Is Real Estate For You?
January 12, 2012 by Mike Calvert · Leave a Comment
For many years now, plenty of people that are wealthy have gotten that way through investing inreal estate.Real estate investments are one of the things that can bring ongoing financial profits every month. When it increases in value, your investment becomes that much more important and profitable. You can get your money’s worth when the value of your real estate investment increases. However, people that are interested in real estate investment need to know that it is more than just making money. There are many things you need to consider if you are interested in investing in real estate, in particular residential real estate. There is no doubt that you can be very wealthy with this. However, you will have to stay in it for the long haul in order to make it work for you.
FHA UPDATE-Anti Flipping Extended
December 23, 2011 by admin · Leave a Comment
It is now official, FHA has extended the Waiver of Anti-Flipping Regulations through December 31, 2012.
This extension will continue to allow borrowers to use FHA-insured financing for the purchase of properties that have been owned by the seller for less than 90-days, meeting the same conditions as previously permitted by FHA.
- In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the Waiver will only apply if the lender meets specific conditions and documents the justification for the increase in value. This typically means a second appraisal and home inspection.
This is great because it still encouranges investors to buy homes and fix them up creating more inventory that is fixed up and can be closed on without doing a short sale.
Why Real Estate May Be the Only Real Mainstay Market
December 13, 2011 by Mike Calvert · Leave a Comment
While you see businesses come to life, peak and fall, you may be thinking if a business of real estate is worth investing in. Would if the same thing happens to this business. You wouldn’t want to invest in something that won’t be substantial. Unlike other businesses, real estate is always a good investment to make, and may be the only real mainstay market.
Even though the real estate market rises and falls, there are still many benefits to being in real estate. You can expect that if something happens that causes the real estate to lower, it will eventually come back up. There is always a need for housing and people are always moving into different locations. No matter what type of real estate you are investing in, you can expect that someone will have the need to live on the property. Because real estate is part of the basic needs of individuals, it can be expected that someone will always be looking, and others will always be selling.
Pinecrest Home Downtown Orlando Is Complete
December 12, 2011 by admin · Leave a Comment
Here is a look at our Pinecrest flip that we just completed in downtown Orlando. This flip took over 60 days because of permitting the back garage conversion. The new apartment in the back is now on its own separate water, power and has its own address. This apartment has its own living, kitchen, bedroom and full bathroom. This space could also be used as a professional office as it is zoned. The main changes in the front home were the entrances to the bathroom. Before you had to go through bedrooms to get to bathroom. We took out the closet in bedroom 2 and cut a new entrance. Then we closed off the 2 other entrances and built a new closet using part of the back porch. We also replaced the windows, refinished the existing floors, new trim, doors, brand new kitchen, brand new layout for bathroom, changed the exterior look of the home, new stucco finish and paint. We now have this home listed at $225,000.
Wholesale Property In Conway Area Finished (Video)
October 27, 2011 by admin · Leave a Comment
Here is one of our latest flips in the conway area located in Orlando Florida. We purchased this bank owned foreclosure for $70,600 and sold for $149,900. This flip was only on the market one day and closed on time. We updated everything inside, doubled the size of the master bath, cleaned up the pool and replaced the A/C system. Both conway homes we rehabbed in the last couple months sold really fast and near full asking price. For us the conway area has been just as hot as the downtown Orlando area and college park. We have 3 of our current flips under contract now and the market seems to be very stable right now for flipping homes. Our other 3 homes under contract are located in Winter Park (Miller ave), Downtown Orlando (Pinecrest) and Casselberry (Coldwater). Check out our wholesale properties and give us a call. We are a full service investment company that can take you from start to finish.
The Mead dr Flip Is All Done (Check Out The Video)
September 29, 2011 by admin · Leave a Comment
Here is the before and after video of our latest flip in Oviedo Florida. This home was an estate sale purchase that we bought from another local wholesaler. This flip took about 1 month to complete and $30,000 to complete. Check out the video to see the tranformation.
New Appraisal Standards
September 15, 2011 by Mike Calvert · Leave a Comment
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NEW APPRAISAL STANDARDS Effective 9-1-2011 |
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Will they make deals easier or harder to close? Probably both, but either way you should be aware of these changes and how it effects your business.
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Canadian Bruce Tackles The Milford Estate Flip (Video)
September 3, 2011 by Mike Calvert · Leave a Comment
The Milford Estate flip is all finished and on the market. Bruce from Canada did an amazing job on this house and created 800 sqft of living space. This is a very unique home sitting on 1 acre in a country like setting. Bruce changed the exterior look of the property by adding a front porch and 2 car garage. Check out the before and after video to see for yourself.
Miller Ave Flip All Complete (VIDEO)
July 24, 2011 by Mike Calvert · Leave a Comment
Here is the complete rehab video from start to finish on our latest flip in Winter Park Florida. This home is now on the market at $114,500 and the repairs were just under 25k. Most of our properties are Bank owned, short sales or pre foreclosure. This home was purchased through an estate sale and the closing went smooth.Check back soon to see our property on Jan dr that will be complete this week and up on the website the following week.
Mt Vernon St Before And After (Video)
July 17, 2011 by admin · Leave a Comment
Check out our Mt Vernon flip video. This video shows the transformation from start to finish. This flip was purchased at $80,000, $45,000 in repairs and now under contract at $183,000. Only 2 days on the market!
The Dawley Flip By Mid-Florida Investment Properties,LLC (VIDEO)
July 14, 2011 by admin · Leave a Comment
Here is the Dawley rehab we just completed. MFIP purchased this home for $67,500 and total rehab cost was just under $25,000. The home is currently on the market at $144,000 and we have received 5 showing requests in the first 2 days. We have 2 more properties almost complete and a major project just started on Pinecrest. Very busy summer for flipping.
The Mount Vernon St Flip In Historic Downtown Orlando
June 15, 2011 by Mike Calvert · Leave a Comment
Take a look at this flip using the view with PicLens link in the left hand corner above the photo's. In the photo's I explain the changes made to the property.
Check out our latest flip downtown on Mount Vernon St. We purchased this 2/2 for $80,000 and turned it into a 3/2. The total rehab cost $45,000 and we now have it on the market at $189,900. This home is located in the historic colonial district downtown Orlando. This home was purchased through an estate sale and took nearly 4 months to get closed. We just purchased another home on Pinecrest, walking distance from Mount Vernon, also through an estate sale. We are currently marketing our Pinecrest property pre construction until we have time to get started. Right now we have three other properties ahead of Pinecrest and all 3 are moving right along. Next up we have Dawley, Jan and Miller. I will have them up on the site soon. Stay tuned……….
Real Estate Investing In Orlando
April 21, 2011 by admin · Leave a Comment
Cautious and market-aware investors turn to real estate. The growing interest in investment properties has been partly attributed to the recent economic ups and downs on Wall Street. While Wall Street has seen rapid changes, the gradual change that is typical of real estate market trends has become the sensible and reliable alternative for risk-wise investors. This is because the real estate market in Central Florida offers serious profit potential while reducing risk of loss.
REMINDER OF FHA CHANGES
April 18, 2011 by Mike Calvert · Leave a Comment
EFFECTIVE APRIL 18th, 2011 (This coming Monday)
FHA recently raised there monthly MIP which goes in effect on April 18th. You would be surprised how many mortgage people do not know this. That means if you are working with a borrower that is negotiating a house right now that is doing an FHA loan, the payment they were quoted will be lower that what they will actually get.
WARNING: If you get a contract accepted before the 18th, make sure the lender is pulling the FHA case number right away to protect your buyer.
MONTHLY MIP for FHA
FHA Loans with 3.5% down
NOW – .90
AFTER the 18th – .115
FHA Loans with more than 5% down
NOW – .85
AFTER the 18th – .110
FHA Loans with 10% Down
NOW – .25
AFTER the 18th – .50
FHA Loans with GREATER thatn 10% Down
NOW – none
AFTER the 18th – .25
SO HOW DOES THIS EFFECT THE PAYMENT?
For a $150,000 purchase price with 3.5% down:
The payment would increase by about $31.00
Orlando Real Estate Market Offers Many Incentives
March 21, 2011 by Mike Calvert · Leave a Comment
If you’ve never been to Orlando before, you should also know the real estate in the area has become a mecca for the investment-savvy or anyone looking to purchase a new home for a great price. The proof is in the numbers: The median sales price of all homes sold in the Orlando area is 6.91 percent lower at $94,950 in January when compared to last year.
According to the Orlando Convention and Visitors Bureau, approximately 47 million visitors make the trip to Orlando each year. Approximately 43.3 million of those guests are domestic visitors and 3.3 are international visitors. Tourists flock to the sunny destination for the many tourist attractions Orlando has to offer. Universal Studios, Disney World, world-class restaurants and great entertainment are all available for those making the trip to Orlando every year.
How To Be Quick At Estimating Repairs
March 10, 2011 by Mike Calvert · Leave a Comment
Estimating rehab costs
There are a couple of different ways to estimate repairs when looking at investment properties. If you have control of the property and inspection period any of the options below work. If you're buying from a wholesaler then option two and three are your best choice. Experience will play a big role in what method you chose and finding an experienced investor to mentor you will go along way. Here are some of your options:
1- You can hire a contractor to give you an estimate for the whole rehab or get estimates from all the different trades needed to complete the rehab. Usually the time needed to schedule all the trades to give you estimates will take too much time. The same with hiring a contractor to over see the whole rehab. The contractor as well needs to get his sub contractors out there for bids as well. Even if the contractor has his own crew it will usually take days before he can get a firm price. Time is of the essence when competing against other rehabbers.Rehabbers like myself have a rough idea in about 10 minutes from the first time visiting the property. I have an idea of what the property is worth before I visit the home. This allows me to make a decision immediately after walking through the house. If I like the house and the numbers work, I sign the contract and give a deposit ASAP.
FHA 90-Day Flipping Rule Update
January 21, 2011 by admin · Leave a Comment
As of February 1, 2010, the FHA will be waiving their 90-Day Rule for flipping houses. The waiver is planned for 1 year, This is good news for many investors. Actually it is great news for the entire market. One of the most robust parts of the markets has been investors buying these home cash and then regular home buyers purchasing these houses with FHA financing. I think this is a great move by FHA to keep 2011 headed in the right direction.
SPECIAL NOTE: **Many lenders are not accepting FHA's guidlines on flipping properties. Fortunately, we currently have the ability to do these loans. Please call me if you need help with any of these transactions as there are special requirements and they need to be done correctly from the beginning.
FOREIGN NATIONAL PROGRAMS MAKE A COMEBACK
Investment Ideas: Salvaging Wholesale Deals
December 31, 2010 by admin · Leave a Comment
There are a number of ways wholesalers of real estate investment properties may find the deals that keep them going. Ideally, a good investment will be one where an investor can mark-up a property slightly and pass it on to another investor. One simple way to find these kinds of deals is by salvaging previous deals.
When a wholesaler’s property is under a contract, the “inspection period” is used to either sell it or get out of the contract, to ensure his deposit is refunded. During this time, they may market it to their own buyers who are on their e-mail lists and might even permit other investors to advertise their property. The initial investor is usually willing and able to split the profits of a deal with any investor who is able to deliver a buyer, or may require the investor to mark up the price.
If a bank owned property, there may be less than 5 days to inspect the property and market it to their potential buyers. Here’s the great part: If the investor never secures a buyer, the listing agent will offer it to the public; oftentimes for less than the price that was offered to the investor!
Orlando Florida: Hollywood of the South East
December 29, 2010 by admin · Leave a Comment
The Orlando area is mainly known for it’s theme parks, world-class resorts, and beautiful weather. Not many people know, however, that Orlando is also home to several working television and movie studios, a thriving music scene, and a passion for sports. Orlando Florida is a virtual Hollywood of the southeast, teeming with celebrities from every entertainment field.
Movies and Television
With working film and television studios, it is only natural that celebrities would reside in Orlando. The area has had a history of producing famous faces. For example, TV’s Buddy Epson (The Beverly Hillbillies) was born in Orlando and attended Rollins College in Winter Park in the late 1920’s. Fred Rogers (Mr. Roger’s Neighborhood) also graduated from Rollins College in Orlando.
Actors such as Wayne Brady (The Wayne Brady Show; Whose Line is it Anyway?) and Wesley Snipes have their roots in Orlando as well. Wesley Snipes was born in Orlando and went on to become one of the most recognizable superstars in the world, starring in such films as the Blade trilogy, U.S Marshalls, and the Art of War. Wayne Brady graduated from Orlando’s Dr. Phillips High School and started his improv comedy career in Orlando.
Choosing the Right Neighborhood in Orlando
December 19, 2010 by admin · Leave a Comment
