| Pre Construction Real Estate |
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JP
New Member
Cash: $ 0.65
Posts: 3
Joined: 17 Oct 2005
Location: New Hyde Park, New York
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| Pre Construction Real Estate |
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I invested in Pre-Construction Florida Real Estate and have done very well. I got my brother involved, my mother, and some close family friends and it has done very well for all of us.
My problem is I ran out of family and friends and there are 300 lots opening up in SW Florida. I am in need of investors who can qualify for the Pre-Construction Bank Program. 680+ FICO and 35-50 in verifiable liquid assets. It is a state income, stated asset loan.
If someone could give some guidance it would be much appreciated.
Best - JP (516) 297-4034 or jp@advancecredits.com
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Tue Oct 18, 2005 11:06 pm |
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MattL
Senior Member
Cash: $ 46.85
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Joined: 25 Jun 2005
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That sounds kind of risky to me. Isn't Florida pretty topped out right now?
Debt Elimination
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Wed Oct 19, 2005 12:31 pm |
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JP
New Member
Cash: $ 0.65
Posts: 3
Joined: 17 Oct 2005
Location: New Hyde Park, New York
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| Florida PreConstruction |
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Hey Matt
Actually it is quite the contrary. The census bureau targets Florida to be the 3rd most populous state by 2011 - even surpassing my hometown of NY. I think the national average is that 1000 people are moving to Florida daily.
I like things that make black and white sense. Florida has more affordable housing. A 350K home in FLA is 800-900K here in NY not counting taxes, or just the high cost of living. Florida is very attractive to the baby boomers and I have personally gone down there and met with the builders and saw the homes - just beautiful.
One last major concern is "what abou the hurricanes?" All the homes are built hurricane reinforced.
I never recommend anything unless I have done it first and Florida is by far between now and 2011 a very solid and profitable real estate deal.
Hope this helped answer your question.
Have a great day - call me if need be.
Best Joe (516) 297-4034
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Wed Oct 19, 2005 1:41 pm |
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efflandt
Senior Member
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Location: Elgin, IL USA
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When baby boomers start retiring they will be looking for someplace warm. And unless that changed, Florida has no state income tax.
One problem though is if you build now and rent it out, no telling what shape it will be in when you retire (renters do not treat things as well as owners).
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Thu Oct 20, 2005 3:01 am |
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bong12187
Preferred Member
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Joined: 31 Jul 2005
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| Re: Florida PreConstruction |
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quote:
Originally posted by JP
Hey Matt
One last major concern is "what abou the hurricanes?" All the homes are built hurricane reinforced.
Best Joe (516) 297-4034
Hello, I know alot about hurricanes and supertyphoons. What do you mean by hurricane reinforced? Are you guaranteeing that those condos will withstand a category 5 hurricanes? Can you please tell me the strength of the glasses being used within each units? Do the units have reinforced typhoon/hurricane shutters? If so, what is the max wind can it witstand? Can you get hurrican/typhoon insurance for those condos?
Let me give you my qualification just so that you don't think that I am bsing you. I live in an island known to be located in a typhoon alley. My home had been hit several times with category 5 super typhoons. In fact this year alone, we've had 7 supertyphoon strength that bypassed us. Since I live on an island, I can't drive to another states for shelter so my home had to withstand whatever typhoon that decides to park in my area. Our homes here are usually 1 story, reinforced w/rebars concrete bricks. Even our roof our reinforced concrete. Our windows can withstand up to 180 mph wind (espcially made) and our typhoon shutters can withstand 200+ miles winds.
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Thu Oct 20, 2005 3:48 am |
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jlee1224
Full Member
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Joined: 26 May 2005
Location: Baltimore
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I really have nothing to add to the topic of the thread...but...
bong, your house sounds like a fortress. But I guess it has to be. Does it have a basement?
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Thu Oct 20, 2005 1:02 pm |
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JP
New Member
Cash: $ 0.65
Posts: 3
Joined: 17 Oct 2005
Location: New Hyde Park, New York
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| Hurricane Proof |
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Hey Fellas
Hurricane proof means that the homes are reinforced with steel cables, and the home is able to sway (to a certain degree). Think of the NYC SKyscrapers, hurricane reinforced is along the same lines. The home is more capable to withstand stronger winds.
The pre-construction field I invest and have done very well in, has nothing to do with condos. I have heard some good things about the condo market - but I deal directly in pre-construction new homes.
My clients and I have averaged about 10% of what the appraised price of the home is. If a home is 330K - a person makes approximately 33K minus the 12K they put up to get into the program
Overall it is an outstanding return.
Hope this helps.
Never hesitate to contact me if need be.
Best to all - JP (888) 670-0241 X124 jp@palcogroup.com
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Thu Oct 20, 2005 4:57 pm |
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bong12187
Preferred Member
Cash: $ 24.50
Posts: 120
Joined: 31 Jul 2005
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| Re: Hurricane Proof |
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quote:
Originally posted by JP
Hey Fellas
Hurricane proof means that the homes are reinforced with steel cables, and the home is able to sway (to a certain degree). Think of the NYC SKyscrapers, hurricane reinforced is along the same lines. The home is more capable to withstand stronger winds.
The pre-construction field I invest and have done very well in, has nothing to do with condos. I have heard some good things about the condo market - but I deal directly in pre-construction new homes.
My clients and I have averaged about 10% of what the appraised price of the home is. If a home is 330K - a person makes approximately 33K minus the 12K they put up to get into the program
Overall it is an outstanding return.
Hope this helps.
Never hesitate to contact me if need be.
Best to all - JP (888) 670-0241 X124 jp@palcogroup.com
JP... Sorry for making you feel defensive. I don't blame you. I am very familiar with hurricane proof but they only take care of the integrity structure of the building. However, outside of that parameter, it is open season. Windows and wall plasters are two common problems condo units faced during hurricanes.
I am not questioning the return on your investment for I can see that it is possible to achieve those returns. I just don't put alot of faith on the idea of selling condos specifying that they are hurricane proof. When was the last time NYC ever got hit by category 5 hurricane?
J, 95% of the house built in my area have the same specification. Like what I said, we are in an island. We can't go anywhere. Sorry, we don't have a basement since there really is no need.
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Thu Oct 20, 2005 11:16 pm |
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