All I Want For Christmas Is My Free Con-doh, My Free Con-doh.
By: Jeff Shiller, Esq.
Or, the alternate title: How To Own a $ 240,000.00 Prime South Beach Condo For $ 4 Per Year.
Ever since the 1980’s, I’ve been trying to figure out ways to buy a cheap retirement home in Florida so I could wear white clothes year-round and solve crimes in my Ferrari (hold on a sec. I’m looking for a cheesy picture. Okay. Got it. I’m back).
After much deliberation, I think I’ve finally figured it out, and I’m sharing my top 2011 investment strategy with you.
The collapse of the Miami/Palm Beach County real estate market is legendary. And now, to add insult to injury, a large south Florida law firm caught up in the robo-signing mess had many of their FANNIE and FREDDIE foreclosure files pulled and re-assigned to new law firms. The resulting confusion between lenders, trustees and the local courthouses led to many Palm Beach County homes being sold to investors at foreclosure auction this month for as little as $ 200. Yes, that’s correct, 200 bucks.
Here’s the article:
According to the article, “56 percent of winning offers were from investors or individual buyers who in some cases spent no more than a month’s mortgage payment to get homes that sold for upwards of $ 240,000 during the real estate boom.”
It doesn’t take a rocket scientist to figure out that those investment numbers work. So if you’re like me and have thought about buying that dream 2nd home that could also generate rental income, get off your rocking chair and start thinking about purchasing some south Florida real estate!
Here’s the catch – you’ve got to get your location right and time your exit for maximum profit, so I’ll give you my formula for that.
According to Al Gore and the other global warming crackpots, sea levels will rise by as much as 0.7 meters by 2060.
So here’s the solution. Go down to FLA when the next bulk auction is scheduled. Buy your dream condo for $ 200. Make sure you buy above the 5th floor. Hold it for 50 years. Sell when the water hits the 2nd floor.
Voila… a Florida condo for $ 4 per year. And you get to sell for at least the insurance money. What a deal!
In all seriousness, look for my upcoming posts regarding condo investments. I’m going to address the dos and don’ts and pros and cons of buying a condo as an investment, and even speak with a real, live south Florida condo expert on the state of the market. Then we can get the bottom of this global warming problem.
Til next time, Jeff
P.S. One of our readers sent the following article to me about the SAFE Act. It’s a good summary of my other SAFE Act articles. Thanks Kevin!
Hard Money Bankers, LLC