Deal of the day! In Windermere, Florida.
A deal or not a deal…That is the question!
It is easy to get shell shocked by the doom and gloom news, seemingly ever falling property values and a constant barrage of campaign commercials. But I maintain, that right now, a silent gold rush is upon us. Smart investors have been sitting on the sidelines amassing cash since 2004 for this very day. We now have property values at or below levels that allow an investor to Cash Flow a rental property! While I know it sounds crazy….people making money in real estate and all…but what better time to buy?
Let me tell you about a great deal….lets call it Bank Owned Deal #1.
- Located in Windermere, Fl.
- 4 Bedrooms 2 and 1/2 bathrooms
- 2,690 Sq. Ft. Heated with a garage
- Conservation Lot with Lake View from the second floor
- Asking price of $249,900 which is only $92.90 per square foot
- Zillow estimates the Current Value at $332,000 with a high a year or so ago of $474,000
- Sold for $456,000 on 4/12/20006….wow wow wee waa….I would like to meet that appraiser!
I am also of the opinon that we could acquire the house for less…especially on a quick close and cash deal. The really crazy thing is that you could get FHA financing with only 3.5% down…that is just $8,746.50! The good thing is that at this sales price it represents an affordable payment compared to the areas average income.
Now how about Bank Owned Deal #2 ….
- Located in Vista Lakes near the Orlando International Airport
- 3 bedroom 2 bath with 1,756 heated square feet
- Covered Patio, wood floors, vaulted ceilings…ect ect…
- Asking price of $166,500 that is only $94.33
- Zillow estimated value of $220,500 with a high value of $316,000 a year or so ago!
- Sold for $254,800 on 8/29/2005
- FHA down payment of only $5,927.50
This deal is only a few miles from all the development going on at Lake Nona and is very close to Down Town!
If you would like further details on any of these properties please feel free to call me or email me at any time…I have a ton of other properties as well in some great locations! The time to buy is when nobody else is…especially when the prices are low!
Just a word of caution on FHA loans some offers with FHA financing may not be accepted by the lender as FHA has stringent inspection requirements with some cosmetic items affecting approval, and some of these bank owned properties are in rough shape.