Documentary on the foreclosure bust epicenter Lehigh Acres FL



It ain't over either. A projected 3 million foreclosures expected in 2011.

If you're into real estate with money to burn and time to waste, now's a great time to stockpile.
 
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Lol, my mom has a house in Naples, which is 40 minutes away from Lehigh. Lehigh Acres is such a dump. There is still some money to be made in South Florida, however. A friend of mine has bought around 5 foreclosed properties in and around Lee County and flipped 4 of them in the last few months.
 
I have a cousin, around mid-thirties now, that lives in Naples. Her husband had a good job as a lawyer probably making around 200k a year.

...A few years ago, during the boom, he would buy condos when they first began development and then sell them right before they were almost finished. Usually a few month time period.

He "flipped" about three of these individually and then decided to buy three in bulk to obviously try and make more money. He couldn't carry the mortgage on them for any more than a month or two and when he listed them and couldn't sell them he stared to bleed out his potential profits.

After a month or two and the real estate market completely dead he knew he'd never get the money he needed out of them. So one night he went to his office with a gun, sat in his chair, and shot himself in the head.

At this time he had two children under 10 as well.

This was three or four years ago now I believe. I've never met any of these people since they're so far removed from my side of the family. But it was an extremely sad/shocking event for everybody.

I wish I could remember some of the stats my grand father told me at the time. But the way he leveraged himself was insane at best.

Anywho I find Florida real estate very intestine, +rep for the video OP.
 
That's really sad. I can't imagine ever doing anything that drastic because of being in a rough financial position. I guess some people just get caught up in the depression and don't see a way out.
 
FTC
Thats a horrible story.
Worse case scenario, bankruptcy. Then start all over. But suicide. He must have been under some intense nerves.
I have relatives that sold everything, including their air plane to buy land in florida. Even moved and started building somewhere near jacksonville. Went under like hot caked 2 years later. But were super rich during those two years. I think they were making like 150k a month (sold luxury homes only). I heard them joke about bringing a bag of money home one day for fun.

Greed man Greed.
 
nvanprooyen said:
That's really sad. I can't imagine ever doing anything that drastic because of being in a rough financial position. I guess some people just get caught up in the depression and don't see a way out.
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Yeah, why he didn't just declare bankruptcy I have no idea. I think for him it was more an image thing. I guess you never know until you're in that situation just how closed in and option-less you can feel.

FTC-Hater said:
Anywho I find Florida real estate very intestine
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*Interesting.
 
FTC-Hater said:
After a month or two and the real estate market completely dead he knew he'd never get the money he needed out of them. So one night he went to his office with a gun, sat in his chair, and shot himself in the head.
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That's sad. My mom's neighbor (who incidentally was a lawyer and had some children) met the same fate.
 
Do like I do with Florida properties. Buy tax liens and wait two years and force a deed. Can't beat a lot in Florida for less than 2-300.00. :)
 
nvanprooyen said:
Not a word I would use. Maybe infuriating :) I bought at the exact wrong time pretty much. Live and learn.
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Interesting in terms of the massive boom and bust cycles, how fragile their economy was at the best of times and how so many fortunes were lost/made.

...I know at the time his death was quite a stir in the area he was in because it marked the first of many suicides from "well off" people unable to deal with their business decisions.
 
This is what $590,000-$650,000 gets you in Melbourne, Australia

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I'm pretty much fucked when it comes to buying a decent house

$620,000
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dreamache said:
If only I were the handy type who could restore properties. Too much of a geek.
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Just over two years ago I became fully vested in a ESOP worth a few six figures, and nearly quit my job to start a "real estate development" business. I was basically going to purchase depressed properties to flip. Soooo glad I waited and over-thought the whole endeavor ultimately continuing my corporate grind for another year. Even though the local market has remained pretty stable if not a little flat, I would have likely lost my shirt as the area I wanted to invest in, then being heavily developed in condos, is now worth 50% less on average.
 
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