General Area in 32825>Question Details

Lee Dalton, Other/Just Looking in 321825

A duplex in the middle of Florida (both sides) ... could be great investment?

Asked by Lee Dalton, 321825 Thu Aug 2, 2007

My brother and I own a duplex right by access to the 408 and the 417. It's absolutely great because we can get anywhere in Florida so easily . . . but now that I am out of UCF and he is tired of working at Universal, we are both wondering if we want to sell. It would be a great investment for someone who wants to own rentals . . . I think they both appraise at around 198,000 (although I am having my master bath remodeld, so subtract 3500... or so?

Anyone have any interest in a situation like that? (You can take a look at "Spring Lite Way, zip 32825; we are up by the Milinocket intersection behind the green area). You can e-me at ldalton@cfl.rr.com if you have questions.

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5
Hi Lee,

Was wondering what are the size of the units(bed and baths) and what are the rental prices in the area.
Web Reference: http://2buy2sell2rent.com
0 votes Thank Flag Link Sun Oct 21, 2007
We are in a very one sided buyer's market at the moment mostly because there's just too many homes on the market. At the same time its becoming tougher and tougher to obtain financing because of the sub prime mortgage crisis and financial institutions just going under.

From what I hear from property managers is that the rent prices these days are not doing much better.

I personally feel that this market will continue the next 3-5 years because we're in a similar period of time as the early 90's when the S&L scandals took place. It didn't recover until 1996 so you want to ask yourself. Do you want to sell now and get out while you can or do you want to wait it out and sell when hopefully the market is leaning more towards the seller's side.

My suggestion is sell now or you may be waiting another 5 years to sell. Rent prices are not covering the mortgage payment in most instances in Orlando so you could be signing up to take a loss on a monthly basis for 5 years.
Web Reference: http://sworlandoblog.com
0 votes Thank Flag Link Fri Sep 21, 2007
If you are looking like you want to sell for sure, then the best thing to consider is what you need to get out of it. How much did you pay? How much is your mortgage? What will be the costs of closing?

Then you need to find a realtor in the area that will be able to help you comp your house...aka Price it based on what other properties like it will list AND sell for in the area.

If you and your brother are living each in one of the units, then it will be harder to sell to an investor than a property that has both units fully leased. On the other hand, your property might make a great property for a homebuyer who wants to split the cost of the mortgage with a tenant. Also, this might be a great property for a college student - or their parent - to live in while they attend UCF.

The best thing to do is contact a realtor in the area. Colleen on the OrlandoAvenue Team of Keller Williams is a great resource. Her website is http://celebrationhomes.blogspot.com... all her contact information is there. She can point you in the right direction...
0 votes Thank Flag Link Mon Aug 6, 2007
What kind of rent can you get?
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Thu Aug 2, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Lee,
Congrats on graduating from UCF! Now isn't the greatest time to sell, why don't you rent it out yourself and hold it as an investment? Please re-post answer... Best of luck!
0 votes Thank Flag Link Thu Aug 2, 2007
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