Florida Real Estate Investment???

[Jason Mathews]

Can someone tell me what the attraction is for Florida Real Estate? I get a ton of e-mail from Wholesalers in Florida It appears that the wholesalers are doing quite well. Preston Ely supposedly (according to himself) is doing better than $100,000 per month in wholesale deals.

It doesn't make any sense to me. The Retail market in Fla. is dead, it has one of the largest number of foreclosures in the US, one of the highest unemployment rates, banks wont allow Cash out refi's in Florida because values continue to decline, so how are all these "Investors ?" making any money?? Yea, I know, some are buying for the Rental cash Flow, but unless one has an unlimited supply of new cash to buy more property with, that game can only last for so long.

I would love to hear from anyone. especially anyone who has purchased Fla. Real Estate wholesale or otherwise and tell me how your deal went, did you make any money, etc.