Home Buying in 32934>Question Details

Leena, Other/Just Looking in Melbourne, FL

I am looking at buying an investment single family home property in a good neighborhood in the Orlando Area. Would like to spend at most $80000.?

Asked by Leena, Melbourne, FL Mon Aug 9, 2010

I have been looking primarily in Lake Mary, Oviedo and Winter Springs. Not sure which community would be best for my price point and at the same time will meet my requirements of being a good community. With all the choice out there I have become very confused.

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10
Mark LeMenager’s answer
Leena, what gives you the impression that there is "all the cloice out there". I just checked the MLS and there are a grand total of 27 single family houses in these three communities going for $80,000 or less. None were built this century and quite a few require a fair bit of work to make them rentable. If you only have $29,000 to work with, then you may want to revise your investment strategy. It's not a bad nest egg at all, but you're going to find that it will be difficult to get a mortgage as small as $50,000 and nearly impossible to beat out cash investors in the under $100,000 market. Take Cynthia up on her offer to help you out in your own locale.

Good Luck, Mark
2 votes Thank Flag Link Thu Aug 26, 2010
Hi Leena,
There are many single family homes for sale in your price range right here in Brevard County and such a home would be close enough for you to manage it. Let me know how I can help you.
1 vote Thank Flag Link Fri Sep 3, 2010
Always fun when an old question pops back up. Let's see what the market looks like a year since my last answer.

The last I found 27 SFH in these three communites for under $80,000. Today there are 16, so yes there still are some. Most were built in the 1950's to 1970's, but there are a few from the 1980's and even two from 1999.
0 votes Thank Flag Link Fri Aug 12, 2011
Leena,
When you are ready to purchase a home for an investment, please feel free to call. I have every confidence I can find exactly what you are looking for in a home.
Janet Brown
Exit 1st Class Realty
321-806-9121
0 votes Thank Flag Link Thu Aug 11, 2011
I should add that I have been pre-qualified for $80000 as an investment property.
0 votes Thank Flag Link Fri Sep 3, 2010
I have been pre-qualified yes for $80000. i was looking at the Orlando area since I thought there is greater rental potential there ( I could be wrong about Brevard). For a cash offer I can do up to $25000.
0 votes Thank Flag Link Fri Sep 3, 2010
There are many low priced homes in Palm Bay, whch is your best bet. They are going to need some work, so be prepared. Have you already been pre-approved by a lender? You will need to know what you are qualified for so that you can figure out where you stand and how far your money will take you. There is a lot of competition out there with other investors, looking in the area, that have lots of cash. Call me for a mortgage referral or if I can help.

Joan Willis
Broker
Brevards Best Realty, Inc.
321-960-3577
0 votes Thank Flag Link Wed Sep 1, 2010
Leena,

Why are you looking in Orlando? Brevard County has some great area's to invest in that you can spend 80K or less have a great investment property. Good rental property is very hard to find at times in Brevard at price points renters are looking for. I work with investors daily and have some myself. If you would like to have some properties sent to you via email just let me know.

Cynthia White
Realtor
EXIT ISLAND & BEACH REALTY
321.652.1974 Direct

Search the MLS http://cwhite.islandandbeachteam.com/
0 votes Thank Flag Link Thu Aug 26, 2010
It is an investment property. No the 80000 will be with mortgage. Can put $29000 cash. Dont see myself living in the property.
0 votes Thank Flag Link Wed Aug 11, 2010
Is that 80,000 cash? How many people.
0 votes Thank Flag Link Tue Aug 10, 2010
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