Tag: flipping property

Investment Property Renovation ROI

Pinterest Post from LifeHacker.com

 

The Best and Worst Projects for Increasing Your Home's Return on #Investment #homeimprovement #soflahomeseller:

 

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
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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

Latest Auction Properties – Florida

These properties do not last long, sometimes only hours.  For more information, please email me at InvestSWFL@gmail and I will have Crystal Snyder contact you directly.  In Subject, write “Auction Property 7-22”.

301 Lotus Path, Clearwater FL 33756
-5 bedroom
-6bathroom
-6791 sqft
-pool

This property sits across the street from the beach. It will need some updating and work. We just obtained the property from auction so I have not had a chance to get my contractor in there for n exact rehab estimate but we do estimate a $200,000 rehab based on updating and rehab that would be needed according to the comps.

The best comp that we have found is 327 Lotus Path. It’s just a few houses down the street from subject.
327 lotus path features
-4bedrooms
-5.5 bathrooms
-4370 sqft

This property sold for $920,000 on 5/4/2016 at $210sqft. This property was quite dated when sold.

As stated before, this property was obtained from an auction. It was listed on the MLS for $755,300. At auction, we were bid to $976,000 however I am able to pull this price down a little through my contacts at the bank. I am currently working on pulling it down and feel I can get it near $790,000-$800,000.
So, we feel the break down is  this-
Purchase price-$800k
Rehab-$225k(cushion for the unseen)
Closing cost-$40k(both front end and back end closing cost)
Realtor fees-$78,000
Holding cost-50,000

Based on the neighbor we can sell the home at $210 x 6791sqft =$1,426,000. Of course, you want a quick sale so we suggest selling at $1,350,000.

With all the cost you are looking at spending a possible amount of $1,193,000. Selling at our suggested below market price of $1,350,000 should net you a profit of $157,000.

Terms-due diligence to be done upfront. Buyer pays closing and buyer agent fees (I included the front end closing cost in the above-mentioned calculation), cash closing in 2-3 weeks.

Crystal Snyder

2285 Chilcote Ter Port Charlotte FL 33981

Features:
– on the river
-3 bedroom
-2 bathroom
-1898sqft
-pool

Needs some rehab. Tax assessed at $327k.
Asking $350k

according to our comp at:
2440 quail ter which features
-2/2 on the river
-1318 sqft
-11 years older than subject
– sold at $350k in 3/2016
Using sqft comps from the comparable subject has a value of $510k. Taking into account that subject is newer our local agent placed retail value at $550K after rehab.

Terms of sale- buyers pay closing and buyer agent. 2 week cash close and due diligence to be done upfront. We will choose the title company and this will be a double closing. HUD will be furnished before being fully executed.

12468 Nw 19th Pl, Coral Springs, FL 33071

6 Beds
1 Half Bath
5 Full Baths
Size: 5,087 Sq. Ft.
Built in 1996

Deck/Patio, Backyard, Garage, Swimming Pool, Air Conditioning and Heating

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 consists of palm trees and grand columns as you pull into the circle driveway. Walk into the foyer with tall ceilings and hardwood floors for a beautiful entrance. New flooring would be a nice upgrade to this property. There is a white stone floor to ceiling fireplace off the kitchen. The kitchen is huge, ample storage, prep space, center island and breakfast bar. 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. Needs some updating through out. This property is pending through the auction and was bid to $711k. Tax assessed value is $874k. With my expertise on auctions and connections as well, I can bring this property back down and let it go for $680k OBO.
Terms of sale- buyer pay closing and buyer agent. 2 week cash close and due diligence to be done upfront. We will choose the title company and this will be a double closing. HUD will be furnished before going fully executed.

16647 112th Trail N, Jupiter FL 33478

Features:
-2.5 acres
-pool
-3 bedroom
-2bathroom
-4730 sqft
-2 kitchens
In need of an estimated 55k in rehab. Most recent company we could find is at
16840 113th Trail N and is only $365 sqft smaller and sold for $650k on 10/1/2015. This property would make a great investment opportunity.

Price-$275,000

Terms of sale- buyers pay closing and buyer agent. 2 week cash close and due diligence to be done upfront. We will choose the title company and this will be a double closing. HUD will be furnished before going fully executed.

9641 NW 28th st in Hollywood,FL 33024
-4bed
-4bath
-3846 sqft.
Will need rehab. Property sits on the water in Lake Maranatha Estates. The neighbor to this house is currently for sale at 2.2mm and another neighbor just sold for $625,000 and was 1500sqft smaller than subject. According to the comps this home is worth $914,000 and we r asking $575,000.

Sale Price-$575,000

Terms- 2 week cash close, due diligence to be done upfront, buyer pays closing and buyer agent. This will be a double close done by seller selected title company and a Pre- HUD will be furnished before fully executed contract.

4431 Ortega Blvd Jacksonville, FL 32210

Features-
-6083sqft
-on St. John’s River
-large pool
-6 bedrooms
-5.5 bathrooms
-chefs kitchen

It does need some rehab. This property was sold in 2006 for $3.7mm. There are no recent sold comps in the neighborhood but there are 2 houses for sale.
4105 Ortega Blvd at 2.95mm and 4805sqft
4115 Ortega Blvd at 3.39mm and 5881sqft

This property would make a great investment.

Price-$1,750,000

Terms-Terms of sale- buyer pays closing and buyer agent. 2 week cash close and due diligence to be done upfront. We will choose the title company and this will be a double closing. HUD will be furnished before going fully executed.
805 19th st west Palm Beach, FL 33407

It features
-4 apartments each 2 bed with 1 bathroom
-2916 sqft

Does need rehab. Asking $170,000

Terms- 2 week cash close, due diligence to be done upfront, buyer pays closing and buyer agent. This will be a double close done by seller selected title company and a Pre- HUD will be furnished before a fully executed contract.

Crystal Snyder

 

Property Deals Completed

Here are a few examples of the recent deals we have completed.  All can be verified through the Lee County Property Appraisers office.  Learn what we do.

Estero Boulevard, Fort Myers Beach

  • Contract price $575,000
  • Backup bid glitch,  bought for $267,000
  • Sold in 3 weeks for $330,000
  • Several partners split equity averaging about $18,000 each

Woodgate Drive, Ft. Myers

  • First deal with a student
  • Sold in 2 weeks
  • Each made $8500 in equity

Winterberry Drive, Marco Island

  • First with another student
  • Sold in 5 weeks
  • Worked as Real Estate agent and Equity Partner
  • Each earned $8000 in commission and $16,000 in equity

Jolly Road, N Ft. Myers

  • Very first deal to start learning process
  • Contracted for $63,000
  • From Bank, $5000 credit;  End price $58000
  • Sold in 5 weeks
  • Equity $7000

Click to Join Us!

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

 

 

Motivational Monday – July 7, 2016

download

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