Bank Owned Property In Fort Lauderdale Deal Of The Week
Hey It’s Barry Johnson, one half of the B&B Crew from Real Estate Radio USA. Each week I’m going to stop by and present our bank owned deal of the week. On the radio show we constantly get deals submitted to us from all over the Country to promote and advertise but this one here in the Fort Lauderdale real estate market was one we had to take a look at and I think you will too.
Robin and everyone here at the Fort Lauderdale Real Estate Blog often write about how the prudent and savvy real estate investor can still profit in today’s real estate market. That is a very true and accurate statement. We are and remain very bullish on the Fort Lauderdale real estate market and as long as you stick to some simple caveats, you will find this market holds great opportunities.
1. You make your money when you buy. You have to buy right. Ignore listing prices and make sure you offer the amount that YOU feel works for you. Now I am not advocating picking a random low number out of the air, but rather knowing how to arrive at the right number and doing your homework to determine what that right number is.
2. In today’s economic climate, don’t speculate. Make sure that bank owned property in Fort Lauderdale cash flows at the outset. Many real estate agents will not be able to determine this and here is how you determine cash flow. Luckily if you’re reading this you have the opportunity to work with a real estate agent who does and has a team behind her to make sure you get the best deal that you can.
Bottom line make sure the rental amount that you can charge can cover your expenses at minimum and ideally has positive cash flow (cash left over after expenses).
3. Don’t get in over your head. Make sure that you have the time to attend to an investment property. If any renovation is involved make sure you can handle it or know someone who can. Real estate investing is a business, not a hobby.
4. Know the neighborhood you are investing in or at a minimum be comfortable with the demographic make-up of the neighborhood. We have bought and owned properties in just about every conceivable type of neighborhood and as long as you have the skills to manage people in various socio-economic communities you will do fine. If you don’t, well then it may be advisable to stick to those communities that are familiar to you. Personally I feel that if the deal makes sense financially then the location does not matter to me. The old cliche, “Location, Location, Location”, is supplanted in the real estate investor’s lexicon by “Cash Flow, Cash Flow, Cash Flow!.”
Now that you understand a few very important guidelines, here is a deal that underscores what you should be looking for in an investment property. This property is a bank owned property in Fort Lauderdale.
This particular property is a 4 bedroom, 2 bathroom home located in the Melrose Park section of Fort Lauderdale. What makes this property such a good deal is that:
a. it can be purchased nearly $100,000.00 below current market value
b. can be rented out for $1,400.00 – $1,700.00 (positive cash flow)
c. needs very little renovation or repair to rent out…could be rented out within 48 hours of purchaseHere is the summary of the property
Interested in finding out more about this ” Bank Owned Property In Fort Lauderdale Deal Of The Week“? Then review the property summary here.
See you next week with another featured REO / Foreclosure property and you investors out there, send Robin an email if you want to see more bank owned properties in Fort Lauderdale.
Don’t forget to click here to see information on the deal of the week.Â
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