Florida Property

I can't help you on that, but we winter in Florida in our travel trailer, and I can tell you there are lots of places in the interior of central Florida where you can get two bedroom older small houses in the price range you are looking for.
Many of them are on small lots.
Anything near or on water will be much higher.
Also there are newer subdivisions with low price two bedroom ones, but the catch with them is that you don't buy the land, but pay a yearly fee/club fee etc, and there are all kinds of rules you must abide by.

Jack L

C, Are you looking to flip properties?

Try weichert.com and input the city that you are interested in and view the listings. You just may find what you're looking for. Good Luck.

I assume you are talking about a bricks and sticks home.

A $50,000 property in Florida won't likely be any better a deal than a $50,000 property anywhere else.

Florida may still have more homes taken over by the bank than some areas, but my experience has been those deals take forever and more than 90% of the deals never close.

There is a common life cycle for typical new subdivisions in Florida. A new sub is built and occupied by roughly 60% retirees and 40% non-retirees. 25 years pass and most of the retirees have either died, moved into assisted living or moved back to their home state so their families can assist them. Those homes become rental properties or are sold cheap. These subs then go into serious decline and become ghetto like in no time.

We recently sold my parents 8-year old modest 3 bedroom home in Hudson FL for $145,000. So good properties in well kept subs still hold their value.

Now the Florida home they had before this one was a little bigger and had a pool. But it had already run the 25-year life cycle and they only got $98,000 for it.

Bottom line, if you find a home in Florida for $50,000 chances are that is all it is worth. And it won't go up in value.

The best deals I have seen involved homes sold from estates (not bank owned)where the children want to take the cash and run. These homes often need some work (paint and carpet mostly) but are easily repairable. The price would likely be $100,000 to $125,000.

We have been looking for a deal in Florida everywhere from the Pensacola area in the panhandle, to Fort Pierce on the ocean side, to Sebring in the middle, to Crystal River further north and Fort Myers further south, as well as in the keys.

After seven 6-month long winter vacation searches we threw in the towel and bought a piece of vacant land to build on. We want to be on the front end of that 25-year life cycle. We paid $35,000 for a 1/3 acre lot backing up to a Florida land preserve.

Also, do your homework on sink holes and flood zones. Insurance can sometimes be unattainable at a reasonable price.

There are properties in that price range but they will be either rural and or in need of work. A two br in that I would consider decent in Deland or Orange City is more like$70-$80K. You could find a decent mobile home for $50k. You can find a clean mobile home for $20k + in a rental park.

Hi. Buck, no we are not looking to flip.
When a poster yesterday said there are a bunch of properties to be had for that price range, we were thinking maybe getting one and renting it as additional income, then using it in xx number of years as our " exit plan" from full timing.
My vision was finding a little tiny 2br home kinda in the middle of the boonies so we can have our dogs and horses like we want to. Guess I got a hopeful little picture.
Sure wish I could find that post! Oh well.
I appreciate the help so far. Any and all answers are appreciated.
Thanks guys
C

http://www.realtor.com/realestateandhomes-search/Ocala_FL/price-45000-75000/sby-1

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There are some nice looking properties for $45,000. at the above link.

Yes. You can kind what you are looking for in that price range but it will take research and will be rural. Look in the Florida Panhandle from Gulf County south along the coast to Levy County. Look inland at northern Bay County and in Holmes, Washington, Liberty, Jackson, and Calhoun counties. We live in Wakulla County, south of Tallahassee very near the coast and on a nice river. I would not count on renting a property of this type. Chances are it would be inconveniently located for full-time renters and not close enough to the beach to appeal to seasonal renters. Good luck. lizzie

JRS & B wrote:
I assume you are talking about a bricks and sticks home.

1.

A $50,000 property in Florida won't likely be any better a deal than a $50,000 property anywhere else.

2.

Florida may still have more homes taken over by the bank than some areas, but my experience has been those deals take forever and more than 90% of the deals never close......

This comment is nothing further than the truth.:R

1.

I've seen and put offers in on homes that once where 300,000 that sold for 70,000. 30 to 50 was buying a nice sometimes not even lived in 200,000 home. I put an offer in on a foreclosure and got a brand new home appraised at 250,000, never lived in, inground pool on 2 acres for 60,000.

2.

Those are NOT 'foreclosed homes' those would have been the 'short sales'. In the beginning the short sales took forever because there were so many and so many banks where collapsing and being taken over, and the owners didn't have their paperwork in order
Today if the owner has all his paperwork in order on a short sale it will close in 30 days also......I just bought one that was a short sale and closed in less than 30 days.

I was the one that posted the original post on the cost of homes.

Foreclosed homes are not the ones that independent real estate offices want to promote. They are going to list their own listings. Foreclosed homes do not net them big commissions and they don't have a direct contact with the bank. So just calling a local real estate office or one of the dummy foreclosed web pages is not going to give you a list of foreclosed homes.

REO agents get foreclosed homes. They are specialized in them and they usually cater to one bank and that bank dumps all their foreclosed homes to them. To appraise list and sell. Once you start looking in an area you will find out who the top REO agents are. Hook up with an REO agfent and they will show you a plethora of foreclosed homes!

Fannie Mae Home Steps and Freddie Mac Home path is a good place to start looking for foreclosed homes. You put in an offer they accept or refuse and in 30 days you are the proud new owner because you are dealing right with the bank. I have bought 4 this way. Slickest way to find a great deal. And BTW there are still quite a few left down here! You just have to know how to look for them! :W

Fannie Mae REO homes for sale.
https://www.homepath.com/
They give a 15 day 'First Look' which allows ONLY 'owner occupied' bids during this time, no investors. This gives the average guy a chance to cash in on a good foreclosed deal.Most of these homes sell for around 20,000 less than the listing price.

Make sure and check that it is not a mobile or manufactured home. Only buy a block home down here. The insurance companies won't insure a mobile no matter how nice it is. Manufactured is iffy at best.

Come on down the weather is great and the houses are cheap!