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Utah, Miami-Dade county, southeastern Florida, U.S. It lies on a barrier island between Biscayne Bay (west) and the Atlantic Ocean (east), just east of Miami. The area was originally inhabited by Tequesta and later by Seminole Indians. Until 1912 the site was a mangrove swamp, where growers tried unsuccessfully to establish coconut plantations but had better luck with avocado groves. John S. Collins, Carl Fisher, and John and James Lummus pioneered real estate development there, and through their efforts a bridge was built across the bay (followed by a causeway in 1920). Dredging subsequently added land area to the island. The city was incorporated in 1915 as Ocean Beach, and the name was changed to Miami Beach the following year.Miami Beach, Fla. Frank Boellmann/Shutterstock.com Growth was hindered by the collapse of the Florida land boom, a hurricane in 1926, and the onset of the Great Depression. By the mid-1930s, however, the city's fortunes had reversed, fueled by the construction of numerous Art Deco-style buildings. World War II again curtailed the tourist business but served to popularize the city widely when most of the hotels were requisitioned to house army trainees. Growth boomed after the war, and the region developed as a popular retirement area as well as a tourist destination. Art Deco buildings in the South Beach section of Miami Beach, Fla. Digital Vision/Getty Images Miami Beach is now a year-round luxury resort and convention centre, having no industries and no transportation facilities other than its road links to Miami. The city has museums of art and of Jewishculture(reflecting the city's sizeable Jewish community). The Holocaust Memorial includes a 40-foot (12-metre) bronze sculpture of a hand reaching out of the ground and panels listing names of victims. The South Beach area, one of Miami Beach's most popular spots, has a large district of restored Art Deco buildings. Biscayne National Park is about 10 miles (15 km) south. Pop. (2000) 87, 933; Miami - Miami Beach - Kendall Metro Division, 2, 253, 362; (2010) 87, 779; Miami - Miami Beach - Kendall Metro Division, 2, 496, 435. Ocean Drive, lit up at night, in the South Beach section of Miami Beach, Fla. MedioImages/Getty Images
Distressed Properties FAQs
What are Distressed Properties?
In real estate, if a homeowner suffers from financial problems, which render him unable to meet his monthly mortgage obligations, he is said to be in distress and the home is referred to as a Distressed Property. Based on the stage of foreclosure the property is in, it can be classified as a pre-foreclosure, foreclosure at auction or a bank owned home/repo home.
For more information, simply check our What are Distressed Properties? page.
How to buy distressed properties?
Buying distressed homes is simple enough. You only need to determine where in the stage of foreclosure is your entry point and understand what is involved in purchasing these properties. Each stage will require a different approach, so it is also crucial you do your homework even before you search for the perfect distressed property.
To help you make sure your purchase is a success, check out the How to Buy Distressed Properties page.
How to invest in distressed properties?
Considering the impressive profit potential offered by distressed properties, it is not surprising buyers are presented with numerous investment opportunities. You will find investing in these distressed homes is quite lucrative. Of course, in order to maximize the said potential, you have to make sure you know and understand what is involved in each of these opportunities.
You can refer to the Guide in Investing in Distressed Properties for more information.
How to find distressed properties?
When it comes to finding distressed properties, there are actually several ways to do so. You can choose to go the traditional route and search neighborhoods or scan classified ads in newspapers. But there is actually a more efficient and convenient way - there are distribution centers.
We offer a large selection of distressed houses for sale, including pre foreclosures, foreclosures at auction and bank owned properties located in all 50 US states. You will have easy access to all relevant information pertaining to these homes with just a few clicks in your computer. Finding the best deal on a distressed property which meets your budget and preferences will always be hassle-free.
Is there a specific type of distressed properties which is more profitable to invest in?
You will be pleased to know that despite the many types of distressed properties, all of them promise to be profitable. Your choice will simply have to depend on your resources and needs. Since each type of distressed home offers their own advantages, you have to determine which type you are comfortable of buying and eventually owning.
Are distressed homes always sold as is?
In general, distressed properties are sold as is. For this reason, you have to conduct a thorough inspection of the property to see the extent of repair work needed. Hiring a professional inspector is strongly recommended. In few cases, the seller will agree to agree to shoulder the repair cost as long as they are minimal. It is really a matter of knowing exactly what you are buying and negotiating with the seller.
What Are Handyman Specials?
Distressed properties which require extensive repair are usually referred to as Handyman Specials. They are usually sold at very low prices since the buyer will have to spend much on repair and renovation. It is important you know exactly how much it would cost you to have the property fixed up to estimate your potential profit. You can do so by working with an experienced and professional contractor.
What are Fixer Upper Homes?
These distressed properties - as their name suggest - requires fixing up. Investors consider these properties as the perfect choice for flipping since they can be bought for a fraction of their market values. Obviously, you will have to order a thorough home inspection to determine how much it will cost you to repair the property. Once they have been repaired and renovated, they can be sold for considerable profit, which is why many real estate investors consider them gold mines.
What do I need to get started with distressed homes investing?
To get you started on your distressed homes investing, you will need to educate yourself about everything there is to know about properties in distress from buying to cashing in on your investment. Of course, you have to understand your success will be greatly dependent on finding the best deals.
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