30% Discount to Appraised Value, Tenant Occupied
Investor purchasers can obtain 30% discount off appraised value on tenant occupied condos with on-site property management in place. Even for a bearish investor, this opportunity may provide attractive built in equity since based on historical pricing performance, (national and local) this large discount provides for substantial built-in equity.
Project Overview
Hotel Conversion situated in the heart of Tampa. The area is ranked number 12 of the 20 best places to live and work in America based on the lifestyle, cost of living, industries, unemployment rate, healthcare system and recreation.
Developer is selling off up to 1000 units in communities across Florida. As a premiere condo converter they are returning to their roots as developers and shedding the property management line of business that they have built up.
70 Units For Sale, Tenant Occupied, Onsite Property Management
Purchase 70 (one, two, and three bedroom) units in this highly desired property. All the 70 units are presently leased with most leases under agreement until mid 2008 and on-site property management in place
Pricing
Discounted prices range from $108,080 to $165,480
30% Discount to Current Appraised Value
Units may be purchased at a 30% discount below appraisal (provided by a conservative, well known appraisal firm).
Deposit
Initial deposit of 10% – 20% (based on approval with a FICO score of 680 or higher). Deposit shall be credited against the Purchase Price at closing. The balance of the Purchase Price (adjusted for any and all prorations of taxes, assessments, interest, rents other income, operating costs and all like items shall be prorated as of the date of closing and shall be paid to Seller on the Closing Date.
Tampa Bay / Hillsboro
The Tampa/Hillsboro area have seen large increases in values for homes from 1999 until early 2007, they have now moderated. The discount on these units is much greater that any historical declines that have ever taken place. Job growth will remain strong and increasing every year. See accompanying Market Overview provided by John Burns Consulting for more information.
Median Price History
Historical Affordability
Tampa ranks 4th as the strongest large market in the South for 2005 and their cruise ship market continues to grow about 10% each year. They have a strong Professional Sports Franchises including the Tampa Bay Buccaneers, Tampa Bay Devil Rays and the Tampa Bay Lightning.
Tourism continues to grow in both the number of visitors and their expenditures each year. They are only 30 miles from the Gulf of Mexico beaches, one hour from Walt Disney World and Universal theme parks to the northeast and Busch Gardens at its heart.
Exit Strategies
Buyer closes on the Unit.
1) The Seller shall keep the sales offices open and continue to sell the inventory until all available units are under contract and are closed.
2) All units will be kept in the Rental and Property Management program. The fee for this service will be 5% of the rental income. It is presently $45 per month.
3) Positive monthly cashflow is highly likely with low hassle of onsite property manager.
4) All of the buyers club units are under lease agreement.
Joint Venture Terms
Origination fee of 3%. Buyers Club receives 10% of profits (after Buyer’s return of deposit, sales commissions and any out of pocket costs) upon resale of the unit.
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