2nd US Property Purchase

During my recent trip to Fort Myers I was fortunate enough to be able to acquire a new property while I was over there. Given I was only in Fort Myers for 8 days, I did not really expect to get lucky enough to get a property in such a short time frame. My main goal was to just get a first hand feel for the area and a bit more knowledge about the town so that down the line I would have more of an idea of what areas to look for properties and hopefully gain a bit more of an understanding as a whole of the town of Fort Myers.

While I was there I would have looked at approximately 12 properties, and countless others online through the listings, all of them had some sort of flaw, either they were too far away from town, too much damage had been done to the property, the area was not reliable, property was over priced, and the list seemed to go on. It was very difficult to find a property that I was comfortable with. I am always careful to make sure I do not get desperate in this sort of situation, it is easy to lose patience waiting for the right property and in the end just take any property that is available for fear of missing out. Unfortunately this is a bad trap to fall into, it is important to wait for the right property to come along.

I may have rushed into this recent property purchase a bit too much, but I just had a good feel about the property, it already had an existing tenant and they were desperate to be able to stay there, they were paying good rent (I will get into the figures later) and the area I was comfortable with. I went with my property manager Judith and she could first hand say she was happy with the area given she used to live within a stone’s throw away from this place. I met the tenant (at least one of them) and she seemed very nice, I could tell she had been taking good care of the property while she has been there (over 12 months). All in all I only looked at the property for about 20 minutes while walking through the place, I talked to the lady for about another 15 minutes and that was enough to sell me on the property, I soon became the new owner of 1115 Lovely Lane, North Fort Myers.

Details on the property –

2 Bedroom and 2 Bathroom (initially it was 3 bedroom, but a wall had been removed between two to make 1 larger bedroom)

Price I paid was $79,900 (to be honest it was a bit higher than I was looking for, but if the value is there then no point missing out)

Monthly rent is currently $800 per month.

The property also had a pool out the back with a deck for an entertaining area (did not see this on any other property, was surprised given how common it is in Australia).

 

There were some slight complications with the closing of the sale, basically the banks were screwing me around (more on that in another post) but in the end it all worked out well. I was a bit lucky that the listing agent worked for the same company as my property agent, so they were able to hold on to the property a bit easier for our benefit.

All in all I was very happy, the whole deal seemed to go a lot smoother than our first property. From offer to closing I believe it was about 2 weeks in total, and it would have been a lot less had the banks not messed us around.