From the beginning, MyRealtySource has always been looking for unique real estate investing opportunity.  When I was employed by one of the
largest construction lenders, I utilized analytical resources to look into emerging opportunity and tried to maintain the strategy of getting in and out early.

For those that attended my July 2007 seminar in Secaucus, New Jersey, I made a bold prediction, which was more of simple common sense. 

At this time, Florida was in a very vulnerable state.  When most of the country was holding, Florida began to nosedive.  All of a sudden, every buyer mysteriously disappeared.  I mentioned that although Florida looked like the black sheep, it would be an area we would monitor closely as it was likely that Florida would hit bottom first and provide a huge amount of value to homeowners, second homers, and investors. 

Today is March 13, 2009.  If Florida is not at bottom yet, they are pretty darn close and with median prices under $100,000 for the first time since 1997 buyers are having a field day.  Since November 2008, over 4,000 homes sold in Lee County alone, the highest amount of sales per county in all of Florida.  Why?  Miami is getting stale to people.  I don’t have an answer for that.  Tampa is still too high, and Orlando has Disney.  Lee County is home of Ft. Myers, Cape Coral, and Lehigh Acres, among others.  Within a 15 mile radius, you can have some of the best dining, shopping, and entertaining in all of Florida.  Within only 20 miles you can be at the world reknown white sand beaches of Sanibel Island and Ft. Myers Beach. 

Recently, we have negotiated exclusively with several
sources to buy REO property from banks at a huge discount.  For those that have researched, buying bank owned property has created more real estate millionaires today than any other type of purchase.  We have negotiated a near 80% discount from the original notes.  Our best value today comes with duplexes (2 family homes) in Lee County.  We are looking at these as cash cows and income property.  If I told you that your money could earn you 10% annually, would you believe me?  Haha…I bet you were looking for a guarantee!  Well, I will say this.  Look at the following numbers on our typical duplex we are purchasing in Lehigh Acres and
Cape Coral.  Using the most conservative numbers for operating expenses, look at the bottom line and let us know your thoughts. 

In most cases, we sell the duplexes turn key at approximately $75,000 which include allowances for backed taxes due and cosmetic / appliance rehab.  First, the following are our purchase criteria

As you can clearly see, even when I include every expense
possible, the cap rate, ROI, and cash flow are very powerful.  CLICK HERE for a full executive summary on foreclosure REO South Florida Duplexes.

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