Post pics of your housing deals

Ok...I have a couple. Here is the one we purchased in late 2007, so I don't know if it qualifies with the timeline...but I got a great deal on it even though prices have declined all in, including renovations, we still purchased for about 60% of market value. Its a 2 bedroom condo, rent $650, price w/renovation $48,000.

I am going to try to do some before/after - because I put in some major elbow grease!

I bought this property in Feb 2009. Selling at the peak for $350,000. I paid $121,500. It is a 2 bedroom condo on the Gulf of Mexico. We bought it mostly for enjoyment, and also because it does make money - although I rent it out by owner so the hassle factor is there. I have a great cleaner though and have yet to have a major problem (been renting out a family member's unit for 3 years). This year I already have enough bookings to cash flow, expecting a $4,000 excess.

user12345 said: brokestudent said: I bought this property in Feb 2009. Selling at the peak for $350,000. I paid $121,500. It is a 2 bedroom condo on the Gulf of Mexico. We bought it mostly for enjoyment, and also because it does make money - although I rent it out by owner so the hassle factor is there. I have a great cleaner though and have yet to have a major problem (been renting out a family member's unit for 3 years). This year I already have enough bookings to cash flow, expecting a $4,000 excess.

by golly ! $4000 return on a $121,500 investment !! That's almost 3.5% !!! It must be the best investment ever !!!!
jesus dude, lighten up. just because your housing woes are bringing you down, doesnt mean it's cool to crap on everyone else.

he said it was mostly for enjoyment. how many things do YOU do, at THE BEACH, that MAKE you any money? i thought so.

brokestudent - looks like Alabama or NW FL?

What a great buy!!! I am so jealous. Where at on the gulf are you located?

"What a great buy!!! I am so jealous."
That was my sentiments exactly.

user12345 said:
by golly ! $4000 return on a $121,500 investment !! That's almost 3.5% !!! It must be the best investment ever !!!!

You must have misunderstood my $4000 number. The $4000 was after the mortgage and all expenses are paid for the year - HOA, insurance, utilities, etc. Without a mortgage, but maintaining all other expenses, the net income is about $12,000 a year. So, right now I have a property I can enjoy, and eventually have paid off. I also bought in a strategically placed complex with the notion that when property values eventually do go up years from now and teardowns start again to build high rises, I own the most sand beneath me as possible.

The condo is in Gulf Shores, AL. We live just a few hours away and are excited to have a beach getaway!

BTW - I am a she

Thanks dshibb. Yea, that pink is something else. All of the houses are pink or yellow. It is a gated, planned community that doesn't let you paint the color you might like to have. If we ever paint it, we'll paint it yellow.

Duplex next to Bowdoin College in Brunswick, Maine. Bought in March for $117K as a REO. (Previous sale was $189K in 2003.)

Would easily rent to students at $1,700/mo ($850 x two 2-BR units)...although we have family living there for now with rent set to just cover mortgage+taxes+insurance+heat.

(Edit: Before everyone jumps in...yes, it's no architectural wonder! But from tracking down the owner from '99 - '03, was able to find out that it had new roof, oil furnace, radiators, siding, double-pane windows and decks...which was great info to have when forced to make an "as is" bid to a bank on the opposite coast that knew virtually nothing about the property history! )

craftsmd said: Duplex next to Bowdoin College in Brunswick, Maine. Bought in March for $117K as a REO. (Previous sale was $189K in 2003.)

Would easily rent to students at $1,700/mo ($850 x two 2-BR units)...although we have family living there for now with rent set to just cover mortgage+taxes+insurance+heat.

(Edit: Before everyone jumps in...yes, it's no architectural wonder! But from tracking down the owner from '99 - '03, was able to find out that it had new roof, oil furnace, radiators, siding, double-pane windows and decks...which was great info to have when forced to make an "as is" bid to a bank on the opposite coast that knew virtually nothing about the property history! )

there's nothing better than student renters !!

Sanddollar said: Thanks dshibb. Yea, that pink is something else. All of the houses are pink or yellow. It is a gated, planned community that doesn't let you paint the color you might like to have. If we ever paint it, we'll paint it yellow.

I have visited palm coast. Very tranquil and quiet in comparison to Southern FL. They had some other SFH homes toward flagler beach that were very very small that gave your ocean front ownership for $450,000 years back. How has the FL market affected those properties if you know?

pj737 said: I'm curious as to what it cost to build a house like that. I'm assuming all new homes across this nation are selling for less than they cost to build new? Here on Oahu, Hawaii, it costs roughly $250/sq ft to build a basic no-frills custom home. I understand you can build a basic custom home in many states for <$100/sq ft. Any builders out there can chime in about construction costs? Have they dropped over the last couple years? Or has construction just stopped as nobody is making a profit?

I live in Austin, TX. I designed my own home and built it for roughly $120/sqft. Granite counter tops, engineered hard wood floors, tile. No carpet.
2-story. 850 sqft garage, foam insulated and with a solar water heater.
Outside is Hardie Masonry and stone. House is 2-story.

Note, I used a home builder / GC - so this cost is with a 15% builder margin built in.

Costs of materials have dropped. Costs of labor have dropped.

Sanddollar said: patch96 said: Sanddollar said: Thanks dshibb. Yea, that pink is something else. All of the houses are pink or yellow. It is a gated, planned community that doesn't let you paint the color you might like to have. If we ever paint it, we'll paint it yellow.


I have visited palm coast. Very tranquil and quiet in comparison to Southern FL. They had some other SFH homes toward flagler beach that were very very small that gave your ocean front ownership for $450,000 years back. How has the FL market affected those properties if you know?

I can't picture exactly where those houses are located. You can bet the value has taken a huge hit. One acqaintance of mine paid $420,000, had to let the place be foreclosed and the bank sold it for $220,000. Lots of great deals!!! You can live across the street from the ocean for $200k with total ownership.

I have a friend who own's a crabbing business and about 2 acres of land adjacent to the Hammock Beach resort. (Its about a block behind the Publix grocery store) His property was worth about two million last time I was there and they were developing like crazy.

He's currently fighting his valuation with the assessor.

FL is a mess. First it was hurricanes, then hurricane insurance, then electricity, then valuation, now its just bust.

mikef07 said: House I live in Now (Cost $287,000)
Why is the brickwork curved beneath the dormer?

dshibb said: Nice 50% return a year, I'm very impressed. That has to be one of the best finds on this forum. You find anything else like that send me a pm.
my rental duplex gives a 37% yearly return, not counting tax benefits.

there are other condos on gulf coast beaches for that price. one near me is 139k and is 2BR. you'd likely be hard-pressed to make 12k a year off it without renting it full-time, but hey it's on the beach.

solarUS said: you'd likely be hard-pressed to make 12k a year off it without renting it full-time

Yes, we always have it available for rent before personal use. Also, we noticed there are not very many units left in this price range and with the down turn we have been inundated with people wanting to rent whereas my relatives luxury unit is receiving fewer rents than last year.

Sanddollar said: patch96 said: Sanddollar said: patch96 said: Sanddollar said: Thanks dshibb. Yea, that pink is something else. All of the houses are pink or yellow. It is a gated, planned community that doesn't let you paint the color you might like to have. If we ever paint it, we'll paint it yellow.


I have visited palm coast. Very tranquil and quiet in comparison to Southern FL. They had some other SFH homes toward flagler beach that were very very small that gave your ocean front ownership for $450,000 years back. How has the FL market affected those properties if you know?

I can't picture exactly where those houses are located. You can bet the value has taken a huge hit. One acqaintance of mine paid $420,000, had to let the place be foreclosed and the bank sold it for $220,000. Lots of great deals!!! You can live across the street from the ocean for $200k with total ownership.

I have a friend who own's a crabbing business and about 2 acres of land adjacent to the Hammock Beach resort. (Its about a block behind the Publix grocery store) His property was worth about two million last time I was there and they were developing like crazy.

He's currently fighting his valuation with the assessor.

FL is a mess. First it was hurricanes, then hurricane insurance, then electricity, then valuation, now its just bust.

I live in the Hammock. Yes, there have been some problems but for us it is well worth it.

You know what I loved most about Florida during the boom (Central and the intercoastal waterways).

Every single time some salesman/pitchman/realtor/new buyer was talking about a property they would all ultimately say the same thing.

"Keep this to yourself, but I have heard through trusted sources that TIGER WOODS has purchased property here."

zhelder said: mauricer said: in conencticut the house you posted in austin texas for 212 would run you 450. talk about living in a bullshet state eh

450? Here in North Jersey, that house would be at least 750K in a decent town.

I still wouldn't give up Jersey for Texas, though.\

Maybe that is why they call NJ the armpit of the nation. A lot of closeminded people live there?

Picked up this guy at a foreclosure auctions for $275k. Gonna try to flip it.

hatoraide said: Picked up this guy at a foreclosure auctions for $275k. Gonna try to flip it.

Here's the source of that photo: http://www.nydailynews.com/ny_local/2008/05/11/2008-05-11_renters_from_overseas_jump_on_weak_dolla.html

Let's keep it honest, otherwise the thread is useless.

user12345 said: solarUS said: dshibb said: Nice 50% return a year, I'm very impressed. That has to be one of the best finds on this forum. You find anything else like that send me a pm.
my rental duplex gives a 37% yearly return, not counting tax benefits.

there are other condos on gulf coast beaches for that price. one near me is 139k and is 2BR. you'd likely be hard-pressed to make 12k a year off it without renting it full-time, but hey it's on the beach.

how did you calculate this rate of return ?
i put down 13k. i clear 300/mo after everything and pay down the mortgage about 100/mo. that's 37% before any appreciation or tax benefits.