All Forum Posts by: Jerry R.

Sounds like possession is not a problem since the condo was a rental and not leased. If I were sure about that, I would immediately replace the locks and take possession to stake my claim.

If you are not sure, then you may have to evict. Is there any mail being delivered there?

Bigger issue may be the condo association. Although they do not have lien priority, they may be a bear to deal with if they don't get their money. Also, although mortgage liens are wiped clear, don't expect a mortgage company to lose a lot of money without giving up a fight.

Hi Sean,

I am a full time SW Florida investor here. What everyone says is basically true, but they are painting a picture much gloomier than it actually is.

Things are harder as far as flipping homes now than when Rich was trying to do it. Buying homes at a low enough price to flip, even with major rehab is extremely difficult. If you do get them at the right price though you can expect a quick sell.

Chinese drywall is usually pretty easy to spot and an inspection report is a way out of any contract so not to worry. IMO I would watch out for wood frame homes., concrete is the way to go here. The beach area may have more wood frame homes, so you might not have as much of a choice so it depends on your budget.

Bugs are not much a problem depending on where you live. Exterminators are cheap.

The Cape does have some crazy assessments, but that is usually reflected in the price. They have some crazy rules too.

Last thing is all the areas differ (at least to me) Bonita Springs, Ft Myers Beach, South Ft Myers, Cape Coral, San Carlos Park, Estero, Lehigh Acres and Naples are all areas worth looking into. Your budget and lifestyle are main considerations in choosing an area.

Wow J Scott,

That is tremendous. Especially since it was the listing agent doing the negotiations.

Was this a MLS listed property?

I have had a short sale approved and closed in 10 days.

Very dry here. HUD had no homes in my county a couple weeks ago, now I think there may be 3. Every area is going to be different.

I am not sure about that. Freddie has far fewer properties than Fannie so that was the only contract I ever saw.

Thanks Michael, Mark and Ibrahim, that helps a lot. I have been delaying going after probates as I felt I was missing a piece of the puzzle.

We have homes in that price range here in the Fort Myers area. Many of the homes in that price range are in low income areas, but not all.

I have my eye on a very nice 2/1/1. List is $31k I think I can get it below $25k, but it needs about $5000 in repairs. I usually avoid 2 bedrooms and not sure how well it will flip. I think rent on it would be about $650 per month.

I usually sell 3 beds to landlord investors in the $50-$60k range that rent for $750 to $800 per month.

How do you verify they have the power to sell? Or do you just leave that for the title company?

All other things aside, if she did not disclose she was the buyer she committed fraud. She also did not do her fiduciary duty to try getting the best price for the seller.

In the end, it's really the banks fault though. Banks need to make sure properties are listed for x number of days on the MLS and all offers submitted. This will net the banks more money.

So many listings here are pending on day 1 for less than they would otherwise sell for.

What do you say when you get a call from the personal rep? Do you ask if probate has been completed?

It's at this point where I am confused on how to proceed. There may be multiple persons who need to sign over the deed and this may not even be sorted out yet.

Do you get the PR to sign a letter of intent to purchase and sort it all out later?