News about properties and real estate
Investors’ deals with developer lead to court [North Florida] A Gainesville doctor took a second mortgage on his house to make a $100,000 business loan to Sarasota developer Rod Connelly. It seemed like a good deal: 18 months at 20 percent interest. Two years later, Robert Erickson and his wife had not seen a dime. …
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Reaping the Tax Benefits From Rental Property One benefit of owning rental real estate is the myriad tax breaks. More deductions and tax-related strategies are available for this property than for just about any other type of investment. Not all owners, however, take full advantage of these allowances, either because they don’t know about them …
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Business: Who’s to blame? Coast or CCI? Or both? Any way, it’s the investors who are left in housing debacle’s lurch. The Florida housing boom was creating instant millionaires when St. Petersburg builder Jesse Battle III hit on a promising formula to feed the public’s hunger for no-pain, all-gain real estate deals. Within 18 months, …
Tringali lenders acting on his debts [South Florida] Three more banks have foreclosed on property or forced him to sell. The house of cards that Neil Mohamad Husani and Michael Tringali built during the height of the real estate boom has finally been flattened. Three more banks that lent Tringali $28.5 million between June 2005 …
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3 paths to take when facing foreclosure DEAR BOB: I’m behind on my mortgage payments and probably will be foreclosed. People have told me to (1) do a “short sale” of the property, (2) give it back to the lender with a deed in lieu of foreclosure, or (3) proceed to foreclosure and then file …
Builders mimicked CCI and survived [South Florida] A Fort Myers builder got loans from many banks; CCI only tapped Coast. The idea of buying houses in Southwest Florida with no money down and making tens of thousands of dollars by selling them before construction was even done obviously appealed to a lot of investors nationwide. …
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