My brother and I are looking to purchase a house in Fort Lauderdale or surrounding areas. My mother will be our tenant. We would love a town house that contain 2 or more bedrooms with a 2 car garage. We would like to purchase something between 50-70 thousand dollars or less if possible. We have about $35,000 to put toward the house and would like to pay it off in the next 5 years. We want to do as little work in the house as possible. We do not want to do a rehab. I have contacted a few agents but would love to hear from some of you who are very familiar with the market. How realistic is this plan? what should I be asking/ looking for when choosing an agent? Is there a better route or way of getting what I am looking for? all suggestions are welcome since I am a fairly new investor. Thanks in advance.
I think a 2br+ with 2 car garage, move in ready, near Ft. Lauderdale, between $50-70k is going to be pretty tough to find...Especially on the MLS through an agent.
Thanks for the reply. I have connected with an agent in the area. He was able to provide me with some town houses, condos, and a SFH in that price range from the MLS. Some looked move-in ready ( especially the condos) and others did not. I will have to let my mother go to see some of them. What other methods/ways you think I should use to get a better deal?
@Claire Batraville - Yeah, condos in that range are going to be more likely. The other ways would be the usual marketing methods that investors use, like direct mail, but who knows how long that might take to turn into a deal.
I'm sure you can find condo's in that price range, but you'll want to make sure your agent is doing good due diligence:
You'll want to see: the condo budget, any planned HOA fee increases or assessments, upcoming improvements, delinquency ratio, etc... Basically you want to be sure that the association is doing a decent job of managing the property, otherwise you could be in for a very unpleasant surprise in the form of a drastic increase in your monthly fees or a costly assessment.
Thanks again for your reply. I completely agree with you. I know will work closely with the agent to make sure I find a deal that work with my numbers.
Thanks for the reply. I agree with you. The reasons you mentioned are some of the reasons I am not in a hurry to get a condo. Also they may be cheaper, all the fees can add up really fast. I really prefer a SFH or townhouse. I may have to wait a little longer but I am sure I will find something.
hi @Claire Batraville - How goes the SEARCH??
i too have been looking in Florida for a Condo or SFH, originally in Central but more recently in Fort Lauderdale area. There does seem to be a large number of places for $30-40K (condo) and $90-120K (SFH). AS stated by @Andrew Davis and others, beware of the Condo FEES...they are killers.
Also be aware that most of the SFH in this range seem to be in rough or major reno shape. Some look like Katrina when thru the House.
Not having an Agent - is a mistake in my opinion, they will help with Good vs Bad Areas, price comparables, setting up contractors...but you need to find a Good AGENT.
I have been browsing north of Fort Laudy and 90-120k for a SFH seems near impossible.
Unless you're over 55 and have 70k to join a country club (cough cough boca raton)
Even condo's for 40k would be nice, links?
I looked at a 2/2 condo today that was in decent conidition for 89,900 (looked like a buy and flip type deal) and they accepted an offer yesterday. tsk tsk tsk.
Hi @Richard Burke - Score!!...where did you find the Condo - both location (East of Hwy 95) and who/what source? Have you been looking for a Bit?