"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