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Old 10-25-2013, 12:10 PM   #1
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Question My brother is leaving FL

So my brother wanted a 2nd home in FL- the idea is one day that will be the main house.

He has a house already done in Chicago.


So he bought a place in a pricy celeb neighborhood in Sarasota. He said things there are a joke. Contractors do not want to have a written contract- most of them do not know what they are doing- they are a rip off- the city is a cash machine.

So- it looks like this house he bought- the "I have arrived" neighborhood- is going to be a flip.

Ponder this- the way things work there are more messed up then Chicagoland. That is pretty bad.

We figure he can take 9 trips to resorts- budget deals- for what the property taxes are at the place. ($9000 a year)

I told him that basically he is building a house....

He said to live in that neighborhood. (which is a gated community with a guard) He should be worth 5 million $, and he is worth abit over a million $.

I told him then to flip it. To start now and not wait till he is desperate.

Since I gave him bad advice over the Summer I hope I can be useful now.

Having 2 houses means $18,000 a year in property taxes- this does not include HOA fees, water, sewer, and carrying costs. He looked into putting a mortgage on one of the houses and they will only write for 150-200k- since he is self employed. He was looking at 500k or close to it to have enough cushion.

I told him there will be other houses and other deals.

I hope he can make a nice profit on this house. As fabulous as a celebrity neighborhood is- it is above his means. (for now) Selling the Chicago house is something he does not want to do- because it is done - up the way he likes it- most of his work/income are jobs in Chicago.

On flipping houses he knows Chicago- he knows it well.

On FL he does not know it well. He thinks things are mickey mouse down there- materials cost alot more- contractors are full of BS. Realtors think something that is flipable is not- in that there is not a profit margin.

I wonder how much value the celeb aspect of the location adds to the house.

Last edited by Penn; 10-25-2013 at 12:12 PM.
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Old 10-25-2013, 01:37 PM   #2
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He met with some one who wants to buy it.

The number floated- I am thinking he should take it and run. His boss advised him to hold out for more. He seems to agree with me more.

This is so exciting!!

If this goes right it will be his most profitable flip ever.
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Old 10-25-2013, 03:50 PM   #3
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...

Peru has a great slang term for poor construction workers (cabinet makers, etc.):

Chambones! (Pronounce all vowels in Spanish)

***

It is east to get ripped off or have bad work done in Florida, especially the coastal areas where snowbirds come. You have to be careful and stay on top of them, supervision...
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Old 10-25-2013, 05:05 PM   #4
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Originally Posted by Penn View Post:
He met with some one who wants to buy it.

The number floated- I am thinking he should take it and run. His boss advised him to hold out for more. He seems to agree with me more.

This is so exciting!!

If this goes right it will be his most profitable flip ever.
Nobody ever went broke taking profits. Hope he doesn't miss an opportunity to take one.
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