Buying foreclosed homes for sale has been profitable in Southwest Florida, particularly in the counties of Sarasota and Charlotte, based on the success stories of a number of veteran investors in the region.
As home prices continue to be at low levels in many areas of the region, investors continue to research properties and make bids at auctions if they see a foreclosed property with great profit prospects.
According to real estate professionals familiar with the Southwest market, many of these successful investors prefer to be in low profile, opting to work quietly on their research and purchase decisions to get the best deals.
Among these quiet but successful investors is Englewood-based Hussein Taha, who has been bidding for foreclosure properties in Southwest Florida for many years.
Since August last year, Taha has already made money from eight of the 18 foreclosure properties he purchased through public auctions in Sarasota County. The eight properties earned him $176,750. This high level of earnings has put him in the company of elite Florida investors whose efforts in buying foreclosed homes for sale have made them richer.
Although Taha prefers not to discuss details of his success, auction and deed records in Sarasota County and in Charlotte County show that he has made successful bids and resales over the years and made a lot of money from foreclosures.
Taha, founder and head of Reo of Venice, started buying foreclosed real estate assets in Sarasota County in 2002. Over the next 5 years, he and his team purchased 33 properties and made a profit of $1.2 million on 30 of these properties when they were resold. They also made real estate deals in Charlotte County.
When the property boom started to intensify in 2005, Taha had been wise to lay low. Prices were impossibly shooting up, prompting analytical investors to think where the market was going. During this period, Taha bought two properties, but lost money when he sold them. So he laid low for a while. It was only in the latter part of 2009 when Taha decided to enter the foreclosure market again.
In one deal, Taha and his team bought a house in Venice for only $70,000 and sold it for $102,500 just 14 days later. In another deal, he purchased a North Port house for $89,200 and sold it for $135,000 just 21 days later.
For savvy investors, buying foreclosed homes for sale is indeed profitable in South Florida where prices are still friendly to investors.
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