Bank Own Properties in Orlando Jean Gillen/ Maria Elena Perez Real Estate Broker Florida
Why Orlando? Most visited city in the world! +50 Mil visitors 3 rd largest convention center in the USA 236 days of sunshine a year Top destination for secondary homes High population growth Top retirement destination Strong landlord protection laws Robust and diversified employer base
NYO-AAA 123 -20070525 -
Top Orlando Employers
UNIVERSITY OF FLORIDA “Results of our first quarter survey indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types, ” said Timothy Becker, Director of UF’s Bergstrom Center for Real Estate.
Why Do We Think We Are At The Bottom Of The Market In Florida? • NUMBER OF DAYS ON THE MARKET HAS DECREASED! • HOUSES WE BUY HAVE MULTIPLE OFFERS WITHIN 2 -4 DAYS • INVENTORY IS SLOWING DOWN • MULTIPLE BUYERS FOR HOUSES!
Why Buy Now? Real estate prices nationally have corrected 60% from their 2007 peak The average house price in Orlando and Central Florida is now similar to 2000 prices-$90 -$110 a sq ft, WE ARE BUYING at 30 - 50% of that numberprices similar to the … 1970’s House prices are 1/3 of the replacement price Mortgages rates are at historical lows and cannot get much lower
FIVE YEARS FROM NOW? ? ? YOU HAVE A CHOICE… Five years from now will you kick yourself for not taking action during this historic time? ? ? OR will you look back and say I was there, I jumped at the chance to make profit like never before in Real estate!! You will find houses so low that your downside risk is minimal and your upside potential is enormous!!
10 Year Sales Comparisons
EXISTING SINGLE FAMILY HOME SALES- PRICE- DOWN Orlando/Kissimmee
EXISTING HOME SALES Orlando/Kissimmee
Cash flow makes these properties extremely favorable to an investor! Cash investors have $550 -700 cash flow
Why REO's- BANKS MAKE $$ REO'S SIMPLY PUT THEY ARE HOLDING PAPER THEY BOUGHT AT A HUGE DISCOUNT. . WHEN THEY SELL AN REO THEY RECEIVE A PAYMENT FROM THE GOVERNMENT ( YOU) THE PAYMENT IS 80% OF THE LOSS – OF THE ORIGINAL LOAN- PLUS FEES AND PENALTIES additionally- THEY HAVE COLLECT THE SALES $ AND ANY MORTGAGE PAYMENT”s THE HOMEOWNER MADE. . DURING THE TIME THEY TRIED TO GET A LOAN MOD, OR A SHORTSALE DONE! HOW DOES THAT COMPUTE?
Bank Math ORIGINAL LOAN $200 K Sold to institution for $100 K THE REO ( house) is sold by the institution for $100 K – to an owner , or an investor-( us) Now here is the kicker. . The Institution receives 80% of the loss of THE ORIGINAL NOTE +FEE+PENALTIES+TAXES ETCfrom the Government ORIGINAL NOTE $200 k- FIRST SHORT FALL $100 k FEES/ PENALTIES /UNPAID MORTGAGE PAYMENTS FROM THE ORIGINAL NOTE 50 k TOTAL SHORTFALL $150 k 80% $ 90 k Institution receives $190 K on their $100 k note This is why REO”S are the best… and why this is an Historical time to buy real estate for investors!!!!!
VA HOMES
Condo sales are up/ Prices as low as $15, 000!
Condominiums
How long can this opportunity last? • This is anybody’s guess – but the facts areas in Orlando and central Florida • Rentals are quick- people are loosing their homes and need places to live! • Prices are a fraction of replacement costs. . And the prices in the areas we are targeting are inching up • You could miss the market- and have a good story for you grandchildren about “ the one that got a way” • More Millionaires will be make in this market than ever before!!!
What we will do for you: • FIND YOU A PROPERTY – A full property inspection and repair estimate within 7 days of your executed contract – Financing – Insurance – Home warranty • PROPERTY MANAGEMENT – – – Initial rehab/repairs Marketing the Property Tenant screening Lease agreement execution Average time to rent is 25 -45 days • It’s an Easy process, we have done it hundreds of times for our buyers!
TODAY’S OPPORTUNITIES!!! • ALL THE HOUSES CASH FLOW • ALL THE HOUSES ARE IN THE GREATER ORLANDO AREA • THE HOUSES ARE NEWER AND IN GOOD RENTAL AREAS • BANK OWNED houses sell VERY QUICKLY !! • Prices range from $15, 000 and up- These properties cash flow… • Originally sold from $245, 000 and higher
The Key Here is: You are buying at 2000 prices At a fraction of the replacement costs Newer homes fix ups – at rock bottom prices- and there is no extra cost to you for the renovations These houses were owner occupied. . You are not buying another investors property! The target areas prices-rock bottom prices! rise in sales volume drop in # days on market rise in competitive bid We are choosing only the lowest priced home, that need
WHAT I KNOW FOR SURE? • MILLIONAIRES will be made during this window of opportunity • Real estate is a good protection against inflation • You are buying houses with INSTANT EQUITY • The profit is made when you buy!
Orlando Real Estate Gillen & Associates Jean Gillen Ph. 321 -947 -0912 Maria-Elena Perez 305 -409 -3319 Email: jeangillen@yahoo. com www. Jeangillen. com
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