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Investing

By Shannon Moore

Real Estate Agent with Green Lion Realty

August 06, 2006 06:46 AM

I just purchased a home for investment in Port Charlotte, FL. It was built in 1960 and needs a little updating (cabinets, flooring, A/C, etc). It has three bedrooms and one bathroom and is in a nice neighborhood. I just closed last month and paid $90,000 for it.

I figure when all said and done I'll have another $15,000 into it for a total of $105,000. I plan to rent it out for a year or so and see how it goes.

Right now North Port/Port Charlotte is the least expensive area from Tampa to Naples (which is SW Florida). We are about 20-30 minutes from the beach. So I think that I've made a pretty good investment on this house.

Which brings me to my question...where is everybody investing their money and where do your investors come from? A lot of our investors are coming from the Miami, FL area and from NY, NJ and PA. From what I've been hearing certain areas in NV are becoming popular for investing.

Curious to see what you all think...

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Christopher H

REAL ESTATE - Shelby Township, MI

Congratulations. I hear there are some good buys in Florida right now.

Aug 06, 2006 07:49 AM

Alexander Harb

Knights Investing - Mesquite, TX

Dallas, Texas Real Estate Investing

Most of the people I have dealt with invest near Disney and Universal for vacation properties or near Tampa beach and Daytona beach.....

Aug 06, 2006 09:34 AM

Sharon Simms

Coastal Properties Group International - Christie's International - Saint Petersburg, FL

St. Petersburg FL - CRS CIPS CLHMS RSPS

With 20% down, will that property generate positive cash flow or break even? If so, I know where to send investors looking for that in St. Pete.

Many of our investors come from California and Europe.

Aug 06, 2006 10:33 AM

Shannon Moore

Green Lion Realty - North Port, FL

Realtor, Sarasota & Charlotte

Hi Sharon,

Here are my figures:

$105,000-house all fixed up nice

$21,000-down payment

7 1/4% interest rate for 30 years=$573.02

$822 for insurance which includes an optional $304 for flood insurance = $68.50 a month for insurance.

$572.47 a year for taxes=$47.71 a month for taxes

Grand total $689.23

My best estimate is that it can be rented for $900-$975 a month.

Which leaves somewhere are $200-300 a month profit.

It's my first investment property for myself so I'm kind of just testing the waters. I'll let you know how it goes.

Aug 06, 2006 11:17 AM

Colleen Irwin

Retired - Irondequoit, NY

Creative Real Estate Solutions...

Marco Island has some great deals -- especially if you are willing to hold onto the property for a couple of years. There is a lot of construction going on here and there are opportunities all around.

Many of our investors come from the Miami area, WI, IL, IN and of course NY/NJ/CT/PA areas. As a matter of fact, my entire office all of us are transplants from the New Jersey area....

Aug 06, 2006 01:38 PM

Ray Higdon

Forever Wealth Club - Fort Myers, FL

Nice to see a fellow SW Florida investor on here. I have always had a hard time moving stuff in Pt Charlotte, I move a lot of houses in Lee county though. My buyers mainly come from Michigan, New York and California

Oct 06, 2006 10:19 PM

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