Buying sinkhole homes from banks is a big part of my company's business. (I live in Pasco) You just need a good sinkhole repair firm with an on-staff engineer.
Its not for everyone, but if you buy and rent a properly repaired sinkhole house can be a goldmine.
I agree with Jeff. Repaired sink hole properties aren't good for flips because the "S" word hurts the resale value but for that same reason, they make great rentals. You are right, a lot of houses that supposedly had sink holes really just had normal settlement and it's unfortunate that they got labeled that way because of people taking advantage of insurance. I have two repaired properties rented, paid $35,000 and $43,000 and they rent for $750 and $800. I also live and work in Pasco county and it's almost impossible to stay away from adjacent properties that have reported settlement issues - they're everywhere. It's even worse in Hernando county but I recently sold a rehab in Spring Hill when the house next door had a big sink hole contractor's sign in the front yard!
@Lisa DuFaux You are right. Really everything west of I75 you have have to pay attention closer than most, but Spring Hill is brutal....
Eric Odum, Florida Investment Real Estate | 813.514.1070 | http://www.investfloridashow.com
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