Not too long ago, I would have many friends, neighbors and coworkers calling me and following me to see where I would buy next. As an investor, I was always looking to see where the best “preconstruction” deals were and how I could be the first in line to get the best picks. Sometimes I would pay people to stand in line. On at least one occasion I hired someone to sleep overnight while waiting in line for the games to begin the next morning.
We began this journey at Tuscany, a subdivision in Abacoa. That was a lark. In the beginning, all I wanted was one piece of investment property. The next thing I know we had close to 50 properties. After Tuscany, the list goes something like this…Botanica, Harbour Oaks, Antigua, Traditions, Harborage, the Edge, Midtown, Martinique, Mallory Creek, Canterbury, Astor, Boca Rio and on and on we went.
I became friendly with the sales people from most of the developers and that gave me an extra advantage from time to time. At the peak of the buying frenzy, I remember going to one “lottery” and there were 4,000 people lined up at 8:00am, each holding a cashiers check for $40,000.00. We were there to get one of 120 units. Everyone was going crazy. They picked names out of a hat and I got picked early. Everyone was told that if they got picked, they would only be allowed to purchase one unit. Our sales person allowed us to buy four units without a hitch. It’s good to have contacts!
I have learned more about buying investment property in the last 5 years than what most people learn in a lifetime. I haven’t stopped buying. As a matter of fact, I’m aggressively looking for great deals today. I recently picked up three units in Jupiter, preconstruction that will not be completed until the end of this year. The great thing about these units are this…they won’t be done until the end of the year and they may be the best deals I ever made…so far.
The phone has stopped ringing and the knocks stopped knocking. Where are all of my friends now? It’s funny how quick things change. But, investing in real estate is something only for those who have the stomach for it and in the case of the current market…deep pockets. If you believe in long term investing, you have to believe in real estate. I’m not sure if we have hit bottom yet, but I’m not waiting to find out before I buy my next few units.
I was on the phone today negotiating with a developer for four more units. I may get lucky and pick these up to add to the portfolio, I may not. One thing is for sure, it’s a buyer’s market and I’M A BUYER!
You may not be ready to buy and that’s understandable. If you would like to follow me on my searches and purchases, let me know. I will be more than happy to let you in on my purchases. You can decide for yourself if you think I’m doing well and whether or not you would follow. Give me a call or send a quick e-mail and I will fill you in on my latest buys.
Whether you decide to rent or buy, always consult the advice of a Realtor®. You will want a Realtor with strong negotiating skills backed with a long history of buying experience. A Realtor® who can put his money where his mouth is.
Happy hunting and e-mail me to hear about my investment picks.Joe Quirk (561) 427-9326 Related Articles: Fortune Magazine Forecasts Population Growth in Florida Trump Says Now Is When Fortunes Are Made In Real Estate Subscribe to Blogging Jupino