All I Want For Christmas Is My Free Con-doh, My Free Con-doh.
By:Â Jeff Shiller, Esq.
Or, the alternate title: How To Own a $240,000.00 Prime South Beach Condo For $4 Per Year.
Ever since the 1980âs, Iâve been trying to figure out ways toÂ buy a cheap retirement home in Florida so I could wear white clothes year-round and solve crimes in my Ferrari (hold on a sec.Â Iâm looking for a cheesy picture.Â Okay.Â Got it.Â Iâm back).
After much deliberation, I think Iâve finally figured it out, and Iâm sharing my top 2011 investment strategy with you.
The collapse of the Miami/Palm Beach County real estate market is legendary.Â And now, to add insult to injury, a large south Florida law firm caught up in the robo-signing mess had many of their FANNIE and FREDDIE foreclosure files pulled and re-assigned to new law firms.Â The resulting confusion between lenders, trustees and the local courthouses led to many Palm Beach County homes being sold to investors at foreclosure auction this month for as little as $200.Â Yes, thatâs correct, 200 bucks.
Hereâs the article:
According to the article, â56 percent of winning offers were from investors or individual buyers who in some cases spent no more than a month’s mortgage payment to get homes that sold for upwards of $240,000 during the real estate boom.â
It doesnât take a rocket scientist to figure out that those investment numbers work.Â So if youâre like me and have thought about buying that dream 2nd home that could also generate rental income, get off your rocking chair and start thinking about purchasing some south Florida real estate!
Hereâs the catch â youâve got to get your location right and time your exit for maximum profit, so Iâll give you my formula for that.
According to Al Gore and the other global warming crackpots, sea levels will rise by as much as 0.7 meters by 2060.
Below is a video of the doom and gloom projected for Miami:
Did you see your new condo right in the middle of the video?Â Me too.
So hereâs the solution.Â Go down to FLA when the next bulk auction is scheduled.Â Buy your dream condo for $200.Â Make sure you buy above the 5th floor.Â Hold it for 50 years.Â Sell when the water hits the 2nd floor.
Voilaâ¦ a Florida condo for $4 per year.Â And you get to sell for at least the insurance money.Â What a deal!
In all seriousness, look for my upcoming posts regarding condo investments.Â Iâm going to address the dos and donâts and pros and cons of buying a condo as an investment, and even speak with a real, live south Florida condo expert on the state of the market.Â Then we can get the bottom of this global warming problem.
Til next time, Jeff
P.S.Â One of our readers sent the following article to me about the SAFE Act.Â Itâs a good summary of my other SAFE Act articles.Â Thanks Kevin!