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South Florida Investors, Issue 06-21-07
June 21, 2007
South Florida Real Estate Investors

Palm Beach Wholesale Properties, Broward Wholesale Properties and Miami Wholesale Properties / 06-21-07

5411 Wintergarden Parkway
Ft. Pierce, FL 34951

Lovely 2-story home on Large Lot
1350 square feet (approx) under air
Great Neighborhood
Conveniently located

Needs minor repairs
Repair Estimate $4000

WHOLESALE PRICE (on assignment) $124,900
(Appraised June 2007 at $170,000)

COMPS IN AREA:
7801 Westmont (active MLS)
1348 Square feet w/pool - $169,900

8102 Santa Clara (sold)
3/2 no pool- $156,500


FORECLOSURE/HANDYMAN SPECIAL

704 Jasmine Drive
Lake Park, Florida 33403

OUR WHOLESALE PRICE: $214,900
LIST PRICE: $260,000

Lovely 3/2 Pool Home on Large Corner Lot
1570 square feet under air
Great Neighborhood - fenced rear yard
Conveniently located near Northlake Boulevard

Repair Estimate $10,000

COMPS IN AREA:
740 W. Kalmia Drive
1370 square feet - .29 Ac - $328,000

326 E. Kalmia Drive
1502 square feet - .32 ac - $275,000


1217 PEAK RD
LANTANA Florida 33462

THIS WHOLESALE PROPERTY IS A 3/1 SFH CARPORT WITH A LARGE WORK SHOP THAT COULD BE TWO EFFICIENCIES, HAS A VERY LARGE CARPORT. PROPERTY IS BIGGER THAN TAX ROLES. HAS SOME ROTTEN WOOD IN CARPORT. CARPORT'S ROOF IS IN GOOD SHAPE. ROOF ON HOUSE AND WORK-SHOP ARE MISSING A FEW SHINGLES. A FEW PIECES OF SIDING ARE MISSING ON THE HOUSE. INSIDE LOOKS BETTER THAN THE OUTSIDE-NOT BAD. MIGHT CONSIDER CONVENTIONAL FINANCING.

OFFERED AT $99,000.
COMPS OUT AT $165,000 OR BETTER


1428 NE 53 Ct
Pompano Beach, Florida 33064

Wholesale Properties Price: $190,000
Est. Profit - $31,820 to $49,200

Property Details:
County: Broward
Adj. Sq Ft: 828 total
Sub-Division: Pompano Beach Highlands
Folio #: 48-43-07-04-3770
Type: Single Family
Built: 1957

Description:
3/1 CBS bread n' butter property North of Sample and East of Dixie Hwy. Exterior features include a carport, screened front porch, window awnings. Interior features include tile floors throughout and separate laundry room. All appliances are included. Buyer pays seller closing costs.

Repairs:
New kitchen needed, update the bathroom. Central AC optional. Needs light fixtures, paint inside and out. Some dry rot in fascia board needs replacing. Landscaping recommended.

Est. cost of repairs: $18,000

Value:
● Retail Value: $270,000+
● Wholesale Price: $185,000

Terms:

● Close by 20 July 2007
● Cash or hard money offers only. Absolutely no conventional financing will be accepted.

If you require a hard money loan, we will provide you with information on how to obtain one.

Comparables:
CLOSED:
1480 NE 54 St
3/1, 828 sq ft
Sold 05/04/2007
$255,000

5220 NE 14 Ter
3/1, 828 sq ft
Sold 05/03/2007
$300,000

1648 NE 54 St
3/1, 828 sq ft
Sold 05/03/2007
$290,000

5256 NE 18 Terr
3/1, 828 sq ft
Sold 03/16/2007
$270,000


1288 W 30th St.
Riviera Beach, FL 33404

3 Bedroom, 2 bath, with carport
1344 square feet
Shutters on all windows
Great Section 8 Rental Property
(current long-term tenant 10+ years)
Very close to schools and church
$8,000 in repairs.

Wholesale Price: $139,900
Retail Price: $180,000

Comps in Area.
1420 W 25th St - $225,000
3/2, 1404 sq ft

1456 W 35th St - $179,000
3/1, 1410 sq ft

1441 W 31st St - $192,000
3/1, 1252 sq ft


5721 Wingham Way
Lake Worth, FL 33463

3 Bedroom, 2 bath, 1 car garage
CBS, new roof in 2006
End Unit Villa - 1161 square feet under air
fenced rear yard- nice neighborhood
close to shopping

Needs only paint and carpet
Repair Estimate $5000

Wholesale Price $147,000
(On Assignment)

Recent sale comps in area:
5467 Barnstead Circle
1161 square feet, $200,000


7756 NW 9TH AVENUE
MIAMI, FL 33150

3 BEDROOMS / 1 BATH
ADJSQFT: 1,802 SQFT
LOTSQFT: 5,500
YEAR BUILT: 1933
CONSTRUCTION: CBS

AFTER REPAIRED VALUE (ARV) = 225K - 230K
REPAIRS = 60K - 65K
ASKING = 110K

Realtors: Please add your commission to the asking price.

MUST CLOSE BY July 6th, 2007. CASH OR HARD MONEY ONLY.


123-39 NW 15th Street
Miami, FL 33135

Overtown
12 units all 1 bed 1 bath
100% Occupied
6,662 Building Sqft
7,500 Sqft Lot
Condo Conversion or Section 8 opportunity

Actual Income:
$6,800/mo (2 units rented @ $650/mo, 10 Units rented @ $550/mo)
All tenants month to month
Expenses(per owner):
Tax = $17,001 annually
Insurance = $6,000 (est.) annually
Waste Removal = $2004/ annually
Maintenance= $3300/ annually
TOTAL OF $2358.75/mo for expenses

It is extremely rare to purchase something in Miami-Dade for under tax assessed value. I estimate that properties generally sell for 30% to 70% over assessed value. To give you an idea below are recent sales within 1 mile of the above mentioned property.


Recent Sales
1360 NW 1st Ct (Property in very poor shape 100% vacant in need of 250k+ in repairs)
Settle Date: 5-25-2007
Assessed Value: $607,765
Sale Price: $1,100,000
Sold For 82% over Assessed!!

180 NW 17th St
Settle Date:5-23-2007
Assessed Value: $113,615
Sale Price: $173,000
Sold For 53% over Assessed!!

215 NW 16th Terrace
Settle Date: 3-9-2007
Assessed Value: $325,008
Sale Price: $425,000
Sold For 30% over Assessed!!

525 NW 2nd Ave
Settle Date: 2-16-2007
Assessed Value: $425,669
Sale Price: $2,400,000
Sold For 600% over Assessed!!

542 NW 8th St
Settle Date: 1-29-2007
Assessed Value: $586,096
Sale Price: $820,000
Sold For 39% over Assessed!!

This property:
Assessed Value: $679,138
Wholesale Properties Price : $610,000

Thats $69,138 under assessed value, looks good to me Detailed pictures will be available within the next 3-4 days please reply if you would like to see them. There will be no showings on this property. Drive by inspections, run your numbers, look at the pictures and contract will be subject to seeing inside. Please do not disturb tenants. (WORK EFFICIENTLY)


15374 Garfield Dr.
Homestead, Florida 33033

6 Bedroom / 2 Bath
1,949 Sq. FT
Needs $20K in Repairs

Has an efficiency with separate entrance and it's own kitchen can be rented for extra $ income.

Addres Sale Price/ Yr. Built/ Bed/ Bath/ Sale Date/ Bld/Liv

15470 Hayes Ln. $230,000 1952 4 3 6/2006 2,136

29520 SW 155 Ave. $285,500 1969 3 2 11/2006 1,512

15283 Harrison St. $240,000 1952 2 1 12/2006 1,463

15400 SW 295 St. $235,000 1969 2 1 10/2006 1,397

Asking $175K

ARV $247,500
Repairs $20,000
Price Only $180,000
Gross Profit $47,500

 

Want to place an offer on a Property before it's gone? Call 954-822-0796

 

Want to buy South Florida Investment Properties? NEED Hard Money? Call 954-449-1431  
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