Real Estate Foreclosure Investing

What’s your biggest problem with real estate investments?
I’m taking a poll on what my clients and readers feel is the biggest problem they have with their properties. Feel free to email me at jmontano@homeandincomerealty.com and let me know what you think.

This week we heard some encouraging statistics on the market. The amount of traffic in model homes across the nation was up for the second consecutive month. The National Association of Realtors said the drop in the average sales price of homes nationally has slowed down. Locally, the “experts” are expecting our bottom for prices in 3rd quarter this year.

So how can you optimize this situation? Take advantage of what I think is the tail-end of the deals and incentives builders are giving right now! If you are a long term investor, the goal is basically the same as the stock market. Buy when you can get a good price, get the property paid off, and use the rental income as retirement income, just as you would use the dividends from stocks for income. I have found that within a couple of years of buying a property, I can’t remember the exact price of it or if I haggled over the builder paying $1,000 of my closing costs. As long as the property is in an appreciating market and paying for itself right now, that’s all I care about. What disturbs me is when some of my clients think they are going to time the real estate market like the stock market. They think they know exactly when the market has bottomed out, and then they will buy. I wish we were all that smart!

This is the best time of year to buy real estate because by the time you find a deal and get it closed, we will be coming into the best rental time of year. Each year my Go Zone buyers call me on November 15th and want the deals and property I have available right now. Believe me-- it will be gone! Then they have vacancies for 2 to 3 months in the dead of winter around the holidays. I have gone through this two years in a row now.

In Mobile, Al I have a builder that I have been after for years who has finally given me some inventory. His prices start at $127,500 for a 3/2/0. If you want a 3/2/2 they start at $139,900. This is a big name builder with an excellent warranty and the subdivisions are in some of the best areas in Mobile and Baldwin counties. We have an excellent property manager named Aiveen Kahalley. (251) 533-9445. Call her to check out the rental market.

In Mississippi, the Loan Forgiveness Program is alive and well. The state has about $132 million for round two. We’re having webinars about this program with the builder and property manager Thursday, Feb. 28th at 6:00 pm Eastern and 9:00 pm Eastern. If you want to attend, just email me and I’ll send you the link.
jmontano@homeandincomerealty.com

I have a couple of listings I’d like to promote to you. One is a multifamily building we have listed at $3.4MM in Tampa. There’s a pretty good return on this one. There is a new listing for a short sale for $259,000. This house is worth about $300K, so lots of equity in this one. I updated property on both of our websites: www.BuyGoZoneRealEstate.com and www.HomeAndIncomeRealty.com It’s also a great time to be looking at waterfront property in Florida.

If you know anyone who runs a real estate investment group and needs a speaker for their club, please let me know. 813-956-3563

If you want a list of our upcoming webinars and in-person presentations, call or email me. We have topics such as Tampa builder close outs, Tampa bank REO’s, cash flow multi family property, Go Zone property under $150K, $40K loan forgiveness program.

Best Regards,
Janet Montano, Broker
Home and Income Realty
11928 Sheldon Rd. #106
Tampa, FL 33626
813-956-3563