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Old 01-06-2010, 01:12 AM
 
Location: Punta Gorda
179 posts, read 390,506 times
Reputation: 83

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Just so you understand where I come from: According to nationmaster.com our most beautiful country South Africa ranks no.1 IN THE WORLD with Murder, no.1 in Gun Violence, no.1 in Assualts, no.2 in Rape (we were no.1) and too many other 2nd's to mention.

I had a burglar in my garden a week ago, and staff who have been raped and property stolen, family murdered etc. in the last 12 monts.

So, as much as I would like to go to Miami South for fun, 'gimme it' has convinced me not to buy there. I've also taken note of 'Guardian o/t Gulf's' comment, but...
I'M SURE THERE MUST BE PLACES IN SWF THAT FITS MY NEED. PLEASE BE SO KIND TO ASSIST ME IS POSSIBLE.
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Old 01-06-2010, 07:20 AM
 
14,641 posts, read 29,634,341 times
Reputation: 17186
I think you can't go wrong with Siesta Key. Not much crime there, and it's absolutely beautiful. It will be expensive, though.
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Old 01-06-2010, 07:37 AM
 
Location: West Coast of Florida
1,439 posts, read 2,399,099 times
Reputation: 2160
Quote:
Originally Posted by gypsychic View Post
I think you can't go wrong with Siesta Key. Not much crime there, and it's absolutely beautiful. It will be expensive, though.
Siesta Key is a great area, not a ton of young people. It's not a big spring break area. But I don't think that really matters to the OP.

I think bottom line for the OP is profit, judging by his previous posts. (Thanks Dreamy)

I think he wants to buy in low and flip it for profit. Maybe a property with a "twist"?

He's a foreign "investor".

Correct me if I'm wrong.

BTW...caps lock is the equivalent to yelling...and I'm sure there will be a realtor to come along shortly to help you in your quest for easy money.

Last edited by Col.W.Deering; 01-06-2010 at 07:55 AM..
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Old 01-06-2010, 08:07 AM
 
14,641 posts, read 29,634,341 times
Reputation: 17186
Quote:
Originally Posted by Col.W.Deering View Post
Siesta Key is a great area, not a ton of young people. It's not a big spring break area. But I don't think that really matters to the OP.

I think bottom line for the OP is profit, judging by his previous posts. (Thanks Dreamy)

I think he wants to buy in low and flip it for profit. Maybe a property with a "twist"?

He's a foreign "investor".

Correct me if I'm wrong.

BTW...caps lock is the equivalent to yelling...and I'm sure there will be a realtor to come along shortly to help you in your quest for easy money.
Well, his original post said he was looking for a place for 3 months out of the year for himself, and mentioned So Fla. and/or Siesta, which he liked a lot.

If he is looking to "flip", then no, not the place. But I answered Siesta, since that was one of the places mentioned, and definitely less crime than Miami.
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Old 01-06-2010, 08:21 AM
 
Location: West Coast of Florida
1,439 posts, read 2,399,099 times
Reputation: 2160
Quote:
Originally Posted by gypsychic View Post
Well, his original post said he was looking for a place for 3 months out of the year for himself, and mentioned So Fla. and/or Siesta, which he liked a lot.

If he is looking to "flip", then no, not the place. But I answered Siesta, since that was one of the places mentioned, and definitely less crime than Miami.
By reading his previous posts, I think he already bought a place in Punta Gorda as his staging area.

Oh I agree with you, Siesta Key is beautiful, and much safer than Miami, (although Miami Beach is quite safe).

And from reading some more previous posts, I think he is already in touch with the thread realtor SoFLGal. I'm sure she will provide him some key "investment" information and steer him in the right direction.
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Old 01-06-2010, 08:28 AM
 
Location: Palm Island and North Port
7,484 posts, read 19,336,754 times
Reputation: 2780
I think I remember you from over on the Cape board. Don't you own a condo in Punta Gorda? Anyway, it sounds like you would be happiest in Sarasota where you could travel up to Tampa for more shopping, etc. Maybe Siesta but it's pretty sleepy compared to some of the other areas you mentioned. You might take a liking to the downtown Sarasota area. That's my only idea around here.

Now if you're looking on the investment front. There's a lot more to it than just simply buying and reselling. There are many new laws in effect that force you to hold properties for certain amounts of time-90, 180 days and longer. You can purchase it but a potential buyer can not repurchase it with a mortgage until these time limits have expired. One loan that I believe will still allow "flipping" is a USDA loan. With this loan the city must qualify as a rural area and there are income requirements. For instance, North Port qualifies. Which is where I would probably recommend looking if you were going to go that route.

The other issue is that while you're holding the property the market is continuing to decline, thus eat into your profit margin. Not trying to discourage you...trying to keep you up to date.
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Old 01-06-2010, 08:34 AM
 
Location: West Coast of Florida
1,439 posts, read 2,399,099 times
Reputation: 2160
Quote:
Originally Posted by SoFLGal View Post
I think I remember you from over on the Cape board. Don't you own a condo in Punta Gorda? Anyway, it sounds like you would be happiest in Sarasota where you could travel up to Tampa for more shopping, etc. Maybe Siesta but it's pretty sleepy compared to some of the other areas you mentioned. You might take a liking to the downtown Sarasota area. That's my only idea around here.

Now if you're looking on the investment front. There's a lot more to it than just simply buying and reselling. There are many new laws in effect that force you to hold properties for certain amounts of time-90, 180 days and longer. You can purchase it but a potential buyer can not repurchase it with a mortgage until these time limits have expired. One loan that I believe will still allow "flipping" is a USDA loan. With this loan the city must qualify as a rural area and there are income requirements. For instance, North Port qualifies. Which is where I would probably recommend looking if you were going to go that route.

The other issue is that while you're holding the property the market is continuing to decline, thus eat into your profit margin. Not trying to discourage you...trying to keep you up to date.
Great information SoFLGal. Btw, don't your floppers get around the time caps, by making these properties rentals? Rent the house for one year, continue making profit to some extent, and then sell it the nextyear?
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Old 01-06-2010, 08:54 AM
 
Location: Punta Gorda
179 posts, read 390,506 times
Reputation: 83
Thanks for all the input. My previous posts may cause some confusion. Although I am always looking for investment property, properties with a twist etc., I'm also looking for a property as described here. I'm planning on selling some property in South Africa and buying in Florida for obvious reasons (previous post). The PG condo is my base from where I do research and visit places before making important decisions.

SoFLGal, do you operate in Sarasota too? I'm going to email you my email address...
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Old 01-06-2010, 08:58 AM
 
Location: Palm Island and North Port
7,484 posts, read 19,336,754 times
Reputation: 2780
Quote:
Originally Posted by Col.W.Deering View Post
Great information SoFLGal. Btw, don't your floppers get around the time caps, by making these properties rentals? Rent the house for one year, continue making profit to some extent, and then sell it the nextyear?
Yeah you could do that but there are a lot of rentals out there so you would have the initial money invested and then if the renter trashed it, you would have that money as well. It's really hard to cash flow a regular house right now because the rents are so low. Most of my investors are leaning toward the multi family properties due to the decreased maintenance costs, etc. i.e. 1 roof, 1 lawn to mow, etc and two or more incomes. You can usually pick them up for at or less than many homes are selling for. Right now though, if they (the multifamily properties) make it on the MLS there's a flock of investors there to snatch them up and in many cases over bid.
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Old 01-06-2010, 09:03 AM
 
Location: Palm Island and North Port
7,484 posts, read 19,336,754 times
Reputation: 2780
Quote:
Originally Posted by vegasboy View Post
Thanks for all the input. My previous posts may cause some confusion. Although I am always looking for investment property, properties with a twist etc., I'm also looking for a property as described here. I'm planning on selling some property in South Africa and buying in Florida for obvious reasons (previous post). The PG condo is my base from where I do research and visit places before making important decisions.

SoFLGal, do you operate in Sarasota too? I'm going to email you my email address...
OK, I gotcha. It was a bit confusing. My "territory" is from Punta Gorda (southern Charlotte county) to the Sarasota/Bradenton line. I've lived almost every town within that territory so I'm pretty comfortable with most communities. I have other people on my team that service other areas but I only personally do that area.
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