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Case Study: Investment Opportunities in Seminole County

by Erna Sigurdsson, Realtor

Recently the Orlando Regional Realtor Association reported that Bank-owned and short-sale properties account for a record 75% of home sales. (February 14, 2011) This is no surprise to us that live and breath the market. After the Real estate bubble burst more and more homeowners have become distressed and the real estate market has been saturated with distressed sales.
However in 2010 only 8% of home buyers bought a home in foreclosure. This is because foreclosures are in much worse condition than the short sales and normal sales and a lot of work has to be done to the property before it can be used as a home again. This actually presents a great opportunity for investors. It is difficult for home buyers to buy these homes because usually home buyers need a mortgage and when you are buying a foreclosure it may not even reach the minimum for the home buyer to get a mortgage on the property. When you find a foreclosure that is selling for $30,000, mortgage companies will not finance that purchase.

Case Study: We helped an investor purchase a property in Sanford in Seminole County, Florida

This property was a Fannie Mae property, it was 5 Bedrooms, 2 Bathrooms, 1,400 sq. ft. heated. The investor bought the property for $42,900, after iSanford Real Estate Investmentnspection and closing costs it was $45,000 to buy the property. This 2003 home had not been lived in for 2 years prior to the sale, with no A/C running inside the home humidity started building up inside, this lead the cabinets being ruined because they had become warped. The A/C unit outside was missing as well as the inside unit had been stripped, doors were missing, the thermostat had been ripped off the wall, the waterheater did not work and all the appliances had been trashed.

This is exactly the kind of property that the investor was looking for!

The cost of restoring this property was almost $10,000.

Once the property was ready, it was rented out immediately. We had found tenants for this property while it was still being fixed up.

This particular investor will have made back his investment in 6.5 years, in that time the property will also have appreciated.

Seminole County Investment PropertySeminole County Investment Rehab property

These photos show the before and after of the Kitchen remodel on this Sanford property. For more photos of this investment project visit our Facebook page.

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

Regular Maintenance vs. Expensive Repairs

by Erna Sigurdsson, Realtor

As a property manager sometimes I have to take care of calling for a maintenance request or a repair of a property and find the best price for those services.  

I have seen firsthand the difference between a property that is maintained and properly taken care of and properties that have come to me under management in varying conditions and how expensive it gets if it has not been taken care of.

Seminole County Maintenance

The best way to take care of a property is to do regular maintenance and occasionally check to make sure all systems in the house are working properly. Just like your car, the equipment and systems in your home need regular maintenance or you will end up with major repairs. You wouldn’t drive your car without having an oil change and filter replaced; likewise you should not run your A/C without a filter and adding Freon to it once in a while.  There are simple ways to make sure that the property is in good condition, for example, between tenants vacuuming the coils on the back of a refrigerator will keep it lasting longer and also vacuuming the dryer vent to clean out lint will minimize the risk for a fire and keeps the dryer running longer.

Erna Sigurdsson is a Property Manager at The Viking Team, Realty

If you need a professional property manager for your investment property in Seminole County (Including Longwood, Lake Mary, Altamonte Springs, Winter Springs and Sanford) give me a call today.

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

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