Category: Flipping Properties

Off Market Investment Properties – September 18, 2017

My partners and I have access to off-market Properties from one of the largest Financial Lenders in the United States.  Their Asset Manager will supply us with lists of Residential and Commercial properties 7 days before they are distributed to local asset managers for public listings.

I know 7 days is a short period but we have already sold dozens of these properties in our first run tests.  Seven days lead for off-market properties is better than zero-day leads.  Plus, you can add additional time by submitting your Letter of Intent.

Our information:

  1.  Get on our mailing list by emailing InvestSWFL@gmail.com.  Subject: Off Market Property.
  2. The list will be emailed to you the morning the list is generated.
  3. Prices on the list are Reserve Prices the Funders will take.  Very rarely is the price discounted.  Sometimes, we can get a discount for package purchase.

 

Procedure:

  1.  Submit Letter of Intent (LOI) listing offer, specific property address, 7 day inspection period and any conditions.
  2. Include an additional 4% of Purchase Price as Buyer Premium
  3. Principals Only – if represented by Real Estate Agent, Buyer pays their commission.
  4. Email offer to InvestSWFL@gmail.com.
  5. Treat offer as if in a Multiple Offer situation.  Submit “As-Is offer, Highest and Best”
  6. Reminder: LOI is NOT a contract but a negotiation tool showing your interest in a property.

 

Currently, most of the properties are in Florida.  We have both residential and commercial properties.  If you have interests in another State, send me a specific property type, a price range and locations of interest.

Previous list example:

The first price is the Bank Price. Next is After Repair Value. i.e. $320,000 is the price from Bank and this property is valued at $400,000 after repairs completed.  Other information will be in the comments column.

Tampa FL 33609 5 2 2111 $ 320,000.00 $ 400,000.00 Vacant
Tampa FL 33604 3 2 772 $ 55,000.00 $ 75,000.00 $ 800.00
Tampa FL 33610 4 3 2413 $ 73,000.00 $ 175,000.00 Vacant
St Pete FL 33713 2 1 788 $ 80,000.00 $ 150,000.00 Vacant
Tampa FL 33612 4 2 1404 $ 75,000.00 $ 145,000.00 Vacant
Tampa FL 33614 1 1 684 $ 48,000.00 $ 62,000.00 Vacant
Temple Terrace FL 33617 3 2 1776 $ 120,000.00 $ 200,000.00 Vacant
Tampa FL 33604 4 2 2268 $ 59,000.00 $ 120,000.00
Tampa FL 33604 2 2 1540 $ 79,000.00 $ 125,000.00 Vacant
St Pete FL 33705 3 2 1896 $ 195,000.00 $ 320,000.00 Vacant
Brandon FL 33511 3 1 1232 $ 160,000.00 $ 360,000.00 Vacant
Clearwater FL 33756 4 3 2459 $230, 000 $ 400,000.00
Bellair Bluffs FL 33770 4 2 1800 $ 185,000.00 $ 2,400.00
Tampa FL 33603 4 3.5 1566 $230,000 $ 350,000.00 $ 2,300.00
Tampa FL 33603 3 1 1374 $ 225,000.00 $ 300,000.00 $ 2,000.00
Temple Terrace FL 33617 2 3 2562 $ 175,000.00 $ 300,000.00
Lighthouse FL 33064 5 4 4071 $ 1,150,000.00 $ 1,450,000.00
Lighthouse FL 33064 3 2 3475 $ 1,275,000.00 $ 1,650,000.00

Email InvestSWFL@gmail.com or text 239-770-6250 to get on the mailing list or for more info.

 

Mike Cathell,
Broker Associate, Investment Property Consultant

Records Results Real Estate

Cell:  (239) 770-6250   Fax:  (239) 288-2505

Email:  InvestSWFL@gmail.com

 
#Florida Real Estate     #Cape Coral Real Estate    #Fort Myers Real Estate
#Real Estate Investing   #Property Investments   #Wholesale Properties
#Wholesale Florida Properties  #Commercial Real Estate Funding

 

 

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REO – Complicated Real Estate Deals?

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According to Wikipedia:

“Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.”

The biggest misconception about REO properties is the properties can be purchased for large discounts below Market Value.  When REO properties are priced, the financial institution is not pricing according to market prices.  Instead the price is a combination of what the Bank is owed, late fees, attorney fees, costs of some repairs, auction costs and costs to get the property listed.

I am not saying great deals cannot be found but I am saying this market is not for everyone.  The two most important requirements for Investors interested in this market are Research and the ability to Negotiate.  This is usually a Team effort with the assistance of a Real Estate agent, a contractor and sometimes, a Real Estate Attorney.

Offers need a Letter of Intent (LOI) to be the front page of the offer.  The LOI explains the Investor’s reason for the purchase price being offered.  Discounts can usually be negotiated based on the condition of the property.  A detailed list is a necessary part of this part of the offer.  The repairs must be seen as “reasonable” by the Bank.  For example, putting granite counter-tops in the kitchen of a $100,000 house is not reasonable or necessary.

Experienced Real Estate Agents can greatly assist in assembling the paperwork needed including a Letter of Intent.  Find agents experienced in REO transactions.  The same way that not every Investor should be working with REO’s, neither should every Real Estate Agent.  Again, their most important skill is the ability to negotiate.

Our group has assembled a team of Real Estate Agents, contractors, negotiators and a Real Estate Attorney to help wade through these very “muddy” waters of Real Estate Investing.  Call us to purchase Real Estate Owned Investment Properties (REO).  We will also be publishing lists of REO properties 24 hours before they are publicly released by the financial organizations.  Email InvestSWFL@gmail.com with REO List in the email subject line.  Include your name, email, phone number, price range and type of property to get details emailed as we receive them.

Good Investing!

Mike Cathell,
Broker/Owner, Investment Property Consultant

Real Estate Services of SWFL, LLC
Real Estate Services of Citrus County, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com
 
#Florida Real Estate     #Cape Coral Real Estate    #Fort Myers Real Estate
#Real Estate Investing   #Property Investments   #Wholesale Properties
#Wholesale Florida Properties  #Commercial Real Estate Funding

Real Estate Smiles – April 22, 2017

Free Range on Gocomics.com:

 

Mike Cathell,
Broker/Owner, Investment Property Consultant

Real Estate Services of SWFL, LLC
Real Estate Services of Citrus County, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com
 
#Florida Real Estate     #Cape Coral Real Estate    #Fort Myers Real Estate
#Real Estate Investing   #Property Investments   #Wholesale Properties
#Wholesale Florida Properties  #Commercial Real Estate Funding

Huge Price Drop – Commercial Property Investment

HUGE price drop on this off-market deal in Jacksonville– Need to sell it fast!

Buy it now at a 12% CAP and start collecting cash flow immediately, make some cosmetic improvements, increase rents and hold or sell it at about 8% cap for a nice profit!

Cash offers only please.

DESCRIPTION:
24 units, 2 two-story buildings on East side of Jacksonville (a B location)
Solid CBS construction with flat shingle roof
Below market rents
All units are 1 bed, 1 bath.
95% occupancy
Guaranteed Income via HUD-VASH Program for most tenants
Laundry room additional income
Units independently metered
Located in desirable South Riverside area near desirable San Marco area in Jacksonville, FL Needs TLC

Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
No. of Buildings: 2
No. of Stories: 2
Year Built : 1964
Building Size: 17,575 SF
Construction: CBS

Unit Mix
One-bedroom, One bath: 24 Units
Occupancy: 95%

Actual NOI: $86,952

NEW Purchase Price: $725,000 NET (was $760,000)
Low Price per Unit: $30,208
Cap Rate: 12%

TERMS:

Must be ready to close Fast!
Cash Offers only
10% Earnest money
7 day inspection period max.
Possible Seller Financing
____________________________________________________________

For more information:

Mike Cathell,
Broker/Owner, Investment Property Consultant

Real Estate Services of SWFL, LLC
Real Estate Services of Citrus County, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com
 

 

#Commercial Property  #Commercial Property Investment  #Multifamily Investment

#Multi-family investment  #income producing property

Foreclosure Increase Leads to Rise in Vacant Bank REO

Recent article posted by Jacob Passy on September 9, 2016  on National Mortgage News website:

The percentage of vacant bank-owned properties is larger now versus a year ago as banks are completing more foreclosures, according to Attom Data Solutions.

Overall there are fewer abandoned properties, as roughly 1.4 million, or 1.6% of all residential properties, were vacant at the end of the third quarter, RealtyTrac’s parent company Attom reported in its U.S. Residential Property Vacancy and Zombie Foreclosure Report Thursday. That figure is down 3% from the previous quarter and down 9% year-over-year.

Similarly, the number of zombie foreclosures fell 9% from the third quarter of 2015 to 18,304. As a share of the total properties in the foreclosure process, 4.7% were vacant.

But as the number of real estate owned properties has grown, it has led to an increase in bank-owned vacant homes. Attom found that there were 46,604 vacant bank-owned residential properties at the end of the third quarter, which represents an increase of 7% from the previous quarter and up 67% from 2015.

This vacancy situation is the result of a seller’s market that has motivated lenders to complete foreclosures on vacant properties, according to Attom Data Solutions Senior Vice President Daren Blomquist.

“While that has reduced the number of vacant properties in the foreclosure process — so-called zombie foreclosures — it has also resulted in a corresponding rise in the number of vacant bank-owned homes,” Blomquist said in a news release.

“Assuming that the foreclosing lenders are maintaining these properties and paying the property taxes, they pose less of a threat to neighborhood quality than zombie foreclosures, but they still represent latent inventory in an inventory-starved housing market.”

 

Posted here by:

Mike Cathell,
Broker/Owner, Investment Property Consultant

Real Estate Services of SWFL, LLC
Real Estate Services of Citrus County, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com
 
Real Estate Services of SWFL, LLC
#Florida Real Estate     #Cape Coral Real Estate    #Fort Myers Real Estate
#Real Estate Investing   #Property Investments   #Wholesale Properties
#Wholesale Florida Properties  #Commercial Real Estate Funding

 

 

 

 

 

Real Estate Investment – Coral Springs, Florida

SOLD

12468 NW 19th Pl Coral Springs, FL 33071

Beautiful custom built Mediterranean style home in the Greens of Eagle Trace subdivision. Built in 1997, this home is located on a cul de sac and offers 6 bed, 5.5 baths with 4793 square feet of living space, and an attached 3 car garage. The curb appeal is breathtaking as you pull into the circle driveway with the palm trees and grand columns. Step into the foyer with tall ceilings and hardwood floors for a dramatic entrance. The rest of the home is a mix of ceramic tile and wood floors. There is a white stone floor to ceiling fireplace off the kitchen. The kitchen is huge, ample storage, prep space, and plenty of room for everyone to gather around the center island or at the breakfast bar. The home has lots of windows allowing for tons of natural light. Off the living room and some bedrooms is access to the screened in back patio. In the backyard, you will find an in-ground pool perfect for those Florida summers.

Features

  • 6 Beds
  • 1 Half Bath
  • 5 Full Baths
  • Size: 5,087 Sq. Ft.
  • Other
  • Built in 1996
  • County: BROWARD
  • Subdivision: GREENS OF EAGLE TRACE
  • 1 Floor
  • Lot size: 17,797 Sq. Ft.
  • HOA Dues: $200 / MONTHLY
  • Fireplaces: 1
  • Deck/Patio
  • Backyard
  • Garage
  • Swimming Pool

Asking Price:  $655,000

We obtain these properties through auction.  Buyer needs to close within 15 days.  Contact through email at InvestSWFL@gmail.com.  Put property address in email subject line.

Following property fees apply:

Buyer’s Premium: The greater of $625 or 4.5% of contract amount
BUYER Pays at Close
Technology Fee/Administrative Fee : $399
BUYER Pays at Close
Earnest Money : Lesser of $15,000 or 3.0% of the purchase amount.  Minimum of $1000.
BUYER Pays at Contract Approval

12468 Nw 19th Pl, Coral Springs, FL 33071

Real Estate Investment – Cormorant Cove Naples, FL

SOLD – 506 Cormorant Cove, Naples, FL 34113

Features

  • 3 Beds
  • 1 Half Bath
  • 2 Full Baths
  • Size: 2,292 Sq. Ft.
  • Single Family
  • Built in 1989
  • County: COLLIER
  • Subdivision: Eagle Creek Country Club
  • 2 Floors
  • Lot size: 9,148 Sq. Ft.
  • HOA Dues: $376 / MONTHLY
  • Deck/Patio
  • Backyard
  • Garage
  • Swimming Pool
  • Air Conditioning
  • Heating

Asking Price:  $315,000

 

We obtain these properties through auction.  Buyer needs to close within 15 days.  Contact through email at InvestSWFL@gmail.com.  Put property address in email subject line.

Following property fees apply:

Buyer’s Premium: The greater of $625 or 4.5% of contract amount
BUYER Pays at Close
Technology Fee/Administrative Fee : $399
BUYER Pays at Close
Earnest Money : Lesser of $15,000 or 3.0% of the purchase amount.  Minimum of $1000.
BUYER Pays at Contract Approval

506 Cormorant Cove, Naples, FL 34113