Buy Lehigh Acres, FL REO Duplexes

As most of our investors are aware, we have been operating in Florida as well since 2003.  Our firm CRG, Inc is a licensed real estate brokerage and we specialize only in distressed assets at this time.  We also run the internationally popular website MyRealtySource.com.  Whether they be REO, short sales, deed in lieu, we have access to bank direct properties where our investors are making great returns on multi-family homes in SW Florida.  Our connections with asset managers and local lending institutions allow us to provide ourselves with a great opportunity to purchase off of their books.  As the housing market crashed in Florida, foreclosures increased dramatically.  Homeowners have lost their homes or have just walked away due to the negative equity position.  The homeowners have transitioned to renting, and rental property in our area has been as hot as the gold commodity as of late.  Our focus is the newer construction real estate built 2004 or newer.

Domestic and International investors are lasered in on SW Florida for good reason.   They are one of the only counties in the country that reported 10% Year over Year gains in 2010 in our median home values.

To give you a comparison on how prices have changed, during the peak of 2005, the Ft. Myers Greater Area had a median home value of $340,000.  By February 2009, the median dropped to $82,000.  Currently, as of November 2010, the median is around $96,000, an improvement from only a year and a half ago.  The cost to build a home in our area during the peak was about $116 per square foot.  The current replacement cost of homes today is approximately $66 per square foot (not including land).  We are able to provide these homes as investment opportunity to our investors for  a little over $30 per square foot.  We are able to beat the market value by about 20-30%.

In most cases, our firm purchases small packages of assets.  Many homes are tenant occupied by homeowners so it makes our job easy.  A simple cleaning crew and execution of an annual lease provides us with a turnkey property, ready to sell to an investor looking for immediate income.  Many other homes have been vacated and neglected for a year or so.  These homes could get ugly.  We have a local construction crew that handles all of our rehab projects.  Once our firm closes on the home(s), our rehab crew remediates any issues and basically fixes the home back to “like-new” condition.  Once rehab is complete, the property management firm we work with typically takes 2-4 weeks to obtain occupancy of tenants.  The asset is sold to you ready to go.  It does not require you to fix anything as we have done so already.  Our concept is to offer a turnkey and passive opportunity for our investors.

See below for a sample pro forma for a 2 family home (duplex) and continue down to see a video of what we do.  Any questions or inquiries, please call Scott Allan at (877) 688-7582.

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