Profits from Flipped Homes in Orlando Improved During 2013

Profits from Flipped Homes in Orlando Improved During 2013

February 13, 2014 by · 5 Comments 

Profits from Flipped Homes in Orlando Improved During 2013A new report shows that flipping houses may be the way to go in the Orlando metropolitan area. The gross profit from the average flipped listing grew to $37,615 last year– compared to $36,518 in 2012. The report has certainly peaked the interest of many savvy real estate investors in the Southwest.

The average selling price for a home in the Orlando housing market increased by 20 percent over the course of 2013. Investors that were able to purchase and re-sell listings within a sixth month window realized significant profits, based on studies conducted by the real estate research group, RealtyTrac.

(Quick Fact: Reported profits from these flipped homes do not reflect the cost for improvements and repairs incurred by investors.)

“Strong home price appreciation in many markets boosted profits for flippers in 2013 despite a shrinking inventory of lower-priced foreclosure homes to purchase,” explained Daren Blomquist, RealtyTrac’s VP.

The average flipped home in Orlando was sold within six months for a sales price of $153,849.

The reported number of Orlando properties changing owners within six months has been growing over the last three years:

  • 924 homes in 2011
  • 1,831 homes in 2012

1404 Pinecrest Place (New Construction) Updated 5/22/2014. CLICK HERE

1404 Pinecrest Place (New Construction) Updated 5/22/2014. CLICK HERE

January 28, 2014 by · Leave a Comment 

Here is another brand new home that will be on the market by Feb 10th. We received our permit to build on Nov 1st and started the next day. Prior to getting our permit to build we had to get a permit to demolish home. This took about 3weeks from the time we applied for permit  to the time home was demolished. Our time to build is right around 100 days on this project. It wasn’t easy considering we had Thanksgiving, Christmas and New years. I will update with recent pictures soon as we are much further along than what is shown below. This home has 4 bedrooms, three bathrooms and 2250 heated sqft. The retail price on this home is 399k.

Here is pic of plumbing rough in.

Above is plumbing rough in.

 

Slab poured and block complete

Slab poured and block finished.

 

ext block2

Exterior block pic.

 

int framing

Interior framing.

 

stucco and siding

Stucco and siding complete.

finished front2

 

 

 

 

 

Exterior finished.

finished living

 

 

 

 

 

Formal living room.

finished hall bath

 

 

 

3 E. New Hampshire St Flip (College Park) Updated 4/8/2014

3 E. New Hampshire St Flip (College Park) Updated 4/8/2014

January 28, 2014 by · Leave a Comment 

 

Here is the before pictures of the New Hampshire house. We demolished the front portion of the home to the right and the garage.

When complete we will have 4 bedrooms, 3 bathrooms, den, formal living and dining, huge kitchen with breakfast area and large family room.

The total heated square footage will be just over 280sf. This home should be on the market by March 7th and listed at 650k.

front before1

 

The middle section is all we saved, just under 1000sqft.

exterior demo2

 

Here is an interior view of what is left. The posts you see is holding until the new support walls are built.

interior demo2

 

The new block and new garage with upstairs living area.

block2

 

Another view of the exterior framing.

side5

 

Prepping for new stucco.

stucco prep

 

Another view before stucco.

stucco pic2

 

Stucco is complete. We have some custom foam bands for windows, doors and around top to be installed later.

finished stucco2

 

Here we have some of the new custom foam bands in place, but not finished.

Experts Predict Slower Housing Market Growth in 2014

Experts Predict Slower Housing Market Growth in 2014

December 17, 2013 by · Leave a Comment 

Reduced Growth in Housing Market 2014Economists and real estate experts made predictions for the housing market in 2014 at a recent summit in Orlando. The current forecast is that prices will continue to increase by 4 to 6 percent– a markedly decreased rate compared to this year. It looks like 2013 could be a tough act to follow…

Frank Nothaft– Chief Economist for Freddie Mac– doesn’t expect home prices to grow at the rate they did this year. He was one of the influential speakers at the annual summit held for Florida Realtors. Price growth is expected to be more moderate.

Please don’t take this as a bad sign. The overall outlook for the 2014 Florida housing market is definitely positive, especially for those looking to sell their home. Here are just some of the specs for next year:

  • Stable home sales
  • Increased mortgage rates
  • Higher average sales prices

(Pessimistic view: some forecast that home ownership rates will drop to a 20-year low.)

Prices for single family homes in metropolitan Orlando outpaced the rest of Florida during this year. The median price in Central Florida was just under 175,000 for October– 28 percent higher than the prior year. Home prices jumped up by 17 percent across the Sunshine State during that same time.

Six Tips to Get Your Home Investment Game Off the Ground

Six Tips to Get Your Home Investment Game Off the Ground

November 14, 2013 by · Leave a Comment 

The current growth in the housing market has tempted more people into taking the investment plunge. Is this the right move for you? To make the most out of a real estate investment (or even simply to avoid disaster), you’ll need to make intelligent decisions from the get-go.

Investment Guidelines for New Home Buyers

If it’s your first time investing in the Central Florida housing market, here are a few investment tips that you should keep in mind:

1) Good Investment is a Numbers Game

Successful investing is a numbers game. You want to avoid becoming emotionally invested in the property. This is not going to involve the same metrics that you might focus on for your family’s residence. To play this numbers game well, keep these three points in mind:

  • What you need to spend to purchase the property.
  • How much it’ll cost to refurbish the property.
  • What you’ll be able to sell or rent it for.

2) Have a Strategy in Place

You’ll avoid plenty of issues if you know your strategy and stick to it. Are you looking to fix up homes or buy and hold until property values come up? This is also an essential practice if you are learning how to flip properties. Having a strategy in place allows you to react effectively to the unexpected without losing sight of long-term goals.

Addressing Flood Insurance Reforms in Florida

Addressing Flood Insurance Reforms in Florida

October 17, 2013 by · Leave a Comment 

Addressing Concerns Over Flood Insurance in FloridaRealtors in Florida have joined their voices with others in asking Congress to discontinue some of the reforms that have been made to the nation’s flood insurance program. If you’re not familiar with these reforms, then it is probably because you don’t own property within the lines of federal flood-zone maps. As of this month, homeowners with flood insurance will be contending with massive premium rate hikes.

Dean Asher, president of Florida Realtors, spoke on the behest of Florida’s Governor Rick Scott to assembled members of the Florida Cabinet at the end of September. During his discourse, Asher warned of the “unintended consequences” which could wrought on property owners as a result of the Biggert-Waters Flood Reform Act of 2012.

Can the Florida Cabinet Take Action?

Asher requested that the Florida Cabinet take action and call on Congress to delay the implementation of the rate increases for newly purchased and grandfathered properties until Federal Emergency Management Agency (FEMA) had the opportunity to turn in the affordability study that is required by the Biggert-Waters law.

This study should have been submitted to Congress last year. However, Craig Frugate, the director of FEMA, has said that the affordability report could not have been completed in the allotted time period. Frugate also stated that he needed legislative authority to have postponed these rate hikes.

Home Prices in Florida on the Rise

Home Prices in Florida on the Rise

September 29, 2013 by · Leave a Comment 

Florida Housing Prices Continue to Grow

For all you optimistic investors out there, the housing market in Florida showed significant improvement during the month of August. Closed sales increased, median home prices have risen, there are more sales pending, and a nice reserve of homes available for sale. The data, which was released by Florida Realtor’s, could help build consumer confidence for 2014.

Compared to last year, closed sales on existing single-family homes in Brevard County rose by about 11.5 percent, while median prices of the homes sold grew by 13 percent to $130,000. What’s more, these rising numbers are being overshadowed by market reports from South Florida, where increases have been closer to 25 percent in the last year.

Let’s Break Down these Numbers

Just to be clear, the median price is the middle point where half the homes sold for more, and half for less. Leading analysts for the housing industry also noted that sales (in particular all cash sales) of foreclosures and others being advertised for sale by their mortgagee are keeping the median price of homes lower, since they tend to sell at a discounted price below market value.

New Construction In Colonial Town

New Construction In Colonial Town

July 22, 2013 by · Leave a Comment 

Here is our latest new construction project located in  the Colonial town area of Orlando. This home took under 120 days from start to finish. We were able to keep the old driveway and their was an old block building in the back with a caved in roof. We used part of that building to build guest house and garage. The main home was rebuilt from it’s original 1100 sqft to a brand new 1530 sqft home. The main house has 3 bedrooms and 2 full bathrooms. The guest house has  1 bedroom, 1 bathroom and 560 sqft. This property is currently listed at $349,900.

Front house.

 

 

 

 

 

 

 

Deck.

 

 

 

 

 

 

 

Side.

 

 

 

 

 

 

 

Main house living area.

 

 

 

 

 

 

 

Dining area.

 

 

 

 

 

 

 

Hall.

Downtown New Construction. 10/17 Update (Pics)

Downtown New Construction. 10/17 Update (Pics)

June 26, 2013 by · Leave a Comment 

Our downtown home is now moving along. Here are some pics of our progress. This home will have 5 bedrooms, 3 full bath rooms, 2 car garage and 2650 total living area. We should be done in about 45 more days. More updates to come.

Stem wall.

Flooring decking.

 

 

 

 

 

 

Interior walls.

Second floor framing.

 

 

 

 

 

 

 

Setting the trusses.

Ready for dry in.

 

 

 

 

 

 

 

Dry in complete and roof installed.

 

 

 

 

 

 

Ready for siding.

 

 

 

 

 

 

 

 

 

Finished front.

front3 (600 x 400)

 

 

 

 

 

 

Check out more pictures of the interior on our Remodeled homes for sale page.

 

 

Newman Property Before And After Pics

Newman Property Before And After Pics

June 23, 2013 by · 4 Comments 

Here is another downtown property rehabbed and pending in 4 days. This home was purchased at $150,000 and sold for $349,900. The rehab included turning this 2 bed room and 1 bath home into a 3 bed room, 2 1/2 bath home. This home had attic space with very low ceilings, so we tore out the drop ceiling, added spray foam insulation and raised ceiling. This gave the attic high ceilings and helped define the lines of the home. Now their is bonus space, lot’s of storage, a nice sized bedroom and a full bath. This 2110 sqft home was re-framed downstairs to open up floor plan and increase master size. We also created a master bathroom and a half bath for guests.

Front before.

 

 

 

 

 

 

 

Front after.

 

 

 

 

 

 

 

Front after.

Front garage.

 

 

 

 

 

 

 

Living room before.

 

 

 

 

 

Close Out Deal On Hard Wood Flooring $2.50 per sqft (click for pics)

April 17, 2013 by · Leave a Comment 

We recently bought over 40,000 sqft of wood flooring with The Laminate Factory. We have it priced at $2.50 per sqft, it original sold for $6.50 per sqft. I used this same wood in my Twin Oaks house that I recently sold in Oviedo and it looked amazing. I am also using in the 4 houses I am doing right now. This wood can be refinished up to 3 times and has 25 year finish warranty and lifetime structural warranty. If interested you can check it out at The Laminate Factory, 804 E. Altamonte dr (436), Altamonte Springs 32701. Ask for Mac 407-276-1191

 

625 Woodward St, Orlando Fl 32803 – New Construction (Click)

April 14, 2013 by · Leave a Comment 

New construction to be complete by 7/1/2013. This custom home will have 5 bedrooms, 3 full baths, 2 car garage and have 2568 sqft under air. This property was originally going to be rehabbed until it became more cost effective to rebuild. Our plans are being submitted this week and hopefully a permit will follow soon after. The price for this home is $449,900.

 

47 E. Yale St, Orlando Fl 32804 (College Park) $399,900

47 E. Yale St, Orlando Fl 32804 (College Park) $399,900

February 24, 2013 by · Leave a Comment 

Stunning and completely new, this charming bungalow is in the heart of College Park.    The entry doubles as a porch perfect for relaxing and enjoying the view.  The formal living areas are beautifully finished with oak hardwood flooring.  The stacked stone fireplace adds comfort and charm to the formal living room.  The kitchen is a chefs dream with kitchen aid stainless steel appliances, exotic granite countertops, stone flooring, custom made cabinetry, and a designer sink.  An open arrangement of the family room and kitchen takes in the natural light through the battery of windows, with French doors opening onto the bricked patio, creating an inviting place for guests to gather.  The master bedroom is a private retreat complete with spa like master bath adorned with stone flooring, a garden tub, double designer sinks, custom cabinetry and a huge walk-in closet.  Secondary bedrooms and baths are immaculate.  Extra enhancements include new double paned low E windows, crown molding, new insulation, Samsung washer and dryer, and more… Call Mike Calvert for more info 407-702-4900

Oviedo Rehab Finished And Sold (Pics)

Oviedo Rehab Finished And Sold (Pics)

February 17, 2013 by · Leave a Comment 

Here is our latest flip to close. We bought this home in Oviedo for 145k and sold in just over 90 days for 300k. We had a buyer a month before we finished rehab, another flip without needing the MLS. This home also appraised at 312k. I had a few buyers that I tried to wholesale this to tell me that 280k is the max ARV. Not only did appraise for a lot more, it was also a easy home to sell. We had several people want the home after we had it under contract.

Exterior before (Click on pics to make bigger)

 

 

 

 

 

The rear of the home had a lot of wood rot. We ended up siding the whole house for under 10k.

 

 

 

 

 

Here are some after pics of the front. We also replaced a lot of the deck and railing.

Kitchen before

 

 

 

 

 

 

 

 

 

 

Downtown Orlando Flip Located On Concord St (Finished)

Downtown Orlando Flip Located On Concord St (Finished)

January 13, 2013 by · Leave a Comment 

Here is our latest flip in the downtown Orlando historic district. This home was 900 sqft when we purchased it and we increased the size to 2350sqft. The original 2/1 is now a 4/2 and completely updated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

College Park Flip With Addition All Complete

College Park Flip With Addition All Complete

November 26, 2012 by · 3 Comments 

Here is one of our latest Orlando Florida flips. This home is located in the college park area of Orlando. When we bought this home it was a 2 bedroom, one bath home that was only 900sqft. We built an addition on the back making a 3 bedroom, 2.5 bath and increased the size to 1860sqft.

 

 

 

 

 

 

 

 

 

 

 

Below you can see we added a front porch and changed the elevation of the home. The garage has been converted back to its original use and we added a paver driveway.

 

 

 

 

 

 

 

 

Here is the back of the home before the addition.

 

 

 

 

 

 

 

 

 

 

 

The floor joist and trusses. We built the addition to match the existing structure.

 

 

 

 

 

 

 

 

 

 

Historic Concord Home In Downtown Orlando

Historic Concord Home In Downtown Orlando

September 10, 2012 by · Leave a Comment 

Here is an update on one of our latest investment properties that we are flipping down town Orlando. This home is located in the historic district so it has been a slow process of getting things approved and inspected. This home was 1100sqft when we bought it and we tore an old addition off the back. The new addition is over 1200sqft bringing the new square footage to over 22oosqft. The first picture below shows the old addition demo.

Here is a picture of the slab before we poured it.

The slab here is poured. It doesn’t look that big from this picture but once your inside it does.

 

 

 

 

 

 

 

 

 

 

 

Day 1 of the framing.

 

 

 

 

 

 

 

 

 

 

 

Here is day 3 of framing.

 

 

 

 

 

 

 

 

 

 

Maitland Flip Finished (In And Out In 61 Days) Video

June 25, 2012 by · Leave a Comment 

Here is our latest flip purchased on 4/12/2012 and sold on 6/13/2012. Only 61 days from start to finish and everything went smooth except the appraisal. When we bought this home we wanted to sell for 175k and instead listed it at 195k. The good news was we had buyers lined up at 195k. The bad news is the home only appraised at 184k. This flip still turned out very good in the end and we have moved on to new projects. The market for flipping this year has been very good on the sell side and finding the good deals has become more difficult. If you see a good deal don’t hestitate because chances are someone else will jump on it.

Marcia Dr Flipped In Under 90 Day’s (Video)

April 9, 2012 by · Leave a Comment 

Our Marcia dr flip has sold and turned out to be a solid flip. We purchased this home less than 3 months ago and had 3 full price offers within a few day’s on market. This home was purchased at $53,000 and sold at $119,000. We had right at 30k in the rehab and profitted 27k. This was another home we had wholesale for almost a month and no takers.

Buy, fix and flipped in 55 day’s

Buy, fix and flipped in 55 day’s

March 29, 2012 by · Leave a Comment 

The Winter Springs flip on Evergreen has sold and went extremely well except for the appraisal. The home was only on the market 2 day’s and I recieved a full price offer ($99,000). We left the home on the market a couple more day’s and recieved 2 more full price back up offers, then we marked it pending. The first apprasal was for more than asking and the second came in at $95,000. I recieved the bad news a couple day’s before closing and was assured it would close on time at the lower appraised price. I went ahead and took it. I still made out good on this house that nobody wanted. This property was on our site for a month at 55k and no takers. Here is how the deal worked out for me:

Purchase – $53,000.00

Closing cost buy – $3,214.45

Hard money payments – $1,469.76

Rehab – $14,414.95

Closing cost sell – $5,306.25

Total cost – $77,405.41

Sale price – $95,000

Profit – $17,594.59

 

 

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