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I am usually looking for one or two additional serious investors to work with at a time. Serious investors are ready, willing and able to strike when opportunity present! They have proof of funds (or financing) already lined up and are not doing 100% financing (at least not these days). They don’t wait days thinking about placing an offer when opportunity strikes-they know that they better act fast or another buyer will certainly come along in the meantime. This means the serious buyer has done some homework in advance, asking questions up front about taxes, insurance, property management fees, etc to make sure the price, area, and rents will work for them before targeting specific properties. They know if they are talking foreclosures to expect a bit of cosmetic cleanup (ex: paint, carpet, etc). In fact, the bona fide investor is going to love the ugly purple house with terrible carpet and four foot tall weeds because he/she knows it will sell cheaper, have less competition, and he/she was probably going to need to do those easy repairs/improvements regardless.
Serious buyers set ambitious, but attainable goals. They know if they make silly requests (hint: don’t ask for new beach-front single family homes for up to, say $200k), or if they want to make low-ball offers that they’ll be dropped from future opportunities. Serious buyers know that in the given market they simply need to 1. buy low and buy right (location, ROI potential, resale appeal) 2. maximize cash-flow, and 3. wait (not flip) for future appreciation gains. They realize that they are talking about Southwest Florida here- we may be at low dollar prices at the moment but a wave of future buyers will be descending on this area as they reach their retirement years. Prices will be going up, without question. Some of them delayed their plans (ex: delayed retirement a few years due to reduced retirement savings), but they are coming, and in big numbers. If you are serious, I welcome your inquiry!
Finding the deals is simply not a problem, I can most always find a few out there. While the majority of Realtors in the area haven’t sold a thing, I am selling millions $, so I can safely say it works. Dealing with bank foreclosures and short sales is a different sort of game vs. standard sellers, but the profits can be great doing so. I’ve bought foreclosures, short sales, estate sales, and serious rehab homes myself, with as much hands on time as possible. I know the concept here very well! I also have a background (years) in mortgage financing, so I’m keenly aware of all the financing aspects too. It comes down simply to are you ready, willing, and able to take advantage of these deals as they come available?
There are 1000’s of people every week reviewing my foreclosure list, but I prefer to work with a handful of buyers at a time. Now you probably place high value on your time and I do likewise with mine. Obviously given the volume of leads I deal with, I must be pretty selective who to work with, as the 1000’s of inquiries will easily use up every moment of my time. I pretty much expect phone calls from those who are serious-- I have to be able to distinguish between those who just like to ask lots of questions and those who are motivated to grab the best deals and willing to put the pen to the paper rather than just talk about it. Timing is everything on these deals. Most of the properties I suggest are gone in a matter of a day or two, and almost always receive multiple offers.
Cash flow single family homes still comes available, but the best deals such as the North Cape Coral two year old homes for $60k are pretty much a thing of the past now. But I can still identify the occasional new one that comes available- just be prepared to act fast and have competition. It may take multiple attempts to land one, but the effort will pay off handsomely.
And if you are an investor without specific time constraints there is no reason in the world you should be tossing out offers on short sales! Yes, on an individual basis they are slow and chances of successfully landing one specific home you are in love with are low. BUT to the bona vide investor this is a golden opportunity that may never present itself again. You have the ability to make offers in which you stand to make many thousands of dollars in instant gains without even really risking a penny of your own money. I have yet to encounter another investment opportunity where you can have this combination of massive gains without putting your own money at risk.
Another angle: Waterfront homes are bottoming out and are much better priced here than almost everywhere else. Compare prices here to the East Coast of Florida, or better yet compare to the Florida Keys-- what they want for a boat-lift can buy you a single family home on the water with a pool, a nice yard, and a two car garage here! And with the volume of people targeting it (especially in the coming future) buying this higher appreciation % property can in certain cases be a very wise move.
In closing, I welcome inquiries from those looking to take advantage of tthese opportunities. Contact me today at (239) 603-6100 or if you have strong email preference, go ahead an email foreclosures@leehouses.com and let me know if you are interested!
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