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INVESTMENT CONDO IN ORLANDO, FLORIDA NEAR DISNEY - INVESTMENT HOME WITH UPSIDE

Near prime tourist attractions, and Disney World

 

Location: Kissimmee, Florida

Shipping: TBD

Time Left: Expired

$9000.00

BEAUTIFUL LUXURY CONDO IN GATED RESORT STYLE COMMUNITY 2050 E. IRLO BRONSON MEMORIAL HWY #264 KISSIMMEE FLORIDA PHOTOS IN THE LISTING ARE NOT ACTUAL UNIT FOR SALE THEY ARE FROM SIMILAR UNIT A COUPLE YEARS AGO FULL 100% DEEDED OWNERSHIP OF THIS CONDO - NOT A TIME SHARE! PLEASE READ THE ENTIRE LISTING CAREFULLY, AS I HAVE SHARED A LOT OF IMPORTANT AND USEFUL INFORMATION GREAT UPSIDE POTENTIAL FOR AN INVESTOR WITH PATIENCE AND VISION! CONVENIENT ACCESS TO DISNEY WORLD, DOWNTOWN ORLANDO AND UNIVERSAL STUDIOS FULLY FURNISHED, STEPS FROM THE POOL ORIGINALLY SOLD FOR $79,900 NO RESERVE! HIGH BID WINS! GREAT OPPORTUNITY TO BUY CHEAP NOW AND BENEFIT ONCE COMPLEX IS REHABBED -LONG TERM OPPORTUNITY WITH UPSIDE IF YOU ARE PATIENT "LOOK NOT AT WHAT IS BUT SEE THE PROMISE THAT COULD BE" -unknown ABOUT ORLANDO, FLORIDA Orlando Florida is the entertainment capital of America. Located in the heart of Sunny Florida, Orlando is a prime vacation destination for millions of visitors each year from around the world. Each year over 48 million people come to Orlando for its fun family oriented theme parks, warm sunny weather, and vibrant night life. Orlando is home to Walt Disney World, Universal Studios and Sea World, as well as numerous other world famous attractions. Orlando is also known for its warm, sunny, tropical climate, and its dry sunny winters. In fact with the Atlantic Ocean just 42 miles away, Orlando is a perfect gateway city to your next beach vacation. In addition to being famous for its great attractions, and vibrant tourism industry, the Orlando area is home to over 2 million residents and the City of Orlando is the fifth largest city in Florida. It is a major technology hub, and Metro Orlando has a rapidly growing $13.4 billion technology industry employing 53,000 people, and is a nationally recognized cluster of innovation in digital media, agritechnology, aviation, aerospace, and software. More than 150 international companies, representing approximately 20 countries, have facilities in Metro Orlando. Orlando is also home to the 7th largest research park in the country, home to over 120 companies and 8,500 employees. Orlando's rapidly growing population has also been very beneficial to real estate prices, as the population has increased over 25% from 2000 to 2010. Recently because of the financial crisis, home prices have decreased in Orlando, creating a once in a lifetime opportunity to buy real estate at never before seen prices. Smart buyers are catching on to this opportunity, and according to the Orlando Regional Realtor Association, there were 4,043 new sales contracts in Orlando in February of 2010, a 66% increase over February 2009. Now is a great time to buy Orlando real estate and be a part of Orlando's exciting growth and future. ABOUT THE CONDO Located at the Heritage Park Inn. Condo hotel community pool and sundeck. This is a condo hotel located in Kissimmee, Florida near Disney World and lots of prime tourist resorts. A condo hotel is a condo that you have full ownership of and it is operated as a hotel. Therefore tourists rent out condo hotels by the night paying hotel rates for your condo. You can use the condo hotel whenever you want as you are the owner, and when you're not there let the hotel rent it out to earn income. This, condo hotel, however is having a bit of trouble. There is some disagreement and even litigation between one of the owners who owns several units and the HOA. Due to this dispute there are some financial problems for the HOA and as a result the utilities were shut off and the hotel was closed down. The hotel just closed down at the end of May. While a few years ago this was running as a fully functional hotel for tourists visiting Orlando and Walt Disney World, since the end of May 2016 the hotel is shut down and fenced off. Also due to the financial troubles sometimes the pool is not maintained or open, and many of the common areas are suffering from deferred maintenance. The silver lining to all this is that the HOA is in the process of trying to foreclose on units of deadbeat owners, and it has also lined up an investor to buy many of those units and invest $300,000 into the property to renovate it and bring it back into top shape again. There is also a new management company that the HOA has hired in order to oversee management of the project, work to renovate the hotel, get the utilities turned back on and turn this back into a thriving property which will serve tourists visiting Disney World and generate great cash flow for the owners. The last update I heard was that they hope to have the utilities turned back on and get the hotel operational again in time for the holidays. The upside for you is that this presents an excellent opportunity to buy this unit at a good price by taking advantage of the temporary financial difficulties that this property is facing. I think there is tremendous upside here. Given the location and the booming tourist market once this place is fixed up again with the investment I mentioned then it should be a hot property. I wish I could hold onto it so that I could personally reap the long term upside potential, but a few personal financial challenges came up, which is why I need to sell it now. You will get a warranty deed and title insurance when you buy it. I'm very familiar with a similar situation that turned out great for the investors who bought in and had the foresight to hold onto their units. In the same market also a condo hotel, and also serving Disney World tourists, you could buy units at 3100 Parkway in Kissimmee (a similar condo hotel) for about $15,000 each just 2 years ago. Now they are selling for $70,000 a piece (and this is for units that need total rehab) Fixed up units there sell for even more. I'm kicking myself a bit for not having taken advantage of that situation when I heard about it. Take a look at this unit that just sold for $70,000 I expect this place could be worth $40,000 to $50,000 sometime in the next few years.The only downside is that there is an HOA fee of $500 a month, which you are responsible for, so factor that into your holding expenses. Anyway if they reopen in December as I heard then you should be cashflowing again soon. Even if it takes a year to renovate and reopen, which I would think would be a worst case scenario it's an extra $6,000 (HOA fees for a full year) $500/ month X 12 Months. If you buy this now for $10,000 and invest the $6,000 in HOA dues and it turns out to be worth $40,000 next year when fully renovated and operational, it's still a tidy $24,000 in profit. Of course my rosy expectations may not play out. There is no way of knowing, since I don't have a crystal ball, but given it's location and what it is, long term I don't see how this CAN'T go up in value. I don't have actual photos of this unit but below I have photos of a unit in the same complex that sold a couple years ago. I have never been to the property and don't know exactly how it looks now. I don't have photos of the exact unit because like I said the hotel is currently closed and it's fenced off. PHOTOS OF A CONDO THAT SOLD A COUPLE YEARS AGO IN THE SAME COMPLEX - IMAGINE THE POSSIBILITIES I HAVE NEVER BEEN THERE AND DON'T KNOW EXACTLY HOW IT LOOKS NOW TERMS You are bidding on the FULL PURCHASE PRICE of this auction. Upon completion of this auction, and final payment, the HOME WILL TRANSFER FREE AND CLEAR TO THE BUYER. There are no liens against this property, and title is insurable. Purchaser agrees to accept the property in "AS IS, WHERE IS" condition at the time of closing, with NO WARRANTY EXPRESSED OR IMPLIED. Any representations of this property are merely the opinion of the seller. All buyers are encouraged to perform their own due diligence, and should RELY ON THEIR OWN INSPECTION. WE ENCOURAGE YOU TO DO YOUR OWN DUE DILIGENCE PRIOR TO PURCHASE. WE WELCOME YOU TO VISIT THE HOME. TO ARRANGE ACCESS, SEND ME YOUR FULL NAME AND PHONE # AND I WILL PROVIDE YOU WITH A CODE TO THE LOCKBOX ON THE DOOR. This is a CASH AUCTION. When submitting your bid, you must have funds on hand to complete the purchase. This is a speedy closing, and there is no time to arrange bank financing. THIS AUCTION IS FOR SERIOUS BIDDERS ONLY. Please do not bid if you will not fulfill your obligation! Any winning bidders who do not close will be reported to eBay for buyer misconduct. If you need additional pictures or have any questions, please feel free to ask prior to conclusion of the auction. CLOSING PROCESS Upon winning the auction, BUYER MUST CONTACT SELLER IMMEDIATELY via phone or email and provide: 1. Name to be placed on deed. 2. Phone Number and Fax Number 3. Address to send settlement sheet. 4. $2,000 non-refundable earnest money deposit in the form of a certified check, or money order via overnight delivery service, or bank wire transfer. This deposit must be received within 24 hours of winning the bid. If the seller has not received funds or heard from the purchaser within this period, the transaction will be considered void, and buyer misconduct will be reported to eBay. Buyer also agrees to add the appropriate closing and transaction costs to the amount of the bid. This is approximately $700, and covers deed preparation, transfer tax etc. Exact amount due will be computed by seller’s title company handling the closing, and will be shown on the final settlement sheet. Closing of this transaction is within 10 days after the auction ends. The balance due must be sent to our title company via cashiers check or money order on or before the closing date. The balance due is equal to the final sales price, less the $2,000 earnest money deposit plus applicable closing costs to be detailed on the settlement sheet. Our title company will prepare your deed and send the deed to the County to record into your name. You will receive confirmation that the deed has been sent for recording. Please ask any questions prior to the auction’s end. There is no time to do so once the auction is over. NOTE TO BIDDERS: Users with Feedback Score 5 or Less or users who are new to eBay must email Seller immediately with your full name and contact number. If you do not perform this request, we have the right to cancel your bid. YOU MUST READ AND AGREE TO THE TERMS PRIOR TO SUBMITTING A BID. Also, be sure to keep an eye out for our other auctions, as we sell great investment homes in Youngstown, Ohio, Dayton, Ohio, Buffalo, New York, Akron, Ohio, Cleveland, Ohio, Orlando, Florida, Tampa, Florida, Flint, Michigan, Miami, Florida, Las Vegas Nevada, San Francisco, California and other cities. foreclosure bank owned property foreclosed property rental property income property property flipping property

  • Seller State of Residence: California
  • Property Address: 2050 E. IRLO BRONSON MEMORIAL HWY #264
  • State/Province: Florida
  • City: Orlando
  • Number of Bedrooms: 1
  • Number of Bathrooms: 1
  • Property Type: Condominium
  • Sale Type: For sale by owner
  • Zip/Postal Code: 34744
  • For Sale by: Owner
  • Setting: Urban, City
  • Year Built: 1973