinion is filled with absolutely inaccurate information, Jul.

Just because some investors might pay cash doesn't mean everyone has to.

I have assisted many buyers to obtain FHA-insured loans, with a low 3.5% down payment.

Lower income families seeking a good deal on a starter home, such as those often found in areas like Poinciana, can take advantage of the FHA Streamlined 203K rehab programs to finance renovations:

Welcome to REbuildUSA

The Streamlined 203k program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. This program allows discretionary improvements and/or repairs shown below:

Repair/Replacement of roofs, gutters and downspouts
Repair/Replacement/upgrade of existing HVAC systems
Repair/Replacement/upgrade of plumbing and electrical systems
Repair/Replacement of flooring
Minor remodeling, such as kitchens, which does not involve structural repairs
Painting, both exterior and interior
Weatherization, including storm windows and doors, insulation, weather stripping, etc.
Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
Accessibility improvements for persons with disabilities
Lead-based paint stabilization or abatement of lead-based paint hazards
Repair/replace/add exterior decks, patios, porches
Basement finishing and remodeling, which does not involve structural repairs
Basement waterproofing
Window and door replacements and exterior wall re-siding
Septic system and/or well repair or replacement

Most first time buyers can not afford to pay on a 203K while renting a place to live at the same time. Most of the homes eligible for 203K mortgages are not habitable for several months after closing. You need to stop trying to paint over black with rose, because it doesn't work. I worked in mortgage origination for a decade, I know the way it works, and you aren't fooling anyone with your agenda.

[BrokerHarry]

Originally Posted by annerk

Most first time buyers can not afford to pay on a 203K while renting a place to live at the same time. Most of the homes eligible for 203K mortgages are not habitable for several months after closing. You need to stop trying to paint over black with rose, because it doesn't work. I worked in mortgage origination for a decade, I know the way it works, and you aren't fooling anyone with your agenda.

That is yet another ridiculous & inaccurate statement being passed off as fact.

The Poinciana home I showed was completely rehabbed in two weeks time.

It sat Active on the market for 124 days (MLS listing #S4726916).

Anyone with a vision could have bought it long before I stepped in.

I will help ANY qualified buyer find a similar property in the Kissimmee & Poinciana area (of which there are many), & I do hope you'll refrain from making further negative & highly biased comments about my neighborhood.

[EditorJul]

Originally Posted by BrokerHarry

That is yet another ridiculous & inaccurate statement being passed off as fact.

The Poinciana home I showed was completely rehabbed in two weeks time.

It sat Active on the market for 124 days (MLS listing #S4726916).

Anyone with a vision could have bought it long before I stepped in.

I will help ANY qualified buyer find a similar property in the Kissimmee & Poinciana area (of which there are many), & I do hope you'll refrain from making further negative & highly biased comments about my neighborhood.

Well, doing a little research, I can see why there wasn't too much interest in that property you bought -- the next-door neighbor is listed as a registered sex offender. While there's no guarantee that any house you buy out there won't get unsavory neighbors, if I saw that outright, I wouldn't spend a thought on that property, let alone a dime.

[BrokerHarry]

Originally Posted by EditorJul

Well, doing a little research, I can see why there wasn't too much interest in that property you bought -- the next-door neighbor is listed as a registered sex offender. While there's no guarantee that any house you buy out there won't get unsavory neighbors, if I saw that outright, I wouldn't spend a thought on that property, let alone a dime.

And I found 26 registered offenders in Dr Philips 32819 zip code.

http://www.city-data.com/soz/soz-32819.html

I guess you can find them all over the place.

[EditorJul]

Originally Posted by BrokerHarry

And I found 26 registered offenders in Dr Philips 32819 zip code.

http://www.city-data.com/soz/soz-32819.html

I guess you can find them all over the place.

Certainly you can find them everywhere. But it is a bit awkward when it is the immediate next-door neighbor. I'm sure you disclosed that to your renters, and they either decided that the price was too good to pass up or they don't have kids and thus don't see it as a problem. But it does make it a hard sale to suggest that it is a great environment to raise a family with those kind of issues coupled with higher crime rates and poorer school performance.

Regarding the "Dr. Phillips" zip code you provided, the zip code also contains the area east of I-4 (like Tangelo Park), and so the numbers are a bit skewed, as you can see by looking at the map. A better zip code to represent what most people think of with the heart of Dr. Phillips is 32836. At that point, there's 5 registered sex offenders, and so a ratio of 2838 to 1, which is similar to the numbers you get if you just look at the area west of I-4 in the zip code you provided.

For the *exact* zip code of the house that you mentioned down in Poinciana, the ratio is 565 to 1. When I compare that to the zip code I am in (2720 to 1), and having a minor child, you can see why I wouldn't be eager to jump on a house in that area, regardless of price. I would wager there are other people of similar mindset, and that unfortunately will keep prices lower and hinder development. Will it get better someday? I hope so, because I think it would be a great place to eventually develop. It just isn't there now, and I don't see anything going for it to develop it in the future.

[BrokerHarry]

Originally Posted by EditorJul

Certainly you can find them everywhere. But it is a bit awkward when it is the immediate next-door neighbor. I'm sure you disclosed that to your renters, and they either decided that the price was too good to pass up or they don't have kids and thus don't see it as a problem.

The property address you are referring to is, & has been, abandoned for some time.

But thank you for your concern.

[annerk]

Originally Posted by BrokerHarry

That is yet another ridiculous & inaccurate statement being passed off as fact.

The Poinciana home I showed was completely rehabbed in two weeks time.

It sat Active on the market for 124 days (MLS listing #S4726916).

Anyone with a vision could have bought it long before I stepped in.

I will help ANY qualified buyer find a similar property in the Kissimmee & Poinciana area (of which there are many), & I do hope you'll refrain from making further negative & highly biased comments about my neighborhood.

That was one. ONE. As I said, MOST, which is an accurate figure. YOUR neighborhood is a gated community. That would be like me making a claim and saying ALL of Clermont are large homes that sit on a golf course or lake. So not true and inaccurate that it's pitiful to even consider.