Hi All!
I live in the Daytona Beach, Fl area and am interested in investing in this area-Volusia and Flagler counties are one of the fastest growing counties in the country! Any one out there who lives in this area have any suggestions as to how to begin? Property values are skyrocketing and I would like to jump in. I am 50 years old, will come into some money soon and don’t know if I should pay off my house-will have some money left over-and then put a down payment on investment property-or keep some of my mortgage-and have more money to invest. I did not put any money down when I bought my new home 2 years ago-and consequently have a 80/20 loan. 80% is a fixed rate at I believe about 6.5 % and the other 20% is an adjustable downpayment loan which is now about up to 9%. I have also in January filed for bankruptcy(actually went through-discharged-in January so I don’t know what kind of loan problems I would run into. Anyone have any advise for me? I was thinking about buying pre-construction-then flipping-or possibly a duplex and collect two rents. I would sure appreciate input.
Let me know if you find anything out. I am trying to do a preconstruction flip on the gulf coast. But pre-construction sales are so fast that I miss the boat. Also, I’m not sure how to find a bank to provide at “letter of credit” for the rest of the money down.
Anyone that could help would much appreciated!
hello,
Have you checked the Palm Coast area? Growing area with a lot of potential. Find a good agent down there and look for any 3 bedroom 2 bath single family homes. I’m considering that area as well. Good luck to you.
-Keith
Hi Keith,
Actually I have considered Palm Coast-it’s less expensive than the Daytona Beach area but property values are going up fast. Do you live in this area? Also, when you say 3 bedroom 2 bath homes-are you talking about pre construction and flipping or what?
Marilyn