All Forum Posts by: Adam Anderson

Anyone have experience with rentals, duplexes and multi family properties in Lake Wales FL? If so I'm wondering if you can comment on the strength of the rental market in Lake Wales. Are you seeing strong rental demand as well as demand for investors seking residential income properties? I Was originally looking in Tampa but a friend suggested lake Wales for lower prices.

Adam

I think Steven is spot on here,  The lack of jobs is the killer in AC and its defiantly nowhere close to Vegas.  While its a shore town, its not a family vacation destination and almost all other NJ Shore towns are better for this type of vacation.  Crime is high and many areas are not safe, its truly a depressed area.  If you are looking for an upcoming NJ Shore town check out Asbury Park.  You wont find the same pricing but its an improving area and there are deals.  The town was depressed then hit by hurricane Sandy but its recovering and developers are  moving in.  Its not far from the wealthier counties in northern NJ as well as NYC and becoming more of a popular weekend and weekly vacation area.  I know a great lender who is also an investor/owner there who I can introduce you to... if you are interested PM me

I'm pretty new too and im looking to add to my FL properties as well!  Congratulations and good luck!

if you never agreed to that prior to him bidding you should not be expected to pay anything!

Cash is King but money is still very cheap! Having the HELOC is a great tool and shouldn't be that hard to get on your primary residence but keep in mind that getting over 80% LTV is rare so you wont get dollar for dollar out and you may not get the appraised value you desire. The interest on up to $100k of HELOC debt is tax deductible which helps. A HELOC will have a variable rate which is fine now but may begin to creep up over the next few months and years, so its probably not a good idea to plan to use it for a long term buy and hold that you might have trouble refinancing or paying off when rates rise....and they should at some point but who knows when.

I've been researching investing in Tampa Heights and Ybor city areas as well.  If you have not already seen it, there is some great info here as well as the "Redevelopment Plans" with maps

http://www.invisiontampa.com/news.html

I'm considering working with WC Equity now on a fix, rent, flip deal they claim they will manage the whole process and expect to sell within in 60-90 days.....seams a little ambitious.  The properties are in less desirable communities in Tampa but they say they have a large base of cash investor clients who are looking for these properties.  I want to believe it but I'm skepticle. Anyone have a recent experience to coment on?