I often work with buyers who are worried about picking up bad debt on a foreclosure. In other words, they fear that if they purchase one that is subject to a home owners association that they may be liable for the dues that were never paid by the prior owner. True? The answer, as always, is "it depends." You should contact a real estate attorney for legal advice on matters such as these however there are some basic rules of thumb that may help guide you. You can check if the HOA/COA has a [...]
Low prices and a recovering economic outlook are encouraging more and more overseas property buyers into the American market says the latest annual survey of the Association of Foreign Investors in Real Estate (AFIRE). The survey, which was conducted in the last quarter of 2011, interviewed a group of AFIRE members who, between them, hold around $338 billion of USA real estate in their portfolios. It showed that they plan to increase their investment in the U.S.A. even further in 2012. The[...]
Local realtors are seeing houses pop onto the market and have a double-digit number of offers in a matter of hours. In fact, looking at a macro level, the National Association of Realtors reported that the inventory of homes for sale has dropped to the lowest level since march 2005. Yet we’re not seeing house prices move north in an appreciable manner. What gives? The fact is, I don’t have a thrillingly good answer to that question. Could be the preponderance of [...]
Tenanted, Resort-Style Orlando Condo - Not Yet Listed on MLS! At the Madison Condo community in MetroWest Orlando. New turnkey listing... 2-beds/2-baths, Orlando, MetroWest (32835). On the golf course. No bank hassles, no outstanding COA fees or taxes. Price you see is price you pay. One, flat rate broker fee of $295! COA payments are around $300 a month, taxes under $1500 a year. Will cashflow! Reliable tenant in place at $850 a month. Property management will be taken [...]
In our last Orlando Property Management blog, we went over some of the things to look out for when hiring a property management company if you are a landlord with a condo, town home or single family home. Fraud, embezzlement, firings, loss of license: we've seen it all before and it often starts when real estate agents get into property management part-time, without knowing what they're getting themselves into. What most agents quickly find out is that property management is all about finances [...]
The beautiful but beleaguered Veranda Park condos in MetroWest finally had their remaining units picked up by a Canadian buyer from the bank. The sale, towards the end of last year means that the Canadian buyer Geosam Veranda LLC, now has a majority interest in the residential block. This means they can raise the monthly dues (COA fees) if they wish. For example, they could raise them on a 2-bedroom, 2-bathroom from about $350 to about $950. Oh look, they just did. We're not sure what the[...]
Investors purchasing distressed foreclosure condos and short sales in the Orlando area are usually from out of state - or even the country, which usually precludes them from managing the property themselves. Most simply opt to use an Orlando Property Management company. However, locals might be tempted to go the do-it-yourself route - not a bad idea necessarily if you have just one unit, so long as you know what you're doing: So long as you can handle how to background & credit check a [...]
A reserve study is a homeowner association’s essential long range planning tool. It charts a schedule for the board to follow for major repairs and replacements (paint, roofing, etc.) and forecasts a budget for each event so the board can set aside money (reserves) each year so adequate funds will be available when the various events come due. It’s an amazing tool that takes a lot of guess work out of the board’s job. Even though a reserve study makes funding[...]
The Orlando Business Journal reports that Orlando is one of five Florida cities named as best markets in which to invest in rental property. This, according to a quarterly ranking of 100 U.S. markets. Orlando came in at No. 4, Fort Myers No. 5, Fort Lauderdale No. 8 and Tampa No. 9. Not surprising when Orlando is also the No.1 spot this year to celebrate New Year's Eve. "So long as the sun keeps shining and that Mouse keeps singing, Orlando property will remain a viable investment," said [...]
UPDATE: 1/9/12: First 10 now SOLD OUT. Call 407-290-3408 to get on backup list and be notified of further releases. UPDATE 12/27/11:  Going fast - only 3 townhomes remain: #1543, 1545 and 1531... $89,900... Season's Greetings - Here are two great ways to close out your Orlando real estate investment year! Deal #1 - As New Orlando Town-Homes -- under $100K! Just Released. ·  Town homes a few miles west of Walt Disney World; ·  Nice neighborhood and Good schools;[...]