While investing in Florida real estate properties is a wise move, it's not always easy…
My clients who are investors buy properties to rent them in South Florida may not like this blog today.
Written by: Frank Vigliotti, Realtor, ABR, CDPE, PA
July 24, 2014
Since 1999 Henri Vezie cofounder of the Henri Frank Group has been selling real estate here in South Florida. Frank Vigliotti has been selling real estate together since 2005. Together we have rented hundreds of properties. We specialize in residential sales in South Beach Miami, Fort Lauderdale, Boca Raton , Plantation, Lighthouse Point and other cities along the eastside coastline.
One sale that sticks out in my mind, even four years later is a gentleman who came to me by referral to explore his option to home ownership. He had rented the same apartment month over month, year over year for nearly 20 years. Hesitant at the start, he took nearly 12-months to purchase a property in South Florida.
To help and make the decision about renting versus owning a property was easy for me to help him forward. I simply calculated all those months that he paid rent to his landlord. Nearly 240-rental payments were made to the landlord. The rent began at $700 per month and over the years until the last month his rent was $950. Taking the average of $825 this person paid nearly $200,000. Once I presented that illustration to him the process became much easier. Do it for yourself by calculating what you’ve paid in rent over the years.
A single-family home in Boynton Beach Florida in Palm Beach County there was single family house with 2- bedroom, 2-1/2 bath. It was listed for $155,000 which was lower than what the Lender approved for his financing. The house had everything this buyer wanted from the one car garage to the wide-open space, updated kitchen with newer cabinetry, granite countertops and split bedrooms.
After hard negotiations, I was able to negotiate a price of $142,000 for this property. My buyer was ecstatic to know that the house he wanted could be so affordable. The monthly mortgage payment was only $536.40. The property taxes and the insurances were added and the total monthly payment worked out to be $956 per month.
That payment doesn’t take into consideration the deductions from his 1040 taxes, the mortgage interest and the property tax which will give him nearly $1200 more of a refund, $200 per month. That brings down the $956 monthly payment to $756. That is lower than what he was paying to his landlord over the last 20-years that earned him no equity as it wasn’t his property.
Buying a property in South Florida, we can help.
All realtors are not the same. Some specialize in luxury real estate, some specialize in Condominium purchases, others only within a small section of a particular city or township.
The Henri Frank Group specializes in many different aspects of real estate which one is first-time buyers. If you are now renting and have been thinking about purchasing a property I suggest now is going to be better than later. Certainly three and four years ago the home prices in South Florida were less than they are now, however they are not going to go back down, rather continue to climb upward.
That same single family home that my client purchased is now upwards of $200,000. That should not intimidate you, that should motivate you to stop renting and look at your options for purchasing real estate. Take control of your financial destiny. Start by taking your monthly house payment and turning into an asset that grows.
To begin the process if you need financing is to speak to a lender who will prequalify you and tell you according to your income and current debt the amount you could afford for the purchase of a property. For nearly 10-years the Henri Frank Group has been using the mortgage banker Lynn Whitefall of Supreme Lending. There are many reasons why we have developed this relationship, the foremost is that Lynn is available, unlike the bankers of the major banks, 7-days a week she will assist you. Her specialty, as is ours, working with first time buyers. You can take a look at Lynn’s background and her website that outlines the steps to take for financing.
Now can be the time for you to embrace the dream of home ownership. Contact Henri Vezie, Dyannah Callista, Frank Vigliotti of the Henri Frank Group and we will personally be sure you get started in the right direction and end with the home of your dreams. You can call, text or email us firstname.lastname@example.org, 954-604-9999.
Our inventory of properties for sale are there lowest in the past 10-years. We are the exclusive Listing Realtors for the 43Urban Village. A brand new townhome community and LIVE+WORK homes too. Lynn Whitefall of Supreme Lending is one of the preferred lenders at this community. Come and talk to us about this buyer opportunity and the others we have for you!
We look forward to hearing from you.