Careful buying a home for $40K in good ol' LA. They are likely unlivable or have chinese drywall in them. Here is a blog in did on how to ensure you get 50% ROI year over year some of the investments where in LA..
I would be happy to help you and your investing.
The prices are low, that's true, but it pays to do some research before you commit any money to a property.
According to the New York Times article referenced below, Lehigh Acres is an extreme example of the real estate "boom and bust." The article is from last year, but the story explains what happened there, and why it happened.
Since many people living in Lehigh Acres are without jobs, it may be a difficult place to find a renter for any property you might buy. Here's the article:
Maggie Hawk, REALTOR
Watson Realty Corp.
For in depth info on the chinese drywall problems which are big in Florida see my blog; here is the link.
Chinese drywall is definitely an issue but there are enough properties that you can avoid that issue if you choose. We are seeing more and more chinese drywall properties being rehabbed and put back on the market. With so many other properties available I would not consider chinese drywall properties as an option at this point. Almost certainly you will be looking at some intial costs to get the property rental market ready as most have been stripped of A/C equipment, Water systems and in some cases the electrical wiring has been stripped from the property. In addition most will have been broken into multiple times requiring additional repairs.
If you are considering the purchase of investment property anywhere in southwest Florida I would recommend establishing a relationship with a contractor or repair/maintenance company who can provide you with specific information concerning the areas of Lehigh and their unique challenges. We assist investment property owners who live outside of Florida in maintaining and monitoring their properties. Our knowledge of the area combined with our ability to take care of maintenance and repair has proven valuable to out of state owners. Information is key and the more you have the better decision you can make regarding the purchase of investment property. David Hillyer, email@example.com
The right investment may take a bit of time to find but they are definatly out there and worth it.
Also, some that cheap that seem Too Good to be True turn into bidding wars and end up selling much over the listed price so be ready to go above.
I would be glad to give you more real estate information about the Lehigh Acres area!