Deals on houses are around, but money isn’t
Joseph Kandel is itching to get hold of serious cash so he can take advantage of real estate deals he sees every day as an agent with Horizon Realty in Bradenton.
A 50-year-old entrepreneur who has written a book on dating, Kandel formed a company called 1st & 10 Properties in early 2008 and is trying to raise at least $10 million through a public stock offering.
Kandel wants to use the money to buy as many as 80 luxury homes and mid-range vacation properties at bargain-basement prices and hold those properties until the values appreciate by 50 percent.
“Ultra-luxury homes are expected to increase from $1 million to $1.7 million in the next four to five years, while multi-family properties in the $200,000 range are expected to appreciate to approximately $300,000 within four to five years,” Kandel says in his registration statement with the U.S. Securities and Exchange Commission. “It is for those reasons, 1st and 10 Properties will purchase as many units in those price ranges as possible.”