When you own investment properties you should find out who is responsible if the building gets condemned

When you own investment properties you should find out who is responsible if the building gets condemned

Over the last few years up until the middle of 2007 I was actively buying investment properties. Some were purchased with one other partner and the others were with three. I wasn't the biggest fish but I could hold my own in the pond. Some of the properties we bought were in fair shape and were located in tough neighborhoods. But I saw some potential to make a little income...not a lot but just enough to pay the operating costs and a little left over to keep in the bank. We were also able to rent them out who qualified for Section 8 housing. The money was guaranteed and we ended up getting two reliable tenants who paid their rent on time.

We owned two in the same complex and we were able to get them really inexpensive. We paid cash for them so basically we were responsible for the maintenance and taxes. Renovations we did were adequate enough and we were lucky to have any major repair issues...it was most regular maintenance with a few broken switches.

I knew going in that this complex was not in the best of conditions and I guess they did the best they can. So we rode it out for few years. When we put the tenant into one of the units it took us about 4 months before we were able to get the door to the building replaced after it was ripped off the hinges. Then we find out the management office located on the grounds burned down from a fire.

A few months later I was thinking what is next and I thought....what would happen if the building burnt down or our section got damaged from the fire. We were fully covered for fire and wind insurance but I wanted to know what other surprises would happen. A few days later we were making our rounds and stopped by complex and we see two fire trucks that happened to be in from of our building. What do you think happened next? "NO" your wrong...there wasn't the fire I dreaded would happen but it was as bad.....it was a FLOOD! One of the people living in the building right next to ours apparently their child turned on the bathtub and let it run for hours and the entire section of about 4 units were flooded out and we asked the property manager what he thought would happen and he said they would probably condemn that part of the building. We eventually decided that it was time to sell them as we saw the market start to take a turn. We ended up making a good profit and we held them instead of flipping them.

What recourse does an owner of investment properties have if they are told the building is being condemned?

Oh Canada!...Canadians are buying Real Estate For Sale In South Florida

With such an inflated amount of Real Estate for sale in South Florida...."it is an excellent time buy a home." Prices have come down quite a bit over the last 2 years and inventory levels have reached all time highs.

Tourist season is now approaching and it is a good time to think about the benefits of buying a home in Florida. So spread your wings and fly south for the winter!

But there was one thing we discovered. Although there are not many buyers looking to purchase homes right now...we have been lucky enough to have closed a few deals this year from our Canadian clientele. We want hank you for all of your support!

Our Canadian connections have not only benefited our business but it has helped our clients get an even better exchange rate on the money that they have invested in Real Estate in South Florida. All of our clients decided not to finance any of the properties we sold to them. They paid cash for them.

Our clients have been watching the dollar and they've noticed that it has been becoming strong so they all decided "it is a good time to invest in South Florida Real Estate."

For example.....A condo we sold 2 BR 2 BTH condo about 1200 SQ. FT. corner unit at Century village in Deerfield Beach Florida was listed at 149,000 we ended up making the deal at $120,000 after we closed on the deal our buyer was even more ecstatic when she found out that her $120,000 US dollars was actually $112,000 Canadian. Since then she has sent us 4 clients who each purchased condos in the same community. All have closed in less than 30 days.

Last week we just sold a home in Coral Springs Florida. It was a 5 BR 4BTH about 3800 SQ. FT. single family home that was listed at $644,000 and we were able to negotiate a deal for $617,500. The buyer also purchased it for cash and closed in 3 weeks. He also was aware that the dollar was very strong and the exchange rate has hit close to a historic high considering the past being fairly low. By the end our results were 6 closed sales....3 rentals,two of which turned into eventual sales....2 new listings.

Do not wait..."now is the best time to buy your second home in South Florida." It hasn't been this attractive for over 40 years and with the recent slump in prices it may never be a better time to buy. Prices have dropped between 20% and 50% and every seller is awaiting ANY offer....so hurry this may not last!!!

We will also soon have additional information in La Presse.

It's a great time to buy the home that you've been looking for. Come visit the area so you can see all of the South FL Real Estate for sale.

You will be glad you looked at all the opportunities available.

If you are interested in moving to our area ......then we strongly urge you to look at homes for sale in South FL-they are available here.

If you like reading different stories about our area then please visit my blog The Real Deal tells it like it is in Real Estate

For more information please contact Steven Kohn (954)605-5877 or Neal The Real Deal Bloom(954)608-5556 /Remax Hometown


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