You may be able to get an update from the reporter that did the orginal article for the Tampa Tribune. See the link below. His contact info is contained at the bottom of the article. If you don't get any response via Trulia or the reporter at TBO, I can ask some of my Coldwell Banker Associates who work the area of Tampa to see if they can give you some feedback. Regards - Dawn Shea / Coldwell Banker Residential, St. Petersburg, FL 33704.
Property in older sections of town are constantly being switched from different uses. Unfortunately there really isnt a specific way to tell from search functions that commercial wa converted to residential. The description may say converted warehouse etc. or pictures may show the old commercial styling present. The easiest starting point will be older areas and older buildings. Good luck.... more
The tip is work with a Realtor that knows the rental market as knowing the rent is key to your "live rent free." However, here is another interesting idea
203K Strategy: Keep in mind that a 203k would allow you to rehab a property. A am working with a client that looking at getting a 203k loan to change a place with 5 unit to rent to 4 places. This strategy will allow him to get a great deal due to the fact that 5 unit are much harder to finance than 4 unit with 203k.... more
Jasrtk, the property does not appear when the link is clicked. The only way to answer your question is for you to provide an address associated with this property.
Brock Realty Inc.
Jakob Vossgard, when you make your selection to purchase a property as a rental unit, read through the HOA or Condo disclosures (along with their respective rules & regs addressing rentals. Each community has their own policy regarding rentals, long and / or short term, in addition to the governmental agency may have local ordinances pertaining to rentals.
Check with your CPA and tax advisor prior to buying an investment property to maximize your intent to be sure that it coincides with reality.
When you work with an agent, you will discover that an experienced professional agent will be able to provide you with information to address your questions and help you evaluate your buying power along with financial strategies. There are realtors that are investment strategists and specialize in the arena of income properties.
Brock Realty Inc.
If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.... more
The numbers (honestly) would work out just about the same if you just rented for the 2-3 years it will take to be eligible for an FHA mortgage. The kind of (hard money) investor you're talking about would charge very high interest, most likely.
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There is no way to state an average because all condos/townhomes will have very different monthly fees. Your best bet is to contact any local real estate office and ask them. They will have all current data for all communities in their area. Good luck!
Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
You are likely to encounter the reality that lenders have no interest in mortgages this low. Quite frankly, there is no money to be made. (of course there may be an exception out there)
Secondly, from what you have shared, the applicant for the loan may only 'marginally' qualify. Which means you need to lower the price point...and even fewer lenders will have interest.
At the $50,000 or less price point you are in a cash market. And you will need more cash than $50,000.
You will need to invest in repairs, appliances, flooring, etc.
You may need to move in with mom and SAVE, SAVE, and SAVE some more.... more
What kind of budget are you comfortable with? There are some manufactured homes very close to Fort Myers Beach that do not have huge fees and where you own the lot. If I can be of any assistance feel free to contact me.... more
Yes, you should have received title insurance when you bought your townhouse (or is it organized as a condo?). Look at your HUD-1 Settlement statement if you cannot locate your copy of your title insurance policy. Contact the title company where it closed and ask them how you can get a copy of your title insurance policy. If you cannot locate your settlement statement and cannot remember the name of the title company you can search on the Pinellas County Clerk's website for official records and when your deed was recorded it will probably have the name of the title company.
Normally townhouses do not cover insurance for the building butcontact the manager for your association to verify what your HOA (or if it's actually a condo), insurance policy covers.
Your HOA can even direct you to the insurance agent that can give you a copy of your coverage for your new lender that is requiring you to get insurance.
Hope this helps.
All the best,
Perhaps, your first step should be to meet with a local and trusted loan officer who can prequailfy you at no cost, they will look at your credit plus financials and depending on how much you have for a down payment or closing costs, they can outline what may be available,. Anyone else is just guessing without going through the motions.... more
It all depends on location and condition. How long will it take you to renovate the cheaper properties to get to income level. what kind of rent does the property command and is the neighborhood on its way down or up in regards to market. Highly distressed neighborhoods are becoming rental areas which brings down the value of single family owned properties. My advice would be to find a distressed property in a rather stable community. You will purchasing below market value, and your renovations will pay off in the long run in both increased rental value and resale vale in the future.... more