Real estate opportunity in Florida

Under a peculiarity of Florida law, “investors” can snap up Home Owners Associations’ foreclosed houses for peanuts (how’s $10,000 for a $1.2 million house sound?) and then rent them out for years before the bank with the real mortgage can foreclose. Even better: the new landlord is under no obligation to warn the renter that they can be evicted if and when the bank foreclosure is complete. If your heart is black enough, there’s some real money to be made here.


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5 responses to “Real estate opportunity in Florida

  1. just_looking

    Are you brokering any of these deals? Pool some funds into an LLC so that no one feels particularity bad about it?

  2. Anon

    It’s called ethics. Get some.

  3. Al Dente

    I’m in Boca Raton, and I have no soul.

  4. fred 3

    Its called HOA self survival. my experience is the foreclosing lender pays zilch torwards maint and in most cases forecloses and holds as to not flood the market whilst the remaining HOA ends up subsidizing the lender by absorbing the unpaid maint fees and or taxes.