Just got back from the February 2015 Florida Shadow Inventory Road Show to check out 27 distressed assets, in 2 days, driving 712 miles.
I tie in the 50 shades schmeil because Florida reminds me of Viet Nam, where there are actually hundreds of shades of green due the climate and rain. Really didn’t have any bondage on the trip, or at least I never saw any…
Anyway, the trip went great; there were 19 fellow toxic asset investor friends that met up in Orlando for a 2 day tour. The weather started getting rough, the winds were blowing cold. If not for the actions of our fearless leader Marc Gold, the road trip would be lost.
Only the hardcore SoCal investors wore shorts on both days, yours truly went into full jean mode while I hobbled along with a broken toe.
I broke it kicking my cat. Just kidding, that’s a phrase defined as: To release your frustration and powerlessness by snapping at an innocent person or creature who just happens to be handy. Usually following a bad day at work.
I actually broke it kicking the door jam walking at night with the lights off. Had I had my slippers on, it would have absorbed the blow, so remember to wear your slippers!
We made up a video of the trip with photos and videos. I was amazed at the number of mobile and pre-manufactured homes. Guess since they get destroyed ever few decades when a big hurricane comes in, no need to drop serious coin if you are a working class slob.
A $20 Amazon gift card to the first person who can tell me what song the band in the dive bar is playing. Its next to the restaurant we stayed at, next to our Jacksonville hotel. They have a drive-up window to buy any spirit you like, and inside its a decent little dive bar with a couple pool tables, lots of people, and live music.
We bid on a bunch of them, though some of them were gnarly or needed a lot of work. The Ocala property we are joint venturing on with a fellow investor, and seeing what happens when we peel back the onion we are about to invest in.
There are still quite a few properties we could not get to. With Florida bouncing back nicely from the real estate crash, investing on solid Florida assets for 35-65 cents on the dollar makes a lot of sense. If the occupant does not want to work on repaying their loan, we have 7 other exit strategies.
Many of these can be cleaned up and rented for cash flow with a $2-5 thousand influx, or sell it quickly, or find a buyere and write a seller-carryback note and be the bank and make the amortized interest payments for 20 years.
Call us for more information on how to joint venture with us on these and other great properties.