[Neosec]

Thanks for all the info! I was figuring on a short term bank loan. That would give me time to make repairs so I could roll it to a conventional loan.

After doing some research here I'm discovering other issues too. Such as the changes to the flood maps and the 50% limit to improvements. No doubt these types of homes are the ones that are $25k... a tear down since you can't legally fix them.

That said you can get something nice but be forewarned no places are considered nice neighborhoods or safe unless your behind a gated community with rules and regulations

Is the crime really that bad? I am concerned a bit about leaving the property vacant for a few months at a time, but there must be thousands of snowbirds doing it. With monitored alarm and a property management company to watch it I would think the risk could be greatly reduced. Also as a part time residence there wouldn't be much to steal... no TV for me, it was destroying my brain.

I may have to abandon the whole idea or cough up HOA fees.

[beachmouse]

The 'you must buy in a gated community because of crime' attitude is quite silly, IMO. Plenty of us prefer to not get that kind of third world housing vibe, and live in ungated areas on *gasp* public streets where the only crime you get is the occasional 'item stolen out of unlocked car parked in driveway', which is a crime of opportunity that stupid teenagers do in a lot of places. And plenty of guard gated communities have problems of their own.

The key is to not impulse buy a property and really learn about a neighborhood and make reasonable guesses about neighborhood trends before putting your own skin in the game.

[SoFLGal]

I was born and raised in the Sarasota county(North Port area)/Charlotte area. That's totally doable depending on what you need and expect. The home would probably be built in the 1950's-1980's, be smaller but there are still things out there, if you know where to look.

I just listed a bank owned home in Osprey, great neighborhood for just under $100K. It's pending now and had several offers. You just have to be ready to move when something comes up.

You're not going to find much in Sarasota, Osprey, Nokomis or Venice.

[projectmaximus]

Don't know about Sarasota but Jacksonville is doable.

As for the 50% rule I think you can finagle your way around that or spread the improvements out over several years.

[Neosec]

Originally Posted by projectmaximus

Don't know about Sarasota but Jacksonville is doable.

As for the 50% rule I think you can finagle your way around that or spread the improvements out over several years.

Yea, I kinda wondered about the 50% rule...
If I spent 50% painting/fixing the outside then the assessment could double allowing for more repairs. Rinse and repeat.

I'll have to have a look around and see what fits me. I won't be jumping into anything too quick.

[kassie99]

You aren't going to find anything like that in Sarasota. Try Venice or Nokomis.

[Neosec]

Update:

Well, I drove down to the Sarasota area to have a look around...
I am enjoying the warm weather but not the real estate market so much. As several of you stated, I found Sarasota to be too expensive. North Port seemed a bit too, um, well, not to my liking. Too many pawn shops and tattoo parlors. I found myself in Port Charlotte and got a stack of printouts from a realtor to go look at. A few were Fannie Mae Homepath properties. It was obvious that Fannie Mae had no idea what they were listing... Water damage, plumbing and electric missing or broken, and listed at a price of a home in good shape.

Once I started adding up the costs of maintaining a house in Florida while I went back up north, (lawn care, utilities, taxes, someone to watch over it, pool care if needed, etc.) the whole idea got to be a bit more expensive than I wanted to pay for.

Guess I need to save my pennies for another decade or so. Maybe I'll get lucky and there will be another housing market fade.

[beachmouse]

Thanks for the update.

And yeah, best to hold off until it makes more sense for you.