Florida Foreclosure Investing

Since the late 1990's, more and more second home owners were focusing on buying homes in Florida, a waterfront, boating, entertainment, etcetera destination.  In the early 2000's, the investment market started to open up.  By 2002 into 2003, investors were buying anything they could under the advice of a realtor or under the assumption that the baby boomer market in conjunction with surging job growth and population growth would define somewhat of a guarantee in profiting from Florida real estate. 

In 2004, Hurricane Charlie hit.  Construction material cost went through the roof.  Subcontractors were nearly impossible to keep as builders, homeowners, and developers were paying top dollar to have their homes repaired from the storm.  That left a massive amount of investor paying construction interest on homes that were not progressing at any stage.  Next comes the subprime lending crash.  Homes that were now getting completed, the investors could not modify their construction loans into permanent loans as the new guidelines were Alt-A product at best.  Investors on annual fixed incomes of $40,000 or so who were persuaded enough or greedy enough to buy 4 preconstruction homes could now not modify the loans as lenders were now requiring income verification.  No lender will approve someone on that income for 4 houses anymore. 

In 2007 our economy started tanking and it was hitting SW Florida the hardest.  All in all, this is a good thing.  It is a great opportunity to buy homes at 30 cents on the dollar or better.  I just bought a house for $80,000 who's purchase price in 2006 was $274,000.  Deals are out there such as this and it takes a good negotiator to get the best price.  We are here to help in that realm.  As former bank employee and director of acquisitions, we know how the game is played.  We know the mentality of the banks.  Believe it or not, we as investors have the bank by the tail in this game.  Call us for a free consultation on how you can benefit from the foreclosure market.  For the service of getting you the best deal, we make a small commission that is actually paid by the bank!

The opportunity for waterfront and non-waterfront property is available.  It is expected that SW Florida is going to be one of the first markets to turn around as the amenities are far better than anywhere else.  Where else can you enjoy the white sand beaches of the Gulf of Mexico, Sanibel and Captiva Island, phenomenal shopping and dining, and over 400 miles of canal front property.  We are likely at the bottom of the barrel and sales are picking up steam.  These homes make outstanding rental property and if you have a 5 year vision of a holding position, you will likely find yourself in an advantageous position.