All Forum Posts by: Carlos Julio

If you are looking to invest in Cape coral Florida, send me a PM as we are looking to dispose one property using creative financing (subto)

Will send you more details as I don't know if I can post details here

Thanks

Quote from @Victor F Solley:

Hi everyone,

I started a new construction project in Cape Coral nearly 3 years ago and after very little progress and a few escalations, I've fired the builder. I'm exploring all options at this point including finishing the home with other builders, as well as selling what has been built (slab and block walls of a single family home 4 bed 3 bath) to another builder or investor.

Does anyone have any recommendations on where to look for potential buyers for something like this?

Additionally, I'm all ears on any advice for someone in my stage. I've had several bids, all much higher than the original, unrealistically low contract price, with of course a lot of variety in the price, experience, and track record of various builders. Much to consider. 

Many thanks in advance,

Victor

 Talking with my friends contractors in the area... some of this contractor offered very low price for their projects betting to build many units and market changed and they simply started to file bankruptcy... when comparing cost it's common you will find higher costs ... 

been in this market last few years, houses will start to move again in the next months in a normal cycle (not pandemic cycle) , if you're goal is getting long term rental in place for delay gratification... I think this city is target to that since population will keep coming due to house affordability (getting away from miami) 

If you're looking for quick flip , you may have to look for a different exit strategy as different houses here has similar condition , you have some competitors .... you can go either with price reduction strategy, partnerships or use creative finance strategy

Good luck

Quote from @Will H.:

I have a few new construction homes that I am trying to finish in Cape Coral, FL. All are at the drywall stage or later. I am looking for reliable builders to help me get them across the finish line.

 I have a good contractor  . PM me and I'll share their contact 

Quote from @Adam Bartomeo:

Below are two charts that show the amount of unsold "improved" properties. I broke them down into 2 charts, total unsold and unsold by property class (SFH, Condo, Townhouse).

The month of April had more unsold properties than any other month for the past 7 years. April and May are traditionally when sellers give up selling because season is over and most of the buyer's head back up north. So, it is not uncommon for SWFL to spike during the months of April and May. 

From the second chart we can see that SFH's are the reason that we had such a spike in unsold homes. Condos and Townhouses remained at normal levels in comparison to other years. A third chart that I did not include would show you that the spike was also caused by "dry lots", meaning no waterfront.

So, where did all of the inventory go? It has surfaced in the annual rents and vacation rentals. There are also the homeowners who just left it empty as a second home or are still living in the property. We are experiencing a decline in rental prices both for annual and short-term rentals. Although, it is a great time to buy because houses are still discounted but wont remain that way for long, it is getting more difficult to rent houses. We are seeing more vacancies, for longer periods of time, and for lower rents.

Personally, I am very bullish on the Cape Coral market because the prices are lower than they have been in 3 -4 years. I just purchased a SFH that we are rehabbing and will rent for a buy and hold. I am submitting 5 - 10 offers on SFH's each week in hopes of taking advantage of the current market and to take advantage of the future market.

 Great insight Adam, you are certainly right , sometimes we see this inventory level going down and immediately think that more houses are sold and here clearly shows that listings has been either expired , withdrawal or just canceled 

We are experiencing the same thing with rentals , prices has dropped at least 5 % ... 

What's interesting to see is what would be the effect of all this in the 3rd quarter ? 

Rental and home for sale prices going down. Ut with the 7% interest rate ??  

my hypothesis:

-new construction: developers will take the hit in New construction by adding incentives into the market to keep market presence 

-used homes: will remain unsold as long homeowners can hold it and any need for sale it will be opportunities for new buyers and 

-for investors who buy with traditional financing it will be a breakeven market until interest start to drop and market prices to increase 

what do you think?

Quote from @Pedro Leon:

Good day,

So my mother in-law owns a duplex in Cape Coral, Fl. She lives in one side and rents out the other. The place is paid off. She has been renting out the other side of the house to the same tenants for 6 years at a massive discounted rate with no lease. I am working on drafting up a lease for her to give them. Are there any restrictions for the amount you can raise the rent? I'm not concerned with them deciding to move out if the number is too high. Looking at just getting it back to market rate because we are looking to rent out both sides within the next year.

Appreciate any thoughts!
Pedro

Hi Pedro
No restrictions over here at cape coral. Be mindful on tenant reaction. I did have a similar situation in one of our condo's we have in the area and we sat with tenantband agree on 3 year increase plan where she will always be under market rate (win for her) but will also help our our cashflow

I'm local investor, swnd me a pm if you need any support 

Good luck 
Carlos

Quote from @Rodney Menendez:

Hi, I am building a single family house with a pool and no canal in Cape Coral and I am considering renting it as an STR / MTR when I get the CO. Would you be able to share your experiences, If you are an investor, agent, or property manager with STRs or MTRs in Cape Coral? In your opinion, does the house needs to have Golf access to be a successful STR? Would you be willing to recommend any cleaners? Thank you :)

my experience is more in the LTR however I've been thinking on converting one of my properties.  This is what ive found so far

MTR if it close to hospitals... a lot of travel nurses around here ... 

STR doesn't needs to be on the canal as long is close to the beach or downtown... of course canal acces is a guarantee

Good luck 

I'm based in cape coral and have majority of my portfolio here... you are right on cashflow and I will add appreciation and population trend is planned to be increased due to this city is one of the cities used as an outlet of miami, Orlando and Tampa since they are too expensive... happy to chat whenever you want. I have a team here that is growing and is able to cover all needs

Depend of your risk tolerance,  in your case I would start at least the first one in your area to learn little bit  more and then I would think on out of state investment 

@David Wurzel

I recommend check credit unions of your area , I was able to pull one heloc and have in mind to another one early next year

If you want referrals just DM and happy to provide the ones it has worked for me

Good luck

@Elvise Atem

I'm in the same journey since my background is ops management and been doing this for my properties last 4 yrs

I have found beside Narpm

Latchel Com (even though it's a maintenance 24 7 company , they have a podcast focus on property management , learnings etc)

Doorpreneur( check it out interesting concepts there)

Property rental management from Brandon turner good insight

Chat gpt lol , but I have use it and bring valuable things

Many others but start with these ones

Good luck, take action, don't stop

@Cody Lewis

Beside all that I'll add

maintenance request resolution or turnaround time, being this a critical item for tenants