715 Palmetto Ave in Lehigh Acres, Fl 33972 | homegrown house

Posted: under Investments.
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I went to see a property today that was listed at $52,000. It seemed to be a good deal and I had to see it. Actually, it’s a foreclosure that was place on auction for 6 days. The day I went to see it, the price was already $60,000.
I had a surprise when I saw it is a homegrown, therefore, confirming the low price.
Those home, in good condition, with an owner living in and taking care of those similar size homes sell between $80,000 and $85,000 as of today.
This one, I estimate at least $25,000 to repair the basic as follow:
-Electric system: $4,000
In order to get the heat necessary for the marijuana plants, and without alerting the electric company, people bridge the whole thing, making repair very costly. I had a similar repair done for about $4,000
-Water system: $3,000
The whole water filter system has been stolen including the well pump. The system itself is about $2,500 and the pump about $350.
-A/C system: $7,000
The outside unit has been stolen and the inside unit has been re-piped to the master bathroom. Re-piping will cost about $1,200 and the 2 units about $4,800.
-Kitchen: $2,000
Appliances are needed plus a few replacement. Used appliances can be purchased for $2,000 for the 4 units.
-Title: $2,800
It will be more attractive and a better selling point to replace the carpet by the tiles. If there is no problem with the concrete slab (cracks), it will cost a $2,800 to do that job. Add $1,000 if the cracks are too wide and/or the slab not leveled.
-Paint: $2,000
Painting the whole inside will be billed a $2,000 included the paint.
-Garage: $1,000
The block wall in the garage need to be tear down.
-Bathroom: $9,000
Both bathroom have some extensive issues and replacement with basic materials would be around $9,000
-Wall: $1,200
The sheet rocks and inside walls are full of mold due to humidity and heat. That’s a big and messy job but easy and not that costly.
-Exterior: $1,300
The landscaping and fence need to be done in order to make a nice outside look for buyers.
-Miscellaneous: $1,000
Always add extra for little things as bulb, locks, windows, doors, cleaning, etc…
So we have a total of $34,300.
Since the highest bidder is already at $60,000, we can see right there that there is no money to be made in that deal. I guess the buyer is buying for himself in the intention of paying $60,000 and rehab the place at his own pace and budget.

715 Palmetto Ave, Lehigh Acres, Fl 33972

715 Palmetto Ave, Lehigh Acres, Fl 33972


715 Palmetto Ave, Lehigh Acres, Fl 33972

715 Palmetto Ave, Lehigh Acres, Fl 33972


715 Palmetto Ave, Lehigh Acres, Fl 33972

715 Palmetto Ave, Lehigh Acres, Fl 33972


715 Palmetto Ave, Lehigh Acres, Fl 33972

715 Palmetto Ave, Lehigh Acres, Fl 33972

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Comments (0) Sep 20 2013

Belle villa a vendre a Cape Coral, Floride

Posted: under Cape Coral.
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Je viens de tomber sur une saisie bancaire (appellee ‘foreclosure’ ici) de plus de 280m2. Le prix demande par la banque est de 225.000 Euros. Comme souvent, j’ai fait une petite video pour vous donner une idee de ce que peut acheter 225.000 Euros ici en Floride.


Les saisies bancaires ne sont pas rare ces dernieres annees, mais les grosses proprietes sont rares a trouver. C’est une ooportunite unique souvent. Ce genre de maison sont a vendre pour le double, non pas que c’est cher ou pas, c’est souvent beaucoup d’argent et limite le nombre d’acheteurs potentiels.


De plus, et fait assez rare, la condition de cette villa est tres bonne. Souvent, les proprietaires qui recoivent leur notes d’eviction, vendent les electro-menagers, les portes et fenetres, toilettes et baignoire, et font souvent des degats par fustration.



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Comments (0) Aug 27 2013

Lehigh Acres Duplex Deal

Posted: under Investments.
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As you may know by now, I am a Real Estate agent working the field, literally knocking on doors. I’m a man of terrain and spend few little times on my desk.

I found a duplex for sale in Lehigh Acres. It’s a nice newer building with 2 bedrooms/2 bathrooms and 2 car garage on each side. I saw also that the owners live in California. As we know, and because of the Real Estate over there, they may need some money. This duplex can be purchased for $60,000! I still need to figure out what can be the rent there, but still, at $500/month each side, you’re looking at a nice 20% return.

I checked the taxes as well, and saw an unbelievable decrease from $3410.95 for 2008 down to $964.79 for 2009!!

Letting the tenant pay for the bill, you may be at an excellent 15% NET return on this one. And if we see a rebound in the Real Estate market, in the US in general, and in Florida in particular, this duplex is definitely a way-to-go.

I’ll say this, let’s put our little money in today’s interesting deals, and so, for the next 3 years, and let’s count our investment on paper by then. My guess is we’ll be very surprised by the increase of our wealth.

What we need to do is act now!

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Comments (1) Nov 29 2009

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