Orlando Mortgage Rates Trends and Analysis
December 6, 2010 by Mike Calvert · 1 Comment
A Good Time to Buy a Home in Orlando
December 3, 2010 by admin · Leave a Comment
Now is one of the best times ever to purchase a home in the Orlando area. From the rock bottom prices, to the great selection there may never be a better time to buy a home in Orlando.
A TRUE BUYERS MARKET
The Orlando market has not seen prices as low as they are now in years. Due to the market collapse that took place a few years ago, prices have dropped to levels that reflect the homes’ actual, un-inflated value and are the greatest values buyers may ever find. In today’s market, a buyer can save hundreds of thousands of dollars without even trying.
Not only are Orlando’s prices at rock bottom, the interest rates have fallen to all time lows as well. Current rates are remaining low and steady and every point off the interest rate means thousands in long-term savings for the buyer.
Since prices and interest rates are lower, a buyer’s required income to purchase a home as decreased as well. All this translates to unprecedented affordability in the Orlando area.
Are Properties Still Selling?
October 1, 2010 by Mike Calvert · 1 Comment
Here is the latest update on some of our buyer's who purchased homes from Mid-Florida Investment Properties,LLC. Our company is busier than ever with rehabbing properties and just as busy with our wholesale side of the business. The Hargill and Bryston property below are MFIP flips. We just finished 1453 Harmon ave and one week out from finishing 400 W. Princeton ave. The Deerwood property we started about two weeks ago and is coming along fast. I will get some video up soon and you won't believe the changes in the elevation.
Pending – 3931 Bryston dr, MFIP buy price $52,500, asking price $84,500
Pending – 5348 Locksley ave, MFIP buy price $74,900, asking price $144,500
Sold – 7118 Budapest way, MFIP price $52,000, sold for $100,000
Sold – 200 Kathy lane- MFIP price $135,000, sold for $325,000
Sold – 208 Sweetgum ct, MFIP price $72,000, sold for $106,500
Sold – 1613 Gattis dr, MFIP price $49,500, sold for $90,000
Sold – 2415 Hargill dr, MFIP price $111,000, Sold for $223,000
Check back soon for the conclusion of our Princeton home and the elevation changes to our Deerwood home.
Rehab Updates From MFIP
August 2, 2010 by Mike Calvert · Leave a Comment
Here is another update of some of the rehabs purchased from Mid Florida Investment Properties. We have several more in the rehab process and some just now hitting the market. The market has changed since the expiration of the tax credit. The frenzy is now over and buyers have more time to look properties over. The clean rehabs that are priced right are still moving. In order to achieve a clean rehab that is priced right requires a good acquisition price. Please feel free to contact us with any buying questions you might have or our full service program.
ADDRESS MFIP BUY PRICE SOLD PRICE
8146 Shriver dr $49,000 $90,000
1006 Barbados dr $69,900 $146,000
10660 Regency st $79,900 $135,000
PENDING
3931 Bryston dr $52,500 $97,500
7118 Budapest way $52,000 $99,900
200 Kathy lane $135,000 $349,900
Check back later for more updates
Orlando Home Flipping Update For May
May 22, 2010 by Mike Calvert · Leave a Comment
Address_____________ MFIP PRICE___List/Sold Price__ Status
7951 Winter Song dr $69,000 $134,500 Sold
6440 Rockaway st $49,000 $95,000 Sold
2415 Hargill dr $112,000 $239,999 Pending
62 Acre Approved Subdivision
April 30, 2010 by admin · Leave a Comment
ASKING PRICE: $3,195,000.00
- 87 LOTS RANGING IN SIZES FROM .50 TO .88 OF AN ACRE
- ATTRACTIVE INVESTMENT FOR 'LAND-BANKING' ALSO
- MOTIVATED SELLER!! WILL CONSIDER SOME FINANCING
If you’re not flipping homes, what are you waiting for?
April 23, 2010 by admin · Leave a Comment
What have I learned since my last property update a couple of months ago? The same doom and gloom fills the airwaves on TV, radio and in the news paper. All the talking heads and writers are wrong again. I have learned over the last 10 years that people who are not investing in real estate should not be reporting on the real estate market. I have an alliance with 12 other wholesalers here in town and none of us took a break when the market was dropping in value. We all continued to buy, fix, sell and wholesale. Everyone in my group just adapted to the market and continued business as usual. We now have the media and so called experts predicting the market will take another hit after the tax credit expires on April 30th. So what should we all do? Sit, watch and wait OR buy houses. Personally I am buying, the Hargill and Shriver properties are recent MFIP purchases. The summer months are upon us and people will be moving as usual and they will be looking for non bank deals that are move in ready. My plan is to provide those homes. If you have any doubts about the market, the proof is below. A few months back I posted some similar successful flips just like below. We have several new properties that just came on the market and some still in the rehab process. You will see a similar property update in a couple months just like below. You can be a success story on that list or someone sitting on the sideline waiting for the media to tell you when it’s the right time to invest.
Real Estate Invsting in Central Florida
April 6, 2010 by Mike Calvert · 1 Comment
With its gorgeous year-round weather, world-famous theme park attractions, an eclectic array of restaurants and clothing boutiques, nearby beaches, and sizzling nightlife, Central Florida is one the nation's most prized residential gems. When you add award-winning grade schools and universities, booming high-tech industries, and no state income tax to the equation, investing in the Central Florida real estate seems like a no brainer.
Properties for sale in the area include single family homes, apartments, condominiums, townhomes, multiple family dwellings, and much more. Currently, the real estate market favors the buyer's pocketbook. As a result, investors with long-term goals couldn’t ask for more favorable market conditions.
If you're considering investing in Central Florida real estate, consider the following:
How to Make money with Fixer Uppers
April 2, 2010 by Mike Calvert · Leave a Comment
Making money with a Central Florida fixer upper has become a simple and lucrative enterprise, especially with the variety of foreclosed homes and other inexpensive properties available. Since the current real estate market favors the buyer's pocketbook more than the seller's, it is a prime time for investors to buy up fixer uppers.
What is a "Fixer Upper?"
A fixer upper is a home in need of some repair. As a result, fixer uppers can usually be purchased at a significantly discounted price. After the purchase, a few inexpensive repairs will usually add enormous value to the property.
If you are trying to make money with a fixer upper, consider the following:
How to Make Money Flipping Homes
March 22, 2010 by Mike Calvert · Leave a Comment
Flipping homes in Central Florida has become a very lucrative enterprise. Real estate investors add value to a bargain property by performing a few choice home repairs. These repairs may include new bathroom tile, colorful landscaping adjustments, upgrade kitchen appliances, fresh carpet, and more. With a little time and a little capital, anyone can successfully flip a home in Central Florida. So if you're ready to tackle this profitable enterprise, then take a look at the following proven home-flipping methods:
• PURCHASE, REPAIR, FLIP: The most popular home-flipping method is to purchase real estate that needs minor repairs, perform the repairs, which inflates the home value, and then put the home back on the market. It is very common for people to make around $25,000 from a single transaction using this method. If you decide to flip a home using this method, make sure not to underestimate how many repairs need to be performed and how much those repairs might cost. A thorough home inspection will help you evaluate any necessary repairs.
Home Flipping In Orlando Florida
March 3, 2010 by Mike Calvert · 1 Comment
Do you ever wonder what happened to some of those Mid Florida Investment Properties you passed on? Here is an update where these properties stand at the moment. I can’t share the contract price on the pending properties until they close. I will tell you that most of the offers are at asking price or more. We have a lot of rehabs almost ready to go on the market and I will keep you updated on the new and the pending properties below. The MFIP price is the wholesale price and the listed price is the price after the properties were rehabbed. Address MFIP Price List Price Status 537 W. Winter Park st $130,000 $255,000 Pending 7951 Winter Song dr $69,000 $134,900 Pending 6440 Rockaway st $49,900 $99,500 Pending 1946 Colton dr $55,000 $113,900 Pending 3914 Pelican ln $112,000 $200,000 Pending 5107 Taunton dr $67,000 $137,500 Pending 1832 Willow ln $82,000 $179,900 Pending 2013 Lake dr $114,500 $212,500 Sold 31 Areca dr $52,000 $122,900 Sold 7751 Boreas dr $75,000 $130,000 Sold www.buymfip.com for properties just like these.
FHA – Flipping Rule Waiver If Value Increased More Than 20%
February 27, 2010 by Mike Calvert · 1 Comment
For property sales prices that are 20% or more above the Seller’s acquisition cost the following must be performed: Keep in mind that if the value increases by 100% or more, a second appraisal is required:
- Appraiser must indicate the Seller completed legitimate renovation, repair and rehabilitation work on the subject property to substantiate the increase in value.
- If the work was not performed, Appraiser must provide appropriate explanation of the increase in value since prior title transfer;
AND
- The Lender processing the loan must order a property inspection report and provide a copy to the purchaser prior to closing. Cost of this inspection may be charged to the Borrower. The inspector must not have any interest in the property or relationship with the Seller and may only be compensated by the Lender. The inspector may not compensate any one for the inspection referral or be compensated for making referrals or recommending contractors to perform any repairs recommended by the inspection. Property inspections must include, at a minimum, the following:
- Structure, including foundation, floor, ceiling, walls and roof;
- Exterior, including siding, doors, windows, appurtenant structures such as decks and balconies, walkways and driveways;
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
January 17, 2010 by Mike Calvert · Leave a Comment
The HUD Secretary announced Friday afternoon a temporary lift on the 90 day FHA seasoning rule.
This is HUGE!!!
In an effort to speed sales of distressed properties and homes
that have been rehabbed by investors buying and selling for a profit,
FHA will no longer require that the property be owned by the seller for 90 days!
This rule waiver is scheduled for one year and designed to “stabilize
home values and improve conditions in communities where
foreclosure activity is high”, according to the announcement.
This is going to reduce hold times for investors and increase investor activity. It also
means FHA will insure REO’s for buyers!! Did I mention how BIG this is? This will definitely
stimulate some sales!!
Here’s why this is so great….
For investor resales, FHA is the only way to go right now because they
require only 3.5% down and the seller can contribute up to 6% to
the buyers closing costs, getting them in very, very light when
necessary. Problem was, FHA wouldn’t underwrite any home being
sold within 90 days of the purchase. This rule has squelched many
investors activities and kept them from buying, because they were
being forced to hold the properties longer, increasing their expenses.
Orlando ranked 3rd best Real Estate Market’s by CNN Money
January 4, 2010 by Mike Calvert · Leave a Comment
Here is some interesting data put out by the folks at CNN Money. It’s interesting to see that homes have risen 132% since the boom started, and have only come down 40% since the peak. Something to keep an eye on, is that they predict the bottom out to occur in Q2 of 2011! The Central Florida Real Estate Market has held up pretty well compared to most of the country, I anticipate that trend to hold moving forward. It’s definitely a great time to find the right home to flip in this new year! Best of luck!!
Home price forecast: -24.5% (one year, forecast through March 2010)
City Stats
Population: (2006) 1,984,855
Median family income: (2008) $59,200
Home Prices
Median home price: (2008) $218,000
Affordability index: (2008 median home price/family income) 3.7
Prices peaked in: 2006:Q2
Total climb during the boom: (2000 to peak) 132.3%
Total decline so far: (Peak through 2008) -40.4%
One-year change: (Q4 2007 to Q4 2008) -30.5%
Forecast
Price change : (from peak to bottom) -65.3%
When they’ll hit bottom: 2011:Q2
At bottom, prices will drop to levels last seen in: 1990:Q3
Orlando Home Flipping Updates
December 17, 2009 by Mike Calvert · Leave a Comment
The 2013 Lake Dr home I purchased for $114,000 back on June 12 2009 has sold! This was a fun rehab that took just over 30 days to complete. We just sold it on 11/12/2009 for $212,500, exactly 5 months. Huge profit!!
Here is the 31 Areca home in Azalea Park. MFIP sold this home to another investor back on 6/22/2009 for $52,000. This home recently sold on 11/13/2009 for $122,900. The investor made a huge profit.
7751 Boreas is another future success story. This home was also purchased from Mid Florida Investment Properties (MFIP) by another real estate investor. The home was purchased on 9/22/2009 fo $75,000 and is now pending at $130,000. The closing date is set for 12/21/2009. We received an offer right away on this home and we are closing right after the 90 day seasoning. Another huge profit!
Here is another home purchased from MFIP. The investor bought it from MFIP for $49,900 back on 10/15/2009 and it is now pending at $100,000. For this home, we have a conventional buyer and can close before the 90 day seasoning period.
New Investment Property In East Orlando
November 25, 2009 by Mike Calvert · Leave a Comment
Check out this great rental or flip in East Orlando. This home has 4 bedrooms, 2 bathrooms and over 1400 sqft. It would take under $5,000 to get this home rental ready and under $20,000 to flip it.
COMPARABLES
- 959 Park Manor dr, 4/2, 1338sqft, sold $140,000 on 10/26/2009
- 10598 Jane eyre dr, 4/2,1619sqft, sold $140,000 11/13/2009
- 900 Wages way, 3/2, 1304sqft, sold $143,000 on 7/10/2009
- 755 Bernice ct, 4/2, 1711sqft, sold $142,000 on 8/27/2009
- 10421 Westley way, 4/2,1845sqft, sold $132,500 on 11/13/2009
PROPERTY REPAIRS FOR FLIP
- Kitchen ($5,000)
-Master bath ($1,500)
-Bath 2 ($500)
-Bath 3 ($0)NA
-Floors ($2,000)
-Painting ($3,000)
-Roof ($0)
-Doors ($500)
-Baseboards ($0)
-Windows ($0)
-A/C ($3,000)
- Fixtures ($500)
-Electrical ($0)
-Landscaping ($1500)
-Drywall ($500)
-Texture ($500)
-Pool ($)NA
- Stucco ($2,000)
- Total Repairs ($20,500)
Property is sold AS-IS. Cash or hard money only. Buyer pay’s all closing costs.
Price $69,999
Disclaimer:
