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Old 08-13-2008, 02:55 PM
 
2,141 posts, read 6,426,698 times
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Quote:
Originally Posted by jimandjoann View Post
We bought a house in CC in April and have it leased for one year already. We live out of state. The tenants went through a criminal and credit background check. Will be purchasing up to 8 more houses over the next 1-2 years. I don't see how you can go wrong at these prices: buy a duplex and rehab it for $100,000... insurance will run about $1400, taxes about $1,800 ... rent each side for $625 and you've got $11,800 positive cash flow ... try finding a corporate bond that will pay you 11.8% and possibly appreciate in value over time. Yeah!
Best of luck to you ! I just find it so nice that you want to share you good fortune with the rest of us.

Last edited by firemed; 08-13-2008 at 03:29 PM..
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Old 08-13-2008, 04:58 PM
 
Location: Land of Free Johnson-Weld-2016
6,473 posts, read 14,343,926 times
Reputation: 6451
Default Um Yeah Right

I must agree. This sounds very strange. Who would pay 100K to rehab a house in Cape Coral? I have had to give up my dream of buying a house there after visiting, reading this forum and talking with colleagues. It's a lovely area IMO, but there's no industry. That means no jobs. The most I would pay for a house there is 30k, but most prices haven't gotten THAT low yet. I also didn't get the impression that there would ever be enough jobs in the Cape to support the housing stock. Based on what I have seen happen in my relatively short life, it's possible that the housing values could fall WAY below 100k if the area becomes a very low-income area with no job market and high crime.

Where would your rehab money be then?

If you're trying to get some suckers to buy homes, you may be barking up the wrong forum.
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Old 08-13-2008, 06:06 PM
 
5,969 posts, read 7,994,836 times
Reputation: 1614
Quote:
Originally Posted by kinkytoes View Post
Sigh. I guess I had better listen to the voice or reason. I guess the prices in Cape Coral are so low for a reason. . . Thanks to all of the residents who dissuaded me from wasting my hard-earned cash on a vacation house there. I'm still a little sad. . .
Nothing to be sad about. You will have much better vacations being able to stay all over the state and not being tied down to just one city.
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Old 08-14-2008, 01:19 AM
 
4 posts, read 7,759 times
Reputation: 12
Default Kinky toes

You caught me! I'm really trying to offload my house and hope that I can sucker someone into buying here, as there would be a 1:11,500 chance that my house is the one they would buy! Not! For the fellow who posted this original topic in the first place ... do your own research, and don't let some down and out locals make the decision for you. I don't know where you live, but in my opinion, if someone could buy a house for $75,000 - they don't need a high household income to make it. I don't think anyone living in Cape Coral anymore expects to get rich. Most people live there because they love the weather, beaches, and boating lifestyle. I'm investing everything i've got in this area, and I believe that I will do extremely well in the long run. I'm not the only one. The uniqueness of the canal system ensures that Cape Coral will come back. Best of luck to you.
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Old 08-14-2008, 07:07 AM
 
Location: North Central Florida
5,409 posts, read 6,434,721 times
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Quote:
Originally Posted by jimandjoann View Post
do your own research, and don't let some down and out locals make the decision for you. Most people live there because they love the weather, beaches, and boating lifestyle. I'm investing everything i've got in this area, and I believe that I will do extremely well in the long run. I'm not the only one. The uniqueness of the canal system ensures that Cape Coral will come back.
I agree, RESEARCH is important. But to ignore the info because it comes from some "down and out locals" might be a little arrogant.

Indeed the weather, beaches and boating lifestyle is what attracts many people here, but those things fall into the category of "WANTS". You still need to have shelter, and feed yourself once you get here. Those fall into the category of "NEEDS". And those "WANTS" become rather unimportant when you cant meet, or are constantly struggling to meet, those most basic of "NEEDS".

You see, it's my belief, that many of the "down and out" locals are those that were lured here, by an overzealous "commerce machine" using the "wants", and knowing they couldnt deliver the "needs". Simply because the "means"(for the most part) were never there, are not there now, and likely wont be for a good long while to come. This is where research comes into play.....Each person needs to be responsible, to figure if it's a place they can be. Does the area have what they "WANT"? Does the area have the "MEANS" (generally speaking, work, a source of income) to allow one to obtain the "NEEDS" that come before you can get(or enjoy) the "WANTS"?...View it as a tripod of sorts, SW FL, and most notably, Cape Coral, even more so than it's neighbor Ft Myers, has one of it's legs kicked out, thats why it's flat on it's face right now.

AS far as investing everything you've got in this area, thats your decision, based on your long term strategies. And your financial means are likely better heeled than the "local down and outers" Welcome, we need the influx of investment cash from outsiders like you, and those other outsiders coming along with you. Along with buying up the housing, you might consider investing in some form of local industry to provide jobs(means) to the population. It would compliment the investment into the housing angle. I'm not picking on outsiders here. The wealth that was here, came here by way of "outsiders", and the area is, and always will be dependant on outsiders to subsidize the standard of living in SW Florida.

AS for the canals, well, yes, they have been an asset, or a scourge, depending on your point of view. Great for the boating community, but a pain in the a** when your trying to get anywhere in your car, which is of course important to everyone, all the time, vs. a little of the time, to the ones that have boats. Then there's the added maintenance of those canals. We have serious water quality concerns all around SW Florida right now, which, like everything else here, seems to be getting worse, before it will get better. Mnay of those canals dont "flow" well, and there are documented cases of people losing their pets (dogs) after they have gone swimming in the canal due to the high level of toxins.

In summing up, SW Florida is a double edged sword. Make damn certain you know which way the sword is swinging, in relation to your personal position, before you sign up for the "lifestyle". Personally, I think it's nowhere near the floor yet. The real crisis is just around the corner. And Cape Coral, much like the rest of the country, will never be the same place it was, again.

Last edited by Compression; 08-14-2008 at 07:18 AM..
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Old 08-14-2008, 04:31 PM
 
Location: Land of Free Johnson-Weld-2016
6,473 posts, read 14,343,926 times
Reputation: 6451
The things I like about Florida (still a lovely state btw) are:
1. Beaches
2. Unspoiled natural areas
3. Cheapness
4. Lush Tropical Flora
5. Safe Vacation Fun

Additionally, even though I wanted to buy a house for my family to vacation in for generations to come, I also would like to be able to rent the place if push comes to shove. As many people know, push can come to shove when least expected. So, it would be nice if there were jobs nearby. I know lots of investors have made tons of $$ on housing subsidies, but that's not really my cup of tea. I'm actually just waiting for the day when the government cuts those subsidies and these guys are left with undesirable real-estate and "renters" who can still only afford to pay 1/10 of the rent.

So, back to my list: Beaches. CC is at least a 30 minute drive from the beach, and I understand that when the spring breakers etc. come, it's very hard for residents to get to the beach.

Lovely Tropical Nature? Then the area is not unspoiled. There are tract houses on the enormous grid that is CC. The houses are new and many are nice, but they're really close together and most of the new ones have no landscaping. I was pretty excited about planting my own tropical jungle, but would my neighbors follow suit? Maybe they can't even afford plants. . .

Then when it comes to cheapness, the houses are not cheap enough based on what I have seen, read and heard about the overabundance of housing stock, move to low-income rentals and lack of decent jobs. I would be okay living in a place with a bad economy, but if so, then I would like to have a couple of acres of land, not a 1/4 acre lot.

The first guy was mentioning section 8 tenants. We have section 8 in my state, too. I also have colleagues and relatives who have rented to section 8 tenants, and I have seen section 8 tenants in rent court since I have rental property as well. I would not want to live near a section 8 tenant, nor would I want to rent to one. I would definitely not choose to vacation with my kids in a very poor underprivileged area. At least, not in the US. Access to guns in the US is too easy. Poor people in other countries tend to be less dangerous.

The police also unfairly target people in poor neighborhoods, and I don't want any part of that. What if we're on vacation and we decide to sip pina colada's and light up a couple of joints. It sounds like the overzealous CC fuzz would be on us like white on rice. Not that I smoke weed, since I can't in my line of work, but what if I got a new job? CC seems the opposite of laid back, relaxed and fun.

My other worry is that apparently Cape Coral is only livable and "dry" because of some engineering feat with canals(?) How well do those things work? What if there is a natural disaster that leads to flooding or severe housing damage because of the engineering of these canals?

I just don't have the money to gamble with. I have seen people get burned (even up here) and I prefer to try to remain solvent. Apparently you are free from these constraints, so good luck to ya.
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Old 08-15-2008, 03:30 AM
 
611 posts, read 1,823,713 times
Reputation: 229
Quote:
Originally Posted by jimandjoann View Post
We bought a house in CC in April and have it leased for one year already. We live out of state. The tenants went through a criminal and credit background check. Will be purchasing up to 8 more houses over the next 1-2 years. I don't see how you can go wrong at these prices: buy a duplex and rehab it for $100,000... insurance will run about $1400, taxes about $1,800 ... rent each side for $625 and you've got $11,800 positive cash flow ... try finding a corporate bond that will pay you 11.8% and possibly appreciate in value over time. Yeah!
So, so easy. No vacancies, no repairs, no deadbeat renters living for free until they're evicted, no hurricanes trippling your insurance costs, no floods, no rising prperty taxes for non-homesteader and on top of that falling value of the property. You can't lose.

Last edited by markas214; 08-15-2008 at 03:58 AM..
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Old 08-15-2008, 03:54 AM
 
611 posts, read 1,823,713 times
Reputation: 229
Quote:
Originally Posted by yachtcare View Post

AS for the canals, well, yes, they have been an asset, or a scourge, depending on your point of view. Great for the boating community, but a pain in the a** when your trying to get anywhere in your car, which is of course important to everyone, all the time, vs. a little of the time, to the ones that have boats. Then there's the added maintenance of those canals. .
As a former boat owner I can tell you that boats burn a lot of gasoline or deisel fuel. The higher prices of fuel make an already expensive hobby unaffordable to many. When gas was under $2/gallon I could easily burn over $75 a day the gas towing with my hemi Durango. Now... Let's just say I have no regrets selling my boat and the Durango.

Last edited by markas214; 08-15-2008 at 04:09 AM..
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Old 08-15-2008, 11:16 AM
 
14 posts, read 36,876 times
Reputation: 10
OK let me answer this question here . I DO live in the cape and i DO know the stats. First of all i checked on many many homes...For a decent home you are looking at $170,00 on up . We are talking with a pool of course and a nice area~ #2 I have rented in the cape and the rent is a wee bit cheaper than for example chicago where i lived for 36 years. Example i had a 3 bedroom 2 bath home in chicago suburbs which are more pricey for $1500. Here i rented a home in SW cape coral 3 bdrm 2 bath WITH POOL on CANAL for $1200 . Then again u must add on your pool service as a monthly requirement. Which can run about $55 a month. ALSO i know they sell land for $30 k in most areas or cheaper and $50k plus if u want to be on the canal. So if u are saying u are buying 2 homes for 60k they must be quick sale foreclosures and quite small, and not in a prime location. So really all in all its justified...On the other hand there are great deals ...The same person i rented from had another home a bit smaller, a little older for $875/month. So it really depends . If its cheaper than than u may want to question the area or wonder if the home has trouble (leaks, assoc fees etc.)
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Old 08-15-2008, 11:29 AM
 
14 posts, read 36,876 times
Reputation: 10
Well i gotta laugh i can see where some posts here are saying the job market is this and that ..Well I'll tell ya what im retired and i live in the cape and i have a EXCELLENT lifestyle in a mediun household. There are jobs as we speak in the cape coral government to be had 5 i saw yesterday morning. lol Thats if i was to work . The FT MEYERS airport has TONS of job openings, i was there 3 weeks ago! I keep seeing adds in the paper for help wanted. Now if u are looking for some corporate position with great pay u may want to check on monster.com or the surrounding areas. Unless u are a developer ,real estate agent, landscaper, pool maintenance and or cleaning business. Those to me are the best jobs here. They are thriving. There is also a big rush of Europeans moving to Cape Coral, not renting but LIVING. So we shall see how the future pans out
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