Florida Real Estate Auction
http://www.condo.com/Auctions/
I just discovered a great new website. This site has info on condos for sale around the country, including auctions.
Check out the auction in Orlando coming up next month. The bank is auctioning off 179 condo units in 3 different complexes around the city. The condos are FHA approved and there is no minimum bid reservation.
Vacation Home or Investment Property in Florida Pays for Itself
Right now there are plenty of opportunities to purchase some deals in the Florida real estate market. One of the best opportunities I have seen on the market lately is an auction on May 16th in Panama City Beach. The auction features 223 1, 2, and 3 bedroom condos and 24 townhomes in a single condo community. The condo fees are reasonable, the properties are practically brand new, and the amenities are great including a huge lagoon style pool, fitness center, parking garage and indoor basketball court.
With so many properties for sale in a single area, let alone a single community means that the properties will sell relatively cheaply. Thus, for very little initial payment you can get a practically maintenancefree vacation property or investment property. Rental rates for the Panama Beach area run around $750 a month for a 2 bedroom unit. Do the math. The condo fees for a 2 bedroom are $175 a month. Say another $150 a month for real estate taxes. This gives you fixed monthly expenses of $325 a month with the potential to earn $400 a month in profit.
With so many units being auctioned at once, I would doubt that the units will sell for more than $30,000 each. Even that seems a bit high. At an auction I attended in Orlando a few weeks ago there were 3 units for sale in the same building. Other people in the building were trying to sell their units, with the eact same floorplan and square footage, for up to $400,000. At the auction, the first property went for around $72,000. The next two were for $65,000. Right now the supply is greater than the demand so the prices are not going to get that high. While that is bad for the banks foreclosing on the properties it is great for the investors looking to purchase. Take the invseting plunge. This is a great market for it.
Investing for Retirement - Real Estate
Real estate prices are falling, stock prices are falling, so where can I put my money? While few people have money to play with these days, it doesn’t take a lot now to have some nice savings later.
Yes, market prices are dropping. While this isn’t a great market for people trying to sell, it is great if you have money to spend and it doesn’t cost as much as you might think.
Real Estate Auctions. If you have some money set aside for a down payment, consider checking out auctions. You can get some excellent deals as long as you have money for the initial payment and can come up with a mortgage or the remaining balance within 30 days of the close of the auction.
http://www.williamsauction.com/ This website has auctions on a monthly basis with some properties starting at $1,000. While the lower end auctions often need rehab work, if you are not interested in rehabbing, there are plenty of other properties in very good condition. Check back every month for the new properties because while there might not be something you are interested in one month, the next month there might be several.
When attending auctions in person or online, you need to first check out the property you are interested in. Look for any repairs that will be needed to modify the property for your needs. If you are going to rent out the property, does it have appliances, are new carpets needed, what repairs are necessary to make it hospitable. You need to take all these costs into consideration when determining how much you are willing to bid on the property. Once you know all these expenses, determine what you are willing to bid and stand firm. In these auction settings it is easy to get caught up in the excitement and desire to win, however, you can’t let that cloud your judgment. Once you have determined what you would like to pay, you should also determine the absolute most you would be willing to pay and still be profitable.
Real estate auctions can be a great way to find a vacation home at a great price or to start developing a few properties to rent out for some extra income.
Going, Going, Gone. House sold for $10,000!
Pinch me, I must be dreaming. A 4 bedroom 2.5 bath home with over 2,000 square feet built in 2006 is going on auction starting at $10,000. This isn’t just a rare deal, there are plenty of others available as well.
In this current market life is pretty tough if you don’t have any savings to fall back on. For those that do have a little cash lying around though, there are plenty of opportunities to invest for retirement. One of the best options that I have seen is the Florida housing market. Yes, house values are falling like crazy in Florida and getting a mortgage is incredibly difficult, however, rental rates have not fallen and people who have been foreclosed on still need a place to live.
The Cape Coral/Fort Myers area has 58 houses and 44 lots going up for auction this month. Many of these homes have never been lived in and the auctions are starting at $10,000 or $25,000 for houses and $1,000 for a lot. With so many homes being auctioned at once and the market already saturated, it is very possible that people will be walking away next weekend with a house for only $10,000 plus closing costs!
A quick check on Craigslist shows that houses in the area are renting for $950 a month for a house or $500 a month for a two bedroom condo. Even if you rent the house out for $500 a month, the potential for future earnings is enormous.
Florida isn’t the only area in the country with some great auctions going on. Check out the following website for more info.
http://www.williamsauction.com/Search/SearchResultsState.aspx?statusid=1&CategoryID=1&p=1.2