Buying a South Florida Ocean View Condo?

Thinking about buying an Ocean View South Florida Condo? Buyer beware, there are several very important things to look for. Most of the South Ocean Blvd. Condos units were built in the 1970’s-1980’s. so look first look if the condo’s kitchen and bathrooms have been up-dated. Next has the condo building been up-dated? Have there been several special assessments? If yes that may be a good thing, especially if the current owner has already paid them. And if they have paid for overall improvements to the building. Next, what do they Condo Associations Financials look like? How much are they holding in reserve? What percentage of condos are investment and or rentals? What is the minimum rental time? How many times per year can you rent? Even if you plan on using the condo 3 months per year and not renting it out. Plans do change, and you may want to rent the condo in the future. Seasonal Furnished rentals go for good money.

 

To get the best bang for your money look for units that have been up-dated, including the building itself. Look for units were special assessments have already been paid. Of course most important is if you like the condo and the amenities the building has to offer.

 

If you are in the market please feel free to view  my feature listing at http://WaterViewCondoPB.com

 

Karl R Schulz

Broker Owner

561-379-7881

1003Karl@Comcast.net

http://FridayRe.com



 

Investing in Real Estate, to hold or sell?

Now that the Real Estate market has gained steam, investors are jumping back in the game. The question is do I flip or hold?

 

To flip a property and make money, requires more up front work in finding properties that are selling at enough of a discount to make an after expenses profit. The old rule of thumb is to own the property at 65% of the retail market value after repair. For example; if the retail value of a property is $200,000, than I you should have no more than $130,000 totally invested. If the property required $20,000 for repair work and or other outstanding liens that brings me to $110,000. I have been around Real Estate since 1999, have I seen properties sell at a close to 50% discount? Yes but they are far and few. The reason to flip is to turn your cash over as fast as possible, looking for 50% discounts does not sound to conducive to that end.  

In my option you can own the property up to 80% of after repair and still make money after you pay Real Estate commissions and standard closing cost. Example $200,000 sales price if you own it at 80% that brings you to $160,000 after repair and to $135,000 pre repair (assuming the home requires $25,000 to bring to marketable condition). That leaves your profit at $28,000 or about a 17% return on your money. Even if you only did that once per year that is a reasonable rate of return on your money. Do that 3-4 times per year and that give you an estimates 70% rate of return on your money per year.

 

If you are going to buy and hold expect to make a 5-8 % rate of return off your money. That number reflects subtracting 10% for repair, vacancy, tax, insurance and maybe Home Owner Association fees. If the market is going up with any type of steam you will be able to maximize your investment. My suggestion is not to overprice rental units, it will take longer to find a qualified tenant and then they may be more likely to leave and find a cheaper unit after the initial lease term is up. Use common scene when renting to someone that you don’t know.    

 

Hope this information will aide you with your real estate investment strategy. If you are in the market to buy or sell Residential Real Estate in Palm Beach County, please feel free to contact me Karl R Schulz Friday Realty LLC.

 

 

 

Sell your home in 60 days or less!

 

 

 

 

 

 

 

 

Dog parks in Palm Beach County

Us Palm Beach County residents sure love our dogs and love to take them to the park for some off leash fun and exercise. For residence of Wellington / Royal Palm Beach there are several to choice from:

 

Greenbriar Dog Park
2975 Greenbriar Blvd, Wellington
Operates from Dawn to Dusk and managed by the City of Wellington. Fenced park, includes 3 dog play areas, divided into small, medium, and large dogs. Includes plenty of trees and benches for shade, drinking water and pet dishes keep pets hydrated.

 

Pooch Pines at Okeeheelee Park
7715 Forest Hill Boulevard, West Palm Beach
Open from sunrise until sunset. Closed Wednesdays 12:00 noon - 3:00 pm for maintenance. Divided into two parks - dogs under 30lbs, and dogs over 30lbs. Drinking water, shade, and sitting areas included.

 

Crestwood Park
2700 Pine Road, Royal Palm Beach
This large park includes 2 basketball courts, 2 picnic pavilions, a dog park, and other open areas.

 

There is one more Dog park off La Mancha ave in Royal Palm Beach it is ajacent to the City Park. It is a fenced Park with one picnic table, open till dusk.

 

There is only one doggie beach in all of Palm Beach County in Jupiter:

Jupiter Dog Friendly Beach

Location:  2.5 Mile stretch of beach.  From Donald Ross Road go East to the end and then turn left on A1A.  Dog Friendly beach begins at the intersection of A1A & Marcinski Rd. or From Indiantown Rd. East to A1A, turn right - go past Carlin Park, Dog Beach is located after the curves of the road end and the road is straight along the beach. Jupiter, FL  33477

 

Personally I have only been to Pooch Park, Royal Palm Beach La Mancha Park and the Doggie Beach. They are all fun, but dog owners all need to pay close attention to their pets. I’m working on a list for all of Palm Beach County, I’llbe sure to post once compiled.

 

 

I hope this information is useful. If you are in need of useful information regarding the buying or selling of Residential Real Estate in Palm Beach County. Please feel free to consult the services of Karl R Schulz of Friday Realty LLC.

 

                                                             (Five Six One) 379-7881

                                                                www.FridayRe.Com

Money saving tip.....

Trying to save money off your monthly bills? Don't forget to check your cell phone bill carefully for false charges. None of us like to be on hold for endless amounts of time, but if your cell phone provider has an up-dated plans that may save you money, it may be worth the on-hold wait. Also some cell phone providers may give you discount (for a few months) if you dial the I want to cancel my service. Not only do they answer the phone faster, and are very nice, they like to give away money!

 

I just called my cable company to report a broke modem, not only did I get a new modem, with built in router and phone jack. I got free phone service for a year and a $18.96 per month discount.

 

Between the cell phone provider and cable company, I save over $300 in one year with two phone calls and about one hours time.

 

In the market to buy/sell a home in Royal Palm Beach, Wellington, West Palm Beach and other Palm Beach County towns? Please call me Karl R Schulz Friday Realty LLC.

                                                          561-379-7881
                                                      www.FridayRe.com

When is taking a lower priced offer for my home better?

 When is taking a lower price offer for my home better? Are you selling a home in Wellington | West Palm Beach | Royal Palm Beach Florida?

Today’s Real Estate Market in Palm Beach County is going up fast than sold comparable are. What does that mean? If a three bedroom home sold for $300,000 6 months ago, and a similar home comes on the market today for $340,000. With buyers willing and able to pay the higher price due to demand and low inventory. The two main ways this can successfully close $40,000 above the last sale:

 

A) The buyer pays cash (it is still legal to pay too much money with your own cash!)

B) The home appraises for $300,000 and the seller is willing to pay $40,000 above appraised value.  

 

So if you are the seller of the $340,000 home and you have two offers:

A) $350,000 buyer using an FHA loan and has no money above appraisal.

B) $340,000 buyer putting 50% down with no appraisal contingency.

 

You are better off taking the lower offer, since under scenario A) the appraisal is pretty much guaranteed to come in below that asking price. At that point you the seller can either lower your price or put the home back on the market.

 

An experienced Realtor will explain each offers benefits and draw back to you, so you can make an educated decision.

 
Are you in the market to buy or sell a Single Family Home, Townhouse, Villa or Condo in Wellington | West Palm Beach | Royal Palm Beach Florida? Don't forget to call Karl R Schulz of Friday Realty 561-379-7881 www.FridayRe.com



 



 

FHA cuts waiting time for new loan after Hard times!

Thinking of buying or selling a home in Wellington Royal Palm Beach | West Palm Beach | Palm Beach County | Florida

If you are planning on buying new home and intent to use a FHA purchase loan and have had a recent hard times, there is good news. The Federal Housing Administration (FHA) waiting requirement times have been cut to one year, waiting time after bankruptcy, foreclosure or short sale.

The previous waiting period had been two years after the completion of a bankruptcy and three years after a foreclosure or shot sale.

You are still going to have show that your income had dropped by 20% or more for at least 6 months and was tied to unemployment or other event beyond your control.  And you must complete at least one hour of approved housing counseling among other things, including showing 12 months of on-time housing payments.

FHA credit scores are and debt to income ratios are generally more liberal than Convention or Fannie or Freddie Mac loans.

Call Karl R Schulz Friday Realty LLC for your Residential Real Estate needs in Palm Beach County,

561-379-7881 wwww.FridayRe.com

 

 

Buying a Home in Royal Palm Beach | Wellington | Palm Beach County and like to ride MotoCross?

Buying or selling a Home in Royal Palm Beach | Wellington | West Palm Beach | or other Palm Beach County towns and like to Ride Moto Cross? There are 3 tracks with in 90 miles from central Palm Beach County.

Buying or selling Real Estate in Royal Palm Beach, FL | Wellington, FL | West Palm Beach, FL |
Call Karl R Schulz Friday Realty LLC. 561-379-7881 www.FridayRe.com ">