Economical Deals in Homes for Sale in Florida are Profitable for the Oregon Based Firm
Posted in General, March 2nd, 2010
The investment firm named Gorilla Capital in Oregon struck some real profitable deals with cheap units for sale in Volusia County, Florida. Gorilla Capital came into being in 2006 with lawyer John Helmick and Benjamin Bazer, the foreclosure professional.
This firm bought and resold approximately 33 foreclosed units since July 2009 and earned $5,000 to $10,000 out of each sale. The repairing costs usually ranged from $10,000 to $15,000.
Rob Helmick, the Gorilla co-founder John’s brother, observed that, though their firm takes part in numerous foreclosure auctions on a daily basis at the DeLand court, but it is very selective about the properties it would buy. He commented that he browses through at least 400 foreclosed properties every week before deciding on buying any of the units. According to him, anyone indulging in this business must do some research about the properties and gather some experience at the same time.
Rob Helmick further added about his firm’s tactic of combating short sales regarding price and delivery speed. According to him, his workforce can get done with modifying a unit within a short time span of 2 weeks. Following this, the reselling of the unit is done at a price lower than $10,000 to $20,000 compared to the neighboring homes.
Another important method that the Gorilla Capital uses for buying cheap homes for sale is to purchase them straight from the foreclosure auctions that are controlled by the courts. Helmick observed that other than byuing the properties at lower-prices in the auctions, they also do not have to face any difficulties related to negotiations with the delinquent homeowners and the lenders as well.
Barbara Long, being the operations chief of the circuit court, observed that, among the various firms buying foreclosures at Volusia, Gorilla is just one of them. It not only takes part in the auctions regularly but also makes sure to buy from those auctions. According to the head of Daytona Beach Association of Realtors, Phil Maroney, this firm has actually recognized the vast scopes and opportunities that the area offered them for their business. He further feels that the present prices are highly beneficial for the investors.
Helmick stated that once a property is bought, he makes sure to put up its picture and details at gorillacapital.com and emails are sent out to the registered buyers who get three days to decide and offer their prices for purchasing.
At least one third of the sales transactions take place with the registered buyers as observed by Helmick. The rest of the sales are made to those buyers who tend to browse the internet on a random basis or to those buyers who wait for Helmick during his property visits.
