Published on February 23, 2009
Bank Owned Properties in Central Florida
Contents • Introduction • What is a Bank Owned / REO Property • The Investment Potential • Central Florida • Sample Investment • Property Management Services • A Secure & Safe Investment • Simple 5 Step Purchase Process • Why Invest Now? • Next steps …
Introduction Economic and market forces are aligning to create one of the greatest real estate investment opportunities ever seen in the U.S • We are offering investors the opportunity to purchase high quality, investment properties for as little as 30% of their former value • Properties from $50,000 in desirable rental locations • Excellent rental returns and Cash Flow Positive • Full Management to ensure effortless ownership for international investors • Secure exit strategy due to long term popularity of our strategic locations • Benefit from property prices at the bottom of the cycle
What is a Bank Owned / REO Property • REO simply stands for Real Estate Owned, and is a property that sits on the banks books, and is no longer owned by an individual • It is the final stage of the foreclosure process, where the price of the property reaches its lowest point • Banks are very reluctant owners and at this stage their primary objective is to dispose of these foreclosed properties to cash buyers at values that will ensure a rapid sale. This will be a fraction of their former price • It is at this stage we negotiate with the banks on behalf of investors to secure properties at the lowest possible price for cash buyers
Investment Potential • Properties that were previously sold in 2005 & 6 for $150k -$300k can now be purchased for between $50k - $100k • Our local team of professional and licensed experts research and carry out due diligence on key areas and focus on properties which have high rental demand, are in strategic locations, and are offered in excellent condition • Investors to take advantage of prices at the bottom of the cycle, generate positive rental returns and benefit from superb capital appreciation in the mid term
Central Florida Economic Strength • Orlando is ranked #1 for predicted job growth in the country between 2007-12 • Contains the nations largest Medical Research community • Booming convention centre, ranked #2 in the US behind Las Vegas • Orlandos technology industry is ranked 4th in the country, employs over 70,000 people, and includes the regional headquarters of Lockheed Martin and Harris • Tourism – close to 50m visitors, which is increasing year on year. It is the world’s number one tourist destination and home to 6 of the 7 largest theme parks in the USA
Property Market • Monthly sales volumes are now increasing, in part due to the fundamental strength of the local economy
Where in Central Florida Metrowest Millennia Dr Phillips / Bay Hill Hunters Creek
Where in Central Florida Within Central Florida we focus on metro Orlando, and in detail at micro markets that offer: • Excellent Location – with easy transportation access to the major employers, downtown Orlando, shopping and the international airport • Strong Local Amenities – areas with upscale dining, a wide range of sporting facilities, and popular and well regarded schools • Modern & Popular Developments – with superior on-site facilities, high rental demand, and low maintenance properties We only offer thoroughly vetted properties in these areas and do not offer property from areas of depressed growth or with negative social issues
Property Types Modern, Spacious, Residential Apartments / Condominiums
Modern, Spacious, Residential Apartments / Condominiums Located on popular, desirable communities 1 bedroom, 1 bathroom between 500 – 900 sq ft 2 bedrooms, 2 bathrooms between 900 – 1250 sq ft 3 bedrooms, 2 bathrooms between 1000 – 1350 sq ft In good to pristine condition, that are ready to be rented out to long term tenants Onsite community facilities typically include: Swimming pool(s), Fitness Centre, Clubhouse, Secure gated access
Investment Samples Detail 1 bedroom example Previous Purchase Price $153,800 (ref 154) Current Purchase Price $49,500 Total Closing Costs $7,197 Monthly Income Estimated Rental $800 Gross Yield 19.39% Monthly Expenses Management Fee (10%) $80 Real Estate Tax $146 Home Owner Association $209 fees Insurance $30 Monthly net cash flow $335 Net Rental Yield 8.12%
Investment Samples Detail 2 bedroom example Previous Purchase Price $177,300 (ref 115) Current Purchase Price $61,900 Total Closing Costs $7,250 Monthly Income Estimated Rental $1,050 Gross Yield 20.36% Monthly Expenses Management Fee (10%) $105 Real Estate Tax $214 Home Owner Association $285 fees Insurance $30 Monthly net cash flow $416 Net Rental Yield 8.06%
Investment Samples Detail 3 bedroom example Previous Purchase Price $311,900 (ref 153) Current Purchase Price $80,500 Total Closing Costs $7,797 Monthly Income Estimated Rental $1,150 Gross Yield 17.14% Monthly Expenses Management Fee (10%) $115 Real Estate Tax $282 Home Owner Association $278 fees Insurance $30 Monthly net cash flow $445 Net Rental Yield 6.63%
Property Management Services Once the purchase process is complete, an investor will need to appoint a property management company who will offer the following: • Extensive experience managing properties in the location you have purchased • Ability to source and vet a qualified tenant • Capacity to collect rent and disburse to the landlord • Provide a professional, proactive service ensuring a hands off and trouble free investment Torcana have sourced a reputable management company who will provide an effective, value for money service to all our investors
Florida – a secure & safe investment • Diverse, wealthy and resilient economy • A safe and secure legal system for purchasing property • Bank Owned / REO properties are built, ready to rent, and have clean title which eliminates any off-plan risk • The purchase process is extremely quick and transparent • Investors have the flexibility to re-mortgage in the future • Excellent method of generating a safe US dollar income
Florida – a secure & safe investment • We work with a fully licensed & regulated Florida Real Estate company – a requirement for any real estate transaction in Central Florida • All real estate markets are local in nature and it is not possible to intimately understand a particular area without being fully invested in terms of time and expertise and we strongly recommend the use of experts in each micro market.
Simple 5 Step Purchase Process • Investor and Torcana identify desired property type(s) and budget to spend • Investor demonstrates ability to purchase property in this price range Step 1 • If the investor is happy to proceed they indicate that they would like to make an offer • Bank accepts offer and Purchase Contract is produced Step 2 • Investor pays refundable 3% consultancy fee to Torcana (min €2900 / £2650) • Client transfers purchase amount plus legal costs to escrow account Step 3 • Title Company prepares and sends closing documents to investor • Investor has documents notarised and returns to Title Company Step 4 • Investor signs management agreement and pays setup fees • Management company sources tenant and sends investor surplus monthly income Step 5
Why Invest Now? • The lack of liquidity in the financial markets has resulted in US citizens ability to purchase property slow dramatically • This has created a strong demand for rental property, which can be fulfilled by the number of REO properties being offered to investors • With global efforts underway to reinvigorate the banking system, lending will start to increase during 2009 which will enable the US domestic purchaser to return to the market
Next Steps … This is a very fast moving market and the best properties are usually purchased within 7-10 days. Contact us now for further information: Torcana Ltd Ballsbridge, Dublin 4 Tel: +353 1 4433 991 / +353 1 4433 578 Email: firstname.lastname@example.org Web: www.torcana.com
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