"Entrepreneurs are simply those"

"who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage." Niccolo Machiavelli

The picture above is of a sixplex.  This property has been updated and is listed for $319,900.  The property has a annual net income of $32,566 with a detached laundry building.  That would give you a cap rate of around 11 1/2%.

Walker Bagwell Properties has been fortunate to have sold 12 income producing properties in the last 12 months.

One of the most popular types of income properties are duplexes.  This is because of certain reasons.  One of course is the price, they are usually less expensive, less operating costs and a big incentive lately has been retiring folks are moving into one side and using the other for income. 

As of this writing there are only 11 duplexes on the market on the beachside.  These are priced from $159,900 to $599,900.  Now of course there are many more on the mainland and are less expensive.

Jim Bagwell
321-213-0615 

"Opportunity does not knock,"

"it presents itself when you beat down the door"  Kyle Chandler

Cocoa Beach sunrise

Have you ever dreamed of owning your own marina.  There is a listing on the Cocoa Beach causeway that is on the market for $1,800,000.  This listing includes the marina with 31 wet slips capable of handling up to 60' yachts and the retail building in front of the marina which has 5500 square feet.  The vacant lot can also be purchased next to the retail building.  The annual net income is $173,700.

As Monty Hall would say let's make a deal!

Jim Bagwell 

"I was born with a plastic spoon in my mouth"

"The north side of my town faced east, and the east was facing south"  The Who

It has been a busy week for our complexes.  Two units in the front buildings closed in Windrush.  One closed for $123,600 and the other closed for $125,000, all these units are 2 bedroom 2 bath units with 1240 square feet.  Another came on the market for $179,000, probably a little aggressive for a front unit.

A new listing in The Diplomat came on the market.  This unit is direct ocean with 2 bedrooms 2 baths and 900 square feet.  Priced at $218,000, this unit is an excellent rental income unit with great views.

Windward East 408 is now under contract and should close by next week.  Unit 208 was scheduled to close yesterday but again the lender package from Wells Fargo didn't make it on time.  The unit should close Monday.

Interesting news in the market this week.

Home prices soar to a 12.1% increase and this is the largest gain in 7 years.  Nevada led the increase with a increased rate of 24.6%.

On the other hand mortgage applications dropped because of the slight increase in rates.  Ending in May the average rates were 4.07%, still a good rate.  We have to understand as the market gets better the rates will go higher.  It is the nature of the beast.

Enjoy your weekend.

Jim Bagwell  

Bye Bye Birdie

I miss the shuttle!

While we are talking about small condo rental opportunities!

There is a foreclosure on the market in Cape Canaveral.  This unit is upgraded and features 1 bedroom 1 bath and listed at $24,900.  The units in this complex have been rented at $650 monthly on a consistent basis.  The monthly fees are $30 which probably means that you would have to insure if you wanted insurance since you would probably be paying cash.

Now if you rented for $650 a month then that would be gross income of $7,800 annually.  Now if you deduct maintenance items and even if you paid a management company you would still be in the black in 5 years or less. 

Jim Bagwell

" I hope everyone that is reading this is having a good day."

"And if you are not, just know that in every new minute that passes you have an opportunity to change that.  Gillian Anderson 

Cocoa Beach water hazard.

Now that the investors are back in the Real Estate game we are seeing more of the small units come on the market.  Most of these are purchased by investors for rental income while building equity.

As of this writing there are 18 condos in Cocoa Beach and Cape Canaveral on the market that are listed at $75,000 or below going all the way down to $37,500.  One of these is in the Oaks with 2 bedrooms 2 baths and being a foreclosure it is listed at $69,900 with homepath financing available.

Get in the game!

Jim Bagwell

"I was seldom able to see an opportunity"

"until it had ceased to be one"  Mark Twain

Have you ever dreamed of owning your own B & B?  This could be your chance!  This property is located in the historic section of old Eau Gallie.  The home was built in 1886 and has 3226 square feet.  The home has been totally upgraded with fire and  sprinkler system which will make it much less expensive to insure.  It also has a detached 3 car garage and sits on .42 acre.  It is priced at $749,900 or $232 per square foot, I feel that is a bit overpriced but if this section of town continues to thrive the value will be there in the future.

There is a unique property available in Cape Canaveral.  It actually consists of 2 properties.  The first is a 3 story triplex sitting on 1.1 acre on the ocean.  This triplex generates $36,000 in annual cash flow.  There is also an existing pad on the ocean that will allow 2 more units to be built.  This one is listed at $1,100,000.  The adjacent property is .48 acre with 4 existing units and the properties together generate $75,500 in annual cash flow with room to build a total of 15 units on both properties.  The adjacent property is also listed at $1,100,000 or we could put together a deal for both properties at a lesser price.

Jim Bagwell  

"All that is valuable in human society"

"depends upon the opportunity for development accorded the individual." Albert Einstein

The Beach Unlimited building is now on the market in Cocoa Beach.  This building is listed at $2,570,400, has 12740 square feet and was built in 2001 on 1.62 acres.  I have always been perplexed on this type business like beachwave and Beach Unlimited.  The buildings are always very large on prime parcels but I never see more than 4 or 5 cars in the parking lots except on special events.  You would think the operating costs for a building this big would be tremendous and I just don't understand the profitability.

On another note in Cocoa Beach, The city has approved another dollar store to be constructed on the parcel where Wendys Restaurant was demolished.  I personally think the last thing we need is another dollar store.

There is a listing on cottage row in Cocoa Beach that I like for business.  This is a stand alone building on N. Orlando that was built in 1939.  It is still a bit overpriced at $219,000 but it could be a great location for numerous things.  If you look at the building at N. 1st & N. Orlando you can see what these buildings can look like when redone.

Jim Bagwell

"Failure is simply the opportunity to begin again,"

"this time more intelligently."  Henry Ford

Investors are back big time for all the small condos scattered through Cape Canaveral.  You can usually find these for around $50,000 and create a small cash flow and wait for the value to escalate.  We recently listed and closed 2 of these in less than 30 days.

2 interesting listings hit the market this month.  One is a eightplex in Cape Canaveral, the property appears to be in good shape with a onsite laundry for extra income.  It is listed at $339,000 with a cap rate around 9.5, you would have to get the price lowered a bit for safety.

The other is The Faulty Towers in Cocoa Beach. As you may recall this is the hotel that caused much controversy when they became a clothing optional hotel.  This property consists of 32 rooms, resort style pool area and tiki bar.  Listed at $2,900,000.  Now you can be a hotel owner.

Jim Bagwell

"When written in Chinese,"

"the word 'crisis' is composed of two characters.  One represents danger and the other represents opportunity"  John F. Kennedy

Picture is of a motel on the ocean in south Cocoa Beach.  It has been on the market since 2005 off and on.  The price has always been between $3.5M to $3.9M.  The property sits on .81 acre on the ocean with 109' of oceanfront.  There are 18 units in the motel, depending on zoning approval, this could be a weekly rental opportunity.

In 2012 there were 16 income properties sold in Cocoa Beach/Cape Canaveral, I am proud to say that Walker Bagwell Properties participated in 25% of the sales.

At the present time there are 19 active income properties listed in the same area.  They are priced from $159,900 to $3,500,000.

Build your future now.

Jim Bagwell

"Opportunity is missed by most people"

"because it is dressed in overalls and looks like work." Thomas Edison

The 2 units we have listed on Pierce are still available despite a lot of interest.

The picture is of another property in Cape Canaveral.  This property is designated a motel with license intact.  The property now is used as 10 unit rental property.  Now I am sure there would be a lot of work to be done and some violations worked out with the city but this could be an opportunity not missed.

With a puchase price of $180,000 and even if you put $100,000 into renovations then you could have 10 units with 1 bedroom 1 bath and we could get $500 monthly everyday.  Conservatively speaking the cap rate would be right around 20, that could be an unbelieveable buy for the future.

Thanks
Jim Bagwell

"Each problem has hidden in it"

"an opportunity so powerful that it literally dwarfs the problem.  The greatest success stories were created by people who recognized a problem and turned it into an opportunity."  Joseph Sugarman 

The pictures are of 2 income producing properties we have on the market in Cape Canaveral.  The top one is of a 6-plex and the bottom is of a quadplex.

The 6-plex is listed at $287,000 and consists of 2 buildings each containing a tri-plex.  All the units are 1 bedroom 1 bath and all rented from between $500 and $550.  One unit has been updated with new cabinets and granite countertops.  4 of the 6 gas water heaters have been replaced.  The roofs are between 3 and 5 years old.

The quad-plex is listed at $199,000 and consists of 2 buildings which contain two 1 bedroom 1 bath units and two 2 bedroom 1 bath units.  They are all rented and range from $500 to $700 monthly.

Could be a good property for retirement and collect monthly rents.

Jim Bagwell