All Forum Posts by: Don Nardone

Horseshoes...Hand Grenades...Zestimate. Seriously, I read they are catching flack for the way they figure the estimates. Apparently, they are a crapshoot in many areas and buyers are relying too heavily on it when making an offer.

@Peter Amico, Hey, I think the secret is out about the Central Florida area. I looked for about 3 months, at quads and duplexes under $400K, for my first deal. Unless it was in a war zone or needed lots of work, there were no 1% deals around here. I switched to looking at SFR's and am closing on my first one next week. A 4/2 recently rehabbed in Melbourne that rents at 1.4%. I'm hoping my second deal will be as sweet.

I am no expert but if I were in your shoes; I would think about liquidating your SFR's (looks like about $600K plus in profit) and finding a "value add" apartment property and do a 1031 exchange. Of course I would first sit down with my wife, agent, cpa, and lawyer to see what they say (because I'm no expert).

Just my 2 cents.  Best of Luck!

Survey Completed.  

As a former police officer I can tell you that there are pockets of good people in even the worst neighborhoods.  I agree with @Timothy Murphy III ; don't paint with broad strokes because you will miss a good opportunity.  Also, I'm not advocating this in the nastiest parts of town, BUT if you really want to know what an area is like drive a few blocks around the property both in the day and night.  

@Melvin List Well, 20% down isn't unreasonable if the ROI is acceptable. It's the Condo fees that make most of these undoable as an investment.

@Melvin List Ok.  Nearly all the condos for sale here are from apartment conversions during the 2000's.  These would be strictly investment properties for me.  There is just so many of them, I figured they are at least worth a look.  But 20-30% down definitely changes things.  Probably why most of the "investor alerts" are still for sale.  Thanks again. 

@Melvin List Aside from more skin in the game; any other nuances to Condo financing that you wouldn't mind sharing?  My market is Brevard County and there are always several condos on market here.  I have read that Condo lending is different but the other forums are folks in the Northeast or Midwest.  I'd like to hear from someone closer to home.  Thank you in advance for your time.