Foreclosure in Miami>Question Details

Lowrider, Home Buyer in 90210

I am an investor seeking an agent to assist in buying foreclosed properties in Florida (Miami, Orlando, Fort Lauderdale...)?

Asked by Lowrider, 90210 Wed Aug 24, 2011

I am interested in purchasing several foreclosed properties in Florida which I intend to refurbish and rent out. I am focusing on properties costing less than $40,000. I am Canadian and I do not reside in the US.
I have many questions which are beyond the scope of this email but I hope that I might hear back from any agents who might be able to assist me in my search. My funds have been secured and I will not require US financing.
I have no experience in US real estate and I'm interested in opinions on which Florida cities / counties would offer the best investment opportunities? Are there any hidden costs or bureaucracy for non-residents? I intend to travel to Miami sometime in November but I hope to have a clearer picture of the foreclosure market before then.

Thanks in advance,
Chris

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BEST ANSWER
Hi Chris,
Most importantly, you need to align yourself with an experienced agent who will be willing to go the extra mile for you, especially if you will be an absentee owner/purchaser where you will be relying on your agent to take many pictures and deall with repair/rental issues. I have over 15 yrs experience helping buyers and sellers reach their real estate goals and would be more than happy to help you meet yours. You are getting in at the right moment as if you wait too long you will "miss the boat". Real estate activity (pending sales) are up in Dade County (includes Miami, Miami Beach, Homestead, Coral Gables, Hialeah, Miami Shores) over 49% compared to the same period last yr and are up over 7% in Broward County (includes Ft Lauderdale, Boca Raton, Pompano Beach, Weston, Pembroke Pines). The southeast of Florida also has a very good rental market with prices and demand also increasing. I specialize in selling foreclosed properties and have customers who routinely make 25-30% Return on their Equity Investments purchasing properties under $40000 and then getting them rented for $1100-1350 in areas like Miami Gardens, Homestead and Liberty City which are two areas in Dade County where you can find affordable properties that will rent well, with many of them rented to tenants who qualify for Govt subsidized housing. This is a great program, referred to as "Section 8", where you get paid directly by the Govt housing agency.
As for where to invest, you need to determine where the jobs are and put your money there because you will be purchasing to refurbish/rent and want to ensure that there will be demand for your product. This makes SE Florida one of your top choices due to our popularity not only with the local-area market but the Caribbean, Mexican, Central American and South American businesses and markets. This results in $$$ being pumped into the local economy from many avenues and helps our local economy and our rental market.
The requirements for foreigners purchasing are pretty much the same as nationals. There are additional requirements when you sell which entail possibly having some money held back from your proceeds. Again, I can supply you with more detailed information when you contact me and we determine your needs.
I treat each and every deal as if it was for me, giving 110% effort and with my University Degree in Finance rest assured that you are dealing with a professional that will analyze the deal to make sure you will reach your financial goals. Looking forward to hearing from you,
Jose I. Gonzalez P.A. 305-992-8624
0 votes Thank Flag Link Wed Aug 24, 2011
Hello Chris,

If you have any interest in South Florida foreclosure we have a foreclosure list that's updated daily. For guidance read the blog post Free List of South Florida Bank-Owned Properties Updated Daily by Cedric Loiselle http://www.trulia.com/blog/andre_shambley/2011/11/own_a_fore… Here you can click on the bottom hyperlink for foreclosure properties.

If you need additional assistance feel free to contact me.

Andre Shambley
Keller Williams Coral Gables
786-704-8482
1 vote Thank Flag Link Tue Nov 8, 2011
Your dreams have fallen a bit short and a bit late with plans as you describe.. As with your Canadian funds deteriorating and Canada is just beginning to face a real estate bust on it's own, while your economy is facing a sharp decline.. Whatever viability you may have anticipated may have worked two years ago will not see the light of day and be in your favor. You could become a victim on both ends of the international spectrum with the currency devaluation.. Spending money refurbishing is costly especially with US funds while attempting to secure an investment in an unstable rental market. Vacancy could cost you beyond your return plus the cost of management since you are a non resident.. There are still much better options investing in the commercial sector with one decent property than with many low end properties requiring cash infusion for repairs . This is investing foolishly your time and money with your plans bound for failure.
There are however alternatives that are more cost effective and still offers hope.Purchase of one decent commercial property that shows positive return from the start.
As a buyers agent and fee based I would be glad to expand on the topic and offer you my services. Before you take me up on that endeavor expand your information with the amount of capital you are working with and the expectation of your cash flow. Sometimes sitting on the fence and slow to react to good ideas do pass you by. I appreciate your wisdom seeking to purchase on the low end and holding on and leveraging while the market rebounds. The low end market has already been cleaned out by many investors beating you at the punch. Yet so much more still to gain and profit from with the commercial market if you act in time.
Just a word to to Darell Hess comments comparing Atlanta with Florida. It is like buying peaches and oranges. Both great fruits but the Florida orange is so much more and the variety in taste is not to be compared. Good try but no cigars, Canadians already know what winter is about that is why they are Florida bound.
1 vote Thank Flag Link Mon Nov 7, 2011
Dear Chris,
I specialize in REO and short sales and I have a lot of clients searching in the same price range for investment purposes. Considering the price range your best option is Homestead (South Miami) where with a little hunting you can purchase 2-3 BR property for 40-45k. Additional expenses you have to consider are: association fee (anywhere between $150-300/monthly), taxes (anywhere between $800-2,500 yearly), and insurance. If you are a cash buyer it's almost a hassle free transaction. Please contact me for more details and I will be happy to assist you with your property search.
Meg Sahdala
Vivienda Miami Realty Group
305-877-2880
meg@viviendarealtors.com
1 vote Thank Flag Link Wed Aug 24, 2011
I work with many international investors to locate investments for them. They range from strictly acquiring cash flowing properties to development opportunities. I also speak French as I am originally from Canada where I built hotels and shopping centers. Now is the time to invest in real estate. Let me show you the way to earn real money with some smart investments within your budget. We would like to be your real estate resource center. Please keep us in mind if you are considering investing in the South. We know the Real estate investment market and have the experience to locate the type of investment you want for you or your clients. I look forward to hearing from you so we can discuss different opportunities. Best of luck for 2016.

Harvey H. McClintock | Principal
Venture Global Realty Inc.
Real Estate | Investment | Wealth Management
Direct: 561-400-1144
Email: ventureglobalrealty@gmail.com
Web: http://www.floridaventurerealty.com
Offices: Ft Lauderdale, Florida,
Twitter: harveymcclintock@floridaventure1
Real Estate | Investment | Wealth Management https://lnkd.in/bqZ-zVi
WHO WE ARE: https://lnkd.in/e9t8WuD
0 votes Thank Flag Link Mon Jun 13, 2016
Good Evening Chris, please give me call at 305 336 2679 or email me at villamarmildred@gmail.com with your criteria such as price range, location, property type and condition for investment. Our office has 95% foreclosure inventory as well as short sale that may interest you.
0 votes Thank Flag Link Mon Dec 10, 2012
I think u should pass on SWFL if u only want to spend $40,000 per property. You are a year too late unless u want defective drywall homes, or old homes in the ghetto parts of Fort Myers and Lehigh Acres.
0 votes Thank Flag Link Mon Nov 21, 2011
I would like to assist you in finding your new "Investment Property". View my Featured Properties page at http://www.LazaroLopez.com
My clients and the service I provide for them are always my first priority. I thoroughly enjoy being involved in Real Estate. I am truly proud of the South Florida real estate, properties and condominium residences that I represent.
My commitment to you and your new home search will always be my first priority. Allow me the honor and opportunity to help you find your South Florida "Dream Home", or Investment Property.
Customers for Life
Every one of my clients is unique, and that is exactly how I treat him or her. I'm proud to say that a high percentage of my business comes from past clients-from people who choose my services time and again. I don't measure my success by sales, but by the relationships I build along the way.
Someone who wants the same thing you do.
I want you to be 100% satisfied, both with my service and with your new property. I will involve myself in your home search as much or as little as you like, and will communicate information to you on a schedule and in a fashion that suits you best. My goal is to make every customer a customer for life, so my job isn't done until you are completely happy in your new home.

Did you know?
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Good communication is the cornerstone of any successful relationship. You can count on me to provide you with the information you need on a schedule and in a manner that suits you best...
Web Reference: http://LazaroLopez.com
0 votes Thank Flag Link Thu Nov 10, 2011
Darrell,
You have made excellent points and I too see Georgia a state with growth and potential But it is undeniable that the best oranges are from Florida and so goes with the Georgia' peach.The two sates are as different as their fruits and that is good for they each have something different to offer.
For decades Atlanta has benefited over Miami . As most corporate headquarters of banking and finance and insurance relocated due to failed Florida Tax policies.They were loaded in favor of Disney World to protect the tourist industry and block competition.
Tourism still drives our State revenues and that is all well but gambling finally won over Mickey Mouse and their captive audience. The hotel industry is busting at the seems and leads in the national scene. Opening great opportunities for diversification for light manufacturing with attracting All Green Energy plants from hydro electric to scientific and medical research. The rising star in retention and attraction of new industries and commerce is Jacksonville stealing the thunder from Orlando. Jacksonville has the largest land mass in the country compared to other cities with unmeasured opportunities for growth. Cost of living in comparison is modest and affordable. It has the largest sea port in Florida serving tourism and benefiting trade and export. The long awaited bullet train could ignite Florida from being the casual tourist s haven and become the greatest international destination point for commerce, industry, trade and research center of the world.. As you can see I have no problem boasting about Florida for i have recognized those advantages years ago when I choose to relocate from Montreal Canada. The progress unfortunately over the years has been slow and cannot come in comparison to the robust development of cities like Toronto, or Calgary. Lot to do with politics and with corporate control and lack of competition.. With that said there is a new day and so many are discovering that Florida's is a sleeping giant. Lot more to offer than condos by the sea or girls in bikinis. We came a long way and if you doubt it visit Miami, Boca Raton, Fort Lauderdale Tampa Jacksonville ,not a sleeping little towns to visit for the winter. From Europe, Brazil, and South America businesses are jumping on the band wagon and they are crowding our streets, our theaters as well as tasting the life of Loca on the streets of South Beach. Centre for art, museums,resturants having a taste of our oranges and loving it. Did I mention it is great place to live? I get carried away sometimes and than I visit Atlanta and get lost for a day in your airport. I rather take the train, Mr Governor build it and they will come. I can guarantee it.
0 votes Thank Flag Link Tue Nov 8, 2011
Chris
I am a Real Estate broker in Miami, and would be happy to discuss the opportunities in the Miami area
I can be reached at 305-329-4937 or moceri.m@ewm .com

I look forward to working with you to aquire rental properties.
0 votes Thank Flag Link Tue Nov 8, 2011
I like oranges and peaches Gabriel. However I was not making a comparison just stating what I am observing.

Inland Florida residents are trapped and want to make the move out back to northern states. Property values have dropped and insurance costs have gone up. There are those that moved from the north to the Florida states for the weather and lifestyle, but then moved up to the Georgia coastline and Carolinas. They don't call them halfbacks for nothing.

I still stand firm that the coastline areas of Florida are a different story and it looks like that is where you practice. Can't deny that, but inland (which is where you will find residential at 40k) is too damn risky for my taste buds.

Besides that Georgia and has real seasons and the winters are very mild.
Web Reference: http://timetomove.biz
0 votes Thank Flag Link Mon Nov 7, 2011
Best of luck in Florida from a real estate investor in Georgia.

I will say I am getting calls weekly from folks looking to move out of Florida. Apparently the insurance costs have skyrocketed and have put a squeeze on people's budgets. Obviously purchases on the coastline are a different story since that is more of a luxury and or lifestyle want, but the normal suburbs inland are out of there.

Metro Atlanta is growing nicely (as is the traffic..) if you or anyone is interested in rental properties here.
Web Reference: http://www.timetomove.biz
0 votes Thank Flag Link Sun Nov 6, 2011
I think u should pass on SWFL if u only want to spend $40,000 per property. You are a year too late unless u want defective drywall homes, or old homes in the ghetto parts of Fort Myers and Lehigh Acres.
0 votes Thank Flag Link Sun Nov 6, 2011
I have a brochure my Canadian buyers really like that explains things you should know when purchasing property in the US as a non citizen. If you would like a copy please feel free to contact me.

Terry McCarley, Jones & Co Realty
email: leecountyrealtor@earthlink.net
0 votes Thank Flag Link Wed Nov 2, 2011
Hi,

contact me if you need some help:

Freud Realty is a unique boutique Real Estate agency catering to elite clients looking for luxury homes, pied-a-terre, or investment properties in New York and Miami.

Freud Realty provides an unmatched array of services and quality to its clients throughout the process:

- Property Search: Smart, Timely, and Efficient;

- Buying process: Negotiation, Financial/Mortgage,
Legal (due diligence, closing,...), Banking (escrow, account opening), Accounting, Fiscal optimization, Administrative;

- Property Management: Interior Design, Rental, Maintenance, Quarterly Financial Reports;

- Conciergerie

email: mroche@freudrealty.Com
rental, Sports & Entertainment Tickets, Country Club Memberships, and more...
Web Reference: http://www.freudrealty.com/
0 votes Thank Flag Link Tue Nov 1, 2011
Hello Chris, if you have any interest in Phoenix foreclosures, we have a few that are low priced and we can close fast. Call 480- 744- 5999 . Thanks!
0 votes Thank Flag Link Mon Oct 31, 2011
Hello Chris, I am also a fellow Canadian and we will definately be able to assist you with your real estate request needs. If you are not already working with a realtor send me an email jroberts0207@gmail.com
0 votes Thank Flag Link Mon Sep 5, 2011
Oh Canada we stand on guard for thee.

Gabriel

This e mail is short but to the point call me.
0 votes Thank Flag Link Fri Aug 26, 2011
Chris,

Please contact me.

Carlos Cardenas CDPE, Five Star REO Certified, RDCpro, SFR
Broker Associate
Kelller Williams Realty
2000 NW 150 Avenue suite 2000
Pembroke Pines, FL 33028
954.707.0927 Direct
866.700.8169 Fax
http://www.justlistedinfortlauderdale.com
http://www.floridahousemart.com
0 votes Thank Flag Link Fri Aug 26, 2011
I work mostly with Foreigners ; if you have not yet responded to my collegues below, you can give us a try.
Thank you Chris.
0 votes Thank Flag Link Fri Aug 26, 2011
Investor, Miami some area maybe you can find property in the price range less than $40,000, Orlando area, yes, some Fort Lauderdale area we can find properties in that price range. About taxes, if you buying in cash there is not problem. Foreign national can invest in the event paid for property taes there is not any problem. When you are investing and having gain from those investment properties, less the expenses you have to paid taxes from that gain. If you need more information, contact me at nfigueroa3199@hotmail.com . /Doing business with investor in 20 years
0 votes Thank Flag Link Thu Aug 25, 2011
Hello Chris,
I cover the nature coast area on the Gulf of Mexico. We have plenty of real estate investments here that give 20% return on your money or more. We have many properties in the 40k range to choose from For your tax considerations I would consult with a CPA as they are qualified to help you with your tax implications. I have several I can recommend. As a Realtor and a property manager I uniquely qualified to help investors in rental property management and acquisitions and help them maximize their returns. I also have the vendors to rehab any property and can help you with decisions that will give you the most return on your improvement/ repair dollars.
Example: I know a listing that is a 3/2/1 that you could get for around 25k, needing about 5k repairs and would rent for about $650 a month. That is a return of 26% before tax depreciation and appreciation. If brought up to good condition it would probably sell from 40k to 50k. If you didn't care about being a "slum lord" you could get even better returns.
call me and we can discuss your options.
0 votes Thank Flag Link Thu Aug 25, 2011
I'm looking to barter my husbands resume, skills, resources. He was a Contractor/Custom Home Builder for over 30 years in Asheville NC. He has a degree in Architecture from the University of Tennessee Knoxville. We have built and sold houses together for 20 years.
A year ago we relocated to Central Florida. He now works for Vic's Painting and Reconstruction, in the Orlando Office. We are interested in a few foreclosed properties in Deland FL. We do not have the credit necessary to purchase. We simply want a nice place to live while our kids finish High School. We have 3 children, 15, 14, 14. We have the skills and connections to renovate, landscape, anything the property might need. email me at boxbuilders@gmail.com
0 votes Thank Flag Link Wed Aug 24, 2011
HI Lowrider,

As you are investing we offer tjhe following service that you need fior this investments.
Real Estate Attorney for legal matter.
Property Managment (prestige management)
Myself as Real Estate Agent working on areas like, Homestead, Southwest miami and anything from Miaami Airport southbound.
Estimate return on your investment on this areas is between 8%-12% depends on the deal.

and Also let me tell you that prices has been increase a little bit within the last year.

Well if you need my services on my expertise area please let me know.
Web Reference: http://www.soldbuyrent.com
0 votes Thank Flag Link Wed Aug 24, 2011
Dear Chris

Central Florida is a great market to invest in right now. I am a Broker in Orlando and cover the four corners of Lake, Orange, Osceola and Polk counties. I have some of the inventory homes listed by me as well as have access to the entire inventory. Please call me on my cell 321-231 2500 to discuss the avaialble opportunities further.

Thank you

Tariq Saleem
Broker
MNT INTERNATIONAL
Web Reference: http://www.tariqsaleem.com
0 votes Thank Flag Link Wed Aug 24, 2011
Good afternoon Chris, I currently have some short sales in my inventory that may interest you in the South West Ranches area. One with 4 bedroom 4 bath sitting on 2.5 acres the other is a 3 bedroom 3 bath also on 2.5 acres. They are practcally giving them away and the bank has approved the price.

If your interested kindly giv eme a call at 305 336 2679 Mildred Villamar with Excelsior Realty Group,Inc.
0 votes Thank Flag Link Wed Aug 24, 2011
In order to provide you with an appropriate answer it truly depends on how many properties or what your budget is. I understand you would like to spend $40,000 per property but in addition to there are closing costs which again vary depending. I offer bulk sales also anywhere from 6 units to 800 units per property all over the US and are excellent investment opportunities. Price range from 1M-20MIL.

If you tell me me what your full working budget is I can direct you better.

Kindly,

Gemma A. Trimarchi, PA
0 votes Thank Flag Link Wed Aug 24, 2011
Chris,
If you are planning to purchase a property in Central Florida you can contact me.
Luis Mora
RE/MAX Paramount Properties
Luis.Mora@remax.net
(786) 556-2119
0 votes Thank Flag Link Wed Aug 24, 2011
Hello, the market in Miami is moving fast, despite the news, we have investors like you buying and clean up the mess. The foreclosure market is competitive and working with multiple offers, many of the properties are been sold for more than the asking price. There still areas with foreclosure and short-sales in Dade County. In order to expedite the process, a proof of funds letter from a financial institutions is pretty much what you need together with the right offer. Are you forming a corporations or you buying under your name?
Web Reference: http://www.vivianlaino.com
0 votes Thank Flag Link Wed Aug 24, 2011
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