All Forum Posts by: Emmanuel N.

Hmm, I guess if you just want a unit somewhere out in the middle of nowhere that's not too scary you should be able to find something for 40k. It will probably have to be an older complex. Look around Mandarin, Baymeadows, Southside or Orange Park. If you're not too picky definitely search for the lowest monthly fees. 

There's also a condo building downtown that is kinda isolated, and you can find units there listed at around 30k. It's not a terrible place and who knows, when you come back downtown Jax might be a little bit better than when you left. Not sure there is secure parking for that building though. 

As for finding deals, there's no magic formula. You can put in the time and energy to do marketing (those we buy houses signs, or by sending out mailers) basically to find people who haven't listed their properties but have thought about it and could use a quick cash sale. But really it's a lot of time and money if you're just trying to buy one cheap condo and not planning to do this as a business. Maybe hook up with a bunch of wholesalers who do this sort of thing already. If something comes up that you're interested in, buy it from them. Chances are you'll be willing to pay more than their list of investors so you could actually get it, and still get a bit of a deal.

welcome, @Emmanuel N.. I was already gonna suggest considering Jax when you said you had some money to invest and you're in miami. 

Anyway, knowing your situation, I would honestly advise getting a storage unit. You may wasting money by "renting" storage space, but you're also wasting money (probably more) buying a place and leaving it vacant for 6-9 months. Especially in a place with monthly fees. 

What kind of digs do you want to live in? What kind of neighborhood? With $40k i honestly think it would be tough to find something that I would want to live in myself. There are options at that price that are in decent areas and/or safe, but they are boring and far from anything trendy. $70k puts you in the range of a 1-bedroom condo in a desirable area but you'll have to search hard. 

Foreclosure auction is tricky for a newbie. If you're willing to put in the time, you could learn how it works and do the necessary research to make sure you're minimizing your risk. BUT...good deals come up sporadically, especially if you have a tight price point, and when they come up you're bidding against a half-dozen other folks who have been waiting for the same deals to get to foreclosure. Point being...even after you know what you're doing it could be months before you even have a chance to bid on something that suits your needs. So it's not a reliable way to get a place if you need one quickly. 

I would get that storage unit, leave your car with a trustworthy friend (or sell it) and then go to SE Asia, Latin America or Eastern Europe where you can stretch your money. Congrats on quitting and traveling the world!! Happy to answer any other questions you might have. 

If you can find a decent neighborhood with a house that cheap I personally would go for the house.  I am a little doubt full of what you will find at that 30 to 40 K price point, but I'm not in that market.

I would imagine that the condo insurance covers against fires but not personal liability or belongings.

Looking at as a storage place a 40 K condo is probably safer than a 40K.  Although it would be even safer in climate controlled storage.  They have security and probably insurance.  Plus it we be less expensive than buying a condo to store stuff in.

I think that I would pay for storage, buy a house to rent out while I was gone. Hire management, and have the home pay for the storage.    I would actually probably purchase a duplex and finance it.  Then rent out both sides while I was traveling, Although have an issue of not having a job, which makes it tougher to get a loan.

You might find a bank or an owner who would finance it for you.

I would recommend not to purchase a condo. In my experience they are the last to see appreciation and the first to drop in value. Plus you have condo HOA fees, and no control over the HOA. They can do special assessments pretty much on a whim.

You will still have monthly expenses with the HOA, insurance, and property tax. Sounds like you're purchasing the unit on speculation that it will go up in value. For me that is not an asset, it is a liability.

I own 10 rental properties (18 units total) and I rent the place that I live in, it is cheaper than owning and I don't have the liabilities that go along with primary residents ownership.

I would read the book Rich Dad Poor Dad by Robert Kiyosaki to get a look at what your doing in a different perspective.

David