Category: Wholesale 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

 

 

Advertisements

REO – Complicated Real Estate Deals?

155316939

 

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

Off Market Multi-Family Properties

Many of these properties are sold within hours of posting!
REDUCED!!!
 
BUY IT NOW $739,000
 
DEALING DIRECT WITH SELLER
24 Unit Apartment Building

SEBRING, FLORIDA

YOU DON’T HAVE TO SPEND $1.00 IN REHAB

BUY IT AND SIT BACK AND COLLECT RENTS

REDUCED!! NOW ONLY $739,000

24 units building with 100% occupancy. All units have been renovated, title floors, roll roof, central water/sewer. ALL utilities paid by tenants.
*Concrete block construction.
*Prime location.
*Clear title.
*Cash sale.
Bedrooms: 24  l  Bathroom  24  l  Bldg size:11,880 sf
 
_________________________________________________________________________
 
REDUCED
 
BUY IT NOW $920,000
 
BUY  53 UNITS IN 2 BUILDINGS

1050 W. Palm Beach Road South Bay, FL 33493
 
Units renting at $650.00 per month. Do the math!!!
LEASES IN PLACE


 
53 UNITS
CALL FOR ADD’L INFORMATION
NOW REDUCED!!
$920,000
 Only a quick closing will take this deal.
If you are not ready to move as specified please don’t waste your time.
 
SELLER HAS REMODELED APPRX. 20 UNITS
ALL WORK DONE WITH PERMITS
 
RENT ROLLS/ADDITIONAL FINANCIAL INFORMATION AVAILABLE TO QUALIFIED BUYERS
 
 
1050 W Palm Beach Road, South bay, FL 33493
2 Buildings With 54 Units in Total.
 
Building 1 Has 28 Units all 2 Bed 1 Bath, 20 Units are Fully Renovated and Rented at $650 and The Other 8 Units Needs Renovation Completed Estimate $2,000 – $3,000 Per Unit to Finish. Guaranteed you won’t have to spend $3,000 on but a few of these units. 
 
Building 2 Has 27 Units, 26 Units are 1 Bed 1 Bath Efficiency and one 3 Bed 1 Bath Unit. Building 2 needs Full Renovations in Each Unit. Everything Has Been Done With Permits. This Will Generate 10% + Cap Once Renovated.
_________________________________________________________________________________
 
REDUCED!!!
 
BUY IT NOW $995,000
 
1025 13 ST. WEST PALM BEACH, FL.
OFF MARKET
10 TURN KEY UNITS
COMPLETELY REMODELED
TWO 3/1’S & EIGHT 2/1’S
RENTAL INCOME: $11,000 MONTHLY
10%+ CAP RATE
LONG TERM TENANTS
 

Asking:  $995,000 
CALL FOR ADDITIONAL INFORMATION, COMPS & FINANCIALS
         BUY IT, CLOSE IT AND COLLECT $11,000 EACH & EVERY MONTH
 
CALL FOR INFO. & FINANCIALS ON 6 ADD’L WPB MULTI-FAMILIES
                                  ALL OWNED BY THE SAME SELLER
 
______________________________________________________________
REDUCED!!!
 
24 UNITS IN JACKSONVILLE
 
BUY IT NOW $720,000
 

Just wanted to let you know about the 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!

Let me know if there is any serious interest.  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 $860,000)
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
____________________________________________________________________________________

Email:   InvestSWFL@gmail.com FOR OUR LATEST LIST OF OFF MARKET SFH’S & MULTI FAMILY PROPERTIES.  NEW  PROPERTIES ARRIVE DAILY.

How to Evaluate A Real Estate Investment Deal in Cape Coral, Florida

This blog was forwarded to me by one of my Wholesale Property Investors, Brandon Mitchell from his Investor Carrot web site.  Timeless information for anyone interested in Investing in Real Estate.  Thanks Brandon:

We talk with lots of people looking to buy real estate investment properties in Cape Coral and surrounding areas. Some of them know what they’re doing… and some of them are still in the learning process.

But, since our entire business is finding great deals… and often passing those deals onto real estate investors like you at huge discounts… I thought it would be a great idea to share with you some resources on how to effectively evaluate a real estate investment deal. This works in any market… Cape Coral, surrounding areas, florida, any other states across the country.

When you really boil it down… evaluating a real estate deal is a pretty simple process. If you’re looking to buy real estate as an investment, wholesale properties, hold them for rent… whatever, one of the most important parts is buying it right (i.e. – not overpaying).

So lets dive in.

How To Evaluate A Real Estate Deal – (for single family houses)

There are just a few main elements when you’re evaluating a deal.

  • Cost of repairs needed to get it back up to good condition
  • The after repair market value of the property (what it’s worth and can sell for today once it’s fixed up)
  • If you’re going to buy and hold for a rental… you need to know what you can rent it out for and what your “debt service” (mortgage payment) will be. Knowing this makes sure you’re buying so the property cash-flows each month

There are other things you can (and should) look at too… but those 3 are the main important things to look at first.

Cost of Repairs

One of the things you should do when you are looking at a property is find out how much it’ll cost you to fix it up to a point where it’s in great shape. In other words, the cost of repairs. This could be a new roof if it needs it, carpet, paint, a new kitchen, yard, maybe even more.

To find a good estimate of cost of repairs, the best advice we have is to get to know a contractor or two in your area and have them walk through the properties with you the first few times… have them quote out the repair cost… and build that into your offer.

After Repair Market Value

This is simple, but many investors get stuck on this part. This is essentially what you could sell the property for today… after you repaired it and brought it up to a great condition. This is found by finding out what other similar houses in the same area are actually selling for. NOTE: Don’t look at the “Listing” price… look at what houses similar to yours have actually sold for in the past 3 months. This helps you determine how much you could actually sell that house for if you had to… right now. You never want to over pay to a point where you can’t sell it for a profit in the next 3 months.

How do you find this? There are services out there that can help you with this… but often times the best way to find out the true value of a house is to talk to a Realtor that you know… or an appraiser. Heck, if you don’t know one… call up a few today… tell them you have a property that you’re potentially going to sell in the near future… and ask them what they think it should sell for.

Buy And Hold For Rental 

So, you’re going to buy and hold for rental? Great! You don’t need to worry about what it’ll sell for right away. What you need to know is if it’ll pencil out on a month to month basis. You know… cash flow.

So, talk to a mortgage broker (or a private lender) and find out what the monthly mortgage payment will be for that specific property.

Then find out what you can rent the place out for on a monthly basis.

Then, you work backwards… and find out at what purchase price your mortgage payment will be low enough so you can make the monthly cash flow you need to make on the property. Be sure to figure in other expenses too like property taxes, maintenance expenses, property management fees, and keeping money in reserves for future repairs.

So, your offer price here should be:

Monthly Mortgage – Monthly Rents – Operating Expenses – Taxes & Insurance – Monthly Cash Flow = Offer

Simple enough right?

The cool thing is, the more you’re bringing into the deal in cash… the lower your mortgage is.

Making An Offer

We’ve been talking about how to look at the numbers and analyze a real estate deal.

From there, just make an offer. Many times the properties we let you know about will already be so deeply discounted that we get multiple offers… often above our asking price.

So, if you really want a property… find out what is the bare max you could buy the property at… and offer that. Otherwise you may lose the deal because someone else is likely making an offer too.

With that said, the golden rule in real estate is to never over pay for a property. That’s why our own deal analyzing criteria is so darn strict… and why our buyers (like you) get such great deals.

I hope this little tutorial has helped you sharpen up your real estate deal analyzing skills… and we really look forward to working with you in the near future.

If you have any questions at all… don’t hesitate to contact us anytime for anything.

Happy investing!

Florida Commercial Real Estate Investments -1/21/17

These properties are listed the day received.  They sell quickly and may not be available shortly after posting.  Email:  InvestSWFL@gmail for information.  Need specific property address and Buyer information.  No Brokers, Principals Only.  Commission for Agents must be paid by your Buyer.
This group receives information from known sources but is not responsible for any misinformation.  Posted as received.
Note Buyers Looking for Huge Discounts

PN’S, NPN’S, Commercial and Residential. Choose your locations. Due to a recently developed relationship we are now able to place real and performing note buyers directly with the sellers that supply such assets. Deal directly with the asset owners as they custom portfolios that meet your own criteria. Call for additional information and to move forward. Direct buyers only who have previously bought in this market place.
________________________________________________________________

$1,750,000 + 3% fees to be paid by buyer!!
Cap Rate
8.19%
Floors 3
Units 29
Occupancy 95%
Lot Area 16,464 sqft
Building Size 44,000 sqft
Year Built 1974
29 Unit Multi-Family
101 SOUTH PENINSULA DRIVE, DAYTONA BEACH, FL 32118 
 
 
 
COUNTY Volusia
BUILDING SF 44,000
LAND SF 16,464
NUMBER OF UNITS 29
YEAR BUILT 1974
YEAR RENOVATED 2006
OWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARY
OFFERING PRICE $1,750,000
PRICE PSF $39.77
OCCUPANCY 95.00 %
PRICE PER UNIT $60,345
NOI (IN-PLACE) $143,348
NOI (MARKET) $184,388
CAP RATE (IN-PLACE) 8.19 %
CAP RATE (MARKET) 10.53 %
 
 
 
 
DAYTONA, FL.
20  UNITS 
GOOD SIZE ONE BEDROOM & ONE BATHS
CONCRETE CONSTRUCTION
WELL MAINTAINED
100% OCCUPIED
NEW ROOF
NEW KITCHENS, BATHS,
A/C’S, WATER HEATERS,
 NEW LAUNDRY, PARKING
40 YEAR CERT.
Net Income: $ 216,000
Expenses: $ 55,000 *real number
CAP RATE: 9%
$1,400,000 3% FEE
SELLER OPEN TO OFFERS
WILL CARRY A MORTGAGE
 
 
 
OFF MARKET
HOMESTEAD
2 COMPLEXES
TOTAL 110 UNITS
MANY HAVE NEW KITCHENS
MANY HAVE NEW BATHS
REMODELED & GREAT CONDITION
98% OCCUPIED
2 BUILDINGS NOI ABOUT $410,000
RENTS LOW, GOING UP TO $900 P/M
BUY BOTH FOR $5,891,600 +2% 
CALL FOR PROCEDURES & FINANCIALS

 CLEAN AND UNIQUE PORTFOLIO

•  Location: Broward & Dade County
•  Properties:19
•  Units: 49
3 Single Family home
12 Duplexes
1 Triplexes
3 Fourplexes
•  Asking Price: $5,650,000.00

•    Transferable Mortgage debt: $3,175,125.00
•    Asking Price per door: $115,306.00
•    Average rent per unit: $1,250.00

•    Vacancy: 3.9%
*Vacant units are currently being rehabbed.

CALL FOR ADD’L INFO., FINANCIALS, PROCEDURES & MORE

OFF MARKET
SW DADE, FL
SHOPPING CENTER
ANCHOR: WALMART
235,000 SQ FT
31.91 ACRES
100% OCCUPIED
PRICE $75,000,000
INCOME/EXPENSES  AVAILABLE
CALL FOR ADD’L. INFORMATION PICTURES & PROCEDURES

OFF MARKET
WESTON, FL
SHOPPING CENTER
100,000 SQ FT
2.5 ACRES
NOI: $1,887,088
CAP RATE: 6.2%
SHOPPING CENTER: $27,000,000
2.5 ACRES: $3,000,000
CALL FOR ADD’L. INFORMATION PICTURES & PROCEDURES

 
 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 Real Estate Loans Now Available!

AIUS – Automated Intelligent Underwriting

System Getting Started is Quick and Easy

With our AIUS getting the commercial loan that suits your needs is quick and easy. To receive a customized quote, simply complete the loan request summary below. You will receive a confirmation email and a Loan Production Manager will review your information and contact you with program information, including interest rates and loan options.

APPLY HERE

 

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