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Old 07-26-2008, 04:56 PM
 
3 posts, read 13,215 times
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Hello,

I was thinking about buying 2 houses in Cape Coral for investment and rent them out. I have been down there and have seen alot of nice 3 bdr 2 bath in NW and SW cape coral. The prices are between 50-60000. They all need a little work paint, carpet, fridge. How is the rental market? Is there alot of section 8? Is anybody on the list doing this with such cheap housing prices? Would like all feedback.

Thanks,
Bryan
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Old 07-26-2008, 05:59 PM
 
Location: North Central Florida
5,409 posts, read 6,436,023 times
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WOW!!! I knew prices were free falling, but $50-60K is shockingly low, even to me.
The rental market is real soft here, as is anything real estate related. But for that kinda price point you may be able to significantly undercut the competition on the monthly rent, and still turn a buck or two......I'd make certain there is nothing physically, or structurally wrong, then go for it. I know brand new houses are being advertised on local radio for $105K, and what you're looking at are likely foreclosures, that have needs. But you can buy alot of refridgerators, hot water tanks, drywall and paint for $30K.
Are these newer three BDR homes, or older two BDR one bath types? Curious.
Not aware of much, if any section 8 in these parts, but it may become a growing trend given the economic conditions.
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Old 07-26-2008, 06:24 PM
 
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The houses are bank owned and short sales. They were built 1998-2002.
I have seen some for 75000-90000 that were built 2003-2006.


Bryan
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Old 07-26-2008, 07:33 PM
 
Location: North Central Florida
5,409 posts, read 6,436,023 times
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IMHO, which is worth what you're paying for it, I dont see how you can go far wrong for that kinda $$. Do your due dilligence, check taxes, insurance. If you can keep your monthly's down low enuf to cover your carry with the rents you can get. Jump on it. Keep in mind, there are NO shortages of rental units here, as a matter of fact, there's a downright glut. Many are unwilling to lower their rent ask, because it wont cover the monthly carry. This is keeping (advertised) rental prices artificially high, and those units empty, and destined for future foreclosure.
Also be aware, in case you werent, figures released today put the current forclosure filings in Lee county at 10,983. The highest in the state of Fl. And the latest forecasts trend toward things getting much worse here, before getting better. I'm sure you know what to do with the info. Beware of any realtor hype, or guff from the banks. Good luck
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Old 07-27-2008, 05:43 AM
 
2,141 posts, read 6,427,279 times
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Quote:
Originally Posted by pbdist View Post
Hello,

I was thinking about buying 2 houses in Cape Coral for investment and rent them out. I have been down there and have seen alot of nice 3 bdr 2 bath in NW and SW cape coral. The prices are between 50-60000. They all need a little work paint, carpet, fridge. How is the rental market? Is there alot of section 8? Is anybody on the list doing this with such cheap housing prices? Would like all feedback.

Thanks,
Bryan
The job market is very slow and that is why the homes are empty and not rented. I don't think inland rental homes are a good investment right now.
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Old 07-27-2008, 08:48 AM
 
Location: where my heart is
5,642 posts, read 8,230,597 times
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Default Not a good time

Quote:
Originally Posted by pbdist View Post
Hello,

I was thinking about buying 2 houses in Cape Coral for investment and rent them out. I have been down there and have seen alot of nice 3 bdr 2 bath in NW and SW cape coral. The prices are between 50-60000. They all need a little work paint, carpet, fridge. How is the rental market? Is there alot of section 8? Is anybody on the list doing this with such cheap housing prices? Would like all feedback.

Thanks,
Bryan
the market is flooded with rentals now, a lot from people who want to sell and can't. We are in that situation.

Two apartments in the condo we own just sold recently after nothing selling for about six months. They sold for $55,000 and $75,000; not foreclosures. These units were built in 1984 and brand new back then sold for $55,000. I don't know who sold or bought them. There are a lot of older people there who were original owners and they could be estate sales, to or from relatives just looking to get rid of them.

This is in Naples, not Cape Coral though.
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Old 07-27-2008, 07:42 PM
 
Location: Land of Free Johnson-Weld-2016
6,473 posts, read 14,346,568 times
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Hi Bryan,

Why not rent to a non-section 8 tenant? IMO, you could really do a lot of damage to the existing neighborhood by being an absentee landlord (I assume you don't live in Cape Coral) and renting to section 8 tenants. That may also be a good way to make sure that the property you bought at 50K is still worth 50K 20 years from now. Just my 2 cents.

Kinky

Quote:
Originally Posted by pbdist View Post
Hello,

I was thinking about buying 2 houses in Cape Coral for investment and rent them out. I have been down there and have seen alot of nice 3 bdr 2 bath in NW and SW cape coral. The prices are between 50-60000. They all need a little work paint, carpet, fridge. How is the rental market? Is there alot of section 8? Is anybody on the list doing this with such cheap housing prices? Would like all feedback.

Thanks,
Bryan
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Old 07-27-2008, 07:57 PM
 
Location: North Central Florida
5,409 posts, read 6,436,023 times
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Quote:
Originally Posted by kinkytoes View Post
Hi Bryan,

Why not rent to a non-section 8 tenant? IMO, you could really do a lot of damage to the existing neighborhood by being an absentee landlord (I assume you don't live in Cape Coral) and renting to section 8 tenants. That may also be a good way to make sure that the property you bought at 50K is still worth 50K 20 years from now. Just my 2 cents.

Kinky
Do you live in the Cape, Kinky?
I didnt take his post to mean he was going to rent to section 8. He just asked a question, is all. With all the vacant homes in the Cape now, the damage has already been done. Overgrown lawns, gone to seed, vacant houses being broken into, and stripped of anything valuable. If things keep going the way they are, nothing will be worth anything in twenty years. If Bryan comes to town, or not.
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Old 07-28-2008, 05:30 AM
 
3 posts, read 13,215 times
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Hello kinytoes,

No I don't live in Cape Coral. I was just asking about Section 8. I have friends in Cape Coral who will watch over the properties. Getting people to buy and maintain the properties and have people living in them is better then it is now. And for your information I have 4 Properties in Tampa that I used to rent to Non Section 8 tenants and 2 of them screwed me. I then rented to section 8 tenants(a mom with 2 children) in both the properties and I have never had any problems with them. They have been living there now 4 years. Oh and the property value since I bought them went from 54000 to 92000.

Bryan
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Old 07-30-2008, 02:40 PM
 
Location: Land of Free Johnson-Weld-2016
6,473 posts, read 14,346,568 times
Reputation: 6451
Is there already a lot of Section 8 in Cape Coral?
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