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:
5110 Old Cheney Highway Video
November 8, 2009 by Mike Calvert · Leave a Comment
Investor’s Confidence Growing
October 13, 2009 by Mike Calvert · 1 Comment
Inventory is down and bidding wars are increasing on the hot properties. I am putting in twice as many offers to get the same amount of properties as last year. Investors including myself are finding it a lot easier to move properties than the last few years. This is creating a buzz that is getting investors excited again. Just in the past couple of months I have received calls from several of my buyers that have taken the last couple of years off. New investors are calling everyday from all over the world. Today’s market is exciting to say the least.
I still receive negative emails from negative people about the next wave of foreclosures. I have been hearing this for the last couple of years and inventory continues to shrink. I feel this is a result of the banks working with homeowners to keep them in their homes. Loan modification is one way banks and homeowners have found common ground to help slow down the foreclosure process. This fear of the next big wave of foreclosures is based on the amount of newly filed Lis Pendens and the ability of homeowners to withstand their adjustable mortgages. A portion of these pre foreclosures get resolved, therefore, the foreclosure predictions are less then predicted. There are new foreclosures coming as there always will be. The big difference now is we have confident buyers and declining inventory. A few years ago we had a long way to go before hitting bottom. Today we have homes selling for the land value. It simply can’t go any lower!
The Maitland Flip
September 25, 2009 by Mike Calvert · Leave a Comment
The Maitland house is now finished and it turned out better than I ever imagined. Randy, the owner of this flip used his custom home building skills to turn this dated home into a beautiful master piece. This home had a lot of quirky areas that Randy had to get creative with. This Maitland home was purchased from Mid Florida Investment Properties for $130,000 and is now currently on the market at $259,900.
Here are some of the repairs.
The roof was replaced by Randy, some helpers and a contractor. To keep down the costs Randy and his helpers tore off the roof and covered the roof. Randy rented the dumpster himself and bought the materials that were delivered to the home. Randy then had his licensed roofer install the new roof. I have done roofs like this in the past and saved money. These days I flip multiple properties at a time and hire a licensed roofer to handle the whole job. Most of the homes I rehab are in the 1500 sqft range and usually run around $5000. My last roof cost me around $8000 and the home was just over 2500 gross sqft.
Miguel’s Azalea Park Flip (part 2)
September 10, 2009 by Mike Calvert · 2 Comments
Miguel has completed his flip that he purchased from Mid Florida Investment Properties about 3 month’s ago. Miguel listed his property with my broker Sand Dollar Realty Group and we have a full price offer after 2 day’s on the market. I actually had 3 offers on this listing in 2 days and Miguel will be earning a nice payday at closing. Miguel will net a profit in the $45,000 range on this flip and this is the 3rd successful flip this year Miguel has bought from MFIP. I had several investors pass on this property because they said the price was too high. Miguel has proved that this property was a good investment if you consider $45,000 a good profit on a flip. Investors that can make quick decisions and move on properties before it’s too late are cleaning up right now.
Here are the three most common mistakes that stop investors from being successful in today’s market:
Why Buy From Wholesalers?
August 20, 2009 by Mike Calvert · 1 Comment
Wholesaling is finding properties, getting them under contract and selling them to other investors or buyers. I wholesale because I find several homes and can only fix up so many at a time. This is another reason I actively search for cash investors to partner up with. You can check out our Real Estate Consulting Services for more info on working with me.
Retailing is what you see on TV shows like “Flip This House” and “Property Ladder”. Retailing homes is where the bigger profits are made and it takes more time and effort. Right now the average day on the market is around 100 days. This limits the average flipper to around 4 properties per year if they’re using their own cash. Flippers using hard money are able to flip more homes and make more money.
Hard money is a high interest loan from a private investor. The interest rate usually runs between 12%-16% and the points can vary from 1 to 9 depending on the size of the loan. I use www.barksdalefinancial.instantlender.com and they charge 1.5 points with a 1 year 16% interest only mortgage. I recommend getting your money lined up first before you start looking at properties.
Understanding REO Properties
August 13, 2009 by Mike Calvert · 3 Comments
Real estate owned properties (REOs) are foreclosed properties that are owned by a bank. Why are these properties owned by banks? 1) Because the homeowner was unable to pay off the mortgage. 2) Because the property failed to sell at a foreclosure auction.
Central Florida REOs are attractive to for several reasons. One of the most important advantages is that all of the home’s liens (property-related debts) are removed once it becomes an REO, and all of the property’s taxes are paid in full.
Some Wonderful Advantages to Buying an REO
• REOs can and should be inspected prior to signing a contract.
• The lending bank will always restore the REO to at least stable condition.
• The bank lender will often offer an allowance for certain repairs to the home.
• Most REOs will include appliances.
All REOs will either be sold by the bank itself or through an established broker. As a result, buying an REO requires a specific body of knowledge and expertise. Make sure you find a real estate agent with REO experience.
Since REOs have been passed up at a foreclosure auction, and they are typically in need of some repair, they may be purchased at an extremely low price.
Orlando housing market nears a balance between buyers and sellers
July 31, 2009 by Mike Calvert · 1 Comment
(July 10, 2009 – Orlando, FL) A steady increase in the pace of Orlando home sales activity is creating conditions that are within striking distance of a balanced market. Inventory level reflects an 8.37-month supply at the current pace of sales; a market with six months of supply is considered by housing economists to be balanced between buyers and sellers.
Members of the Orlando Regional REALTOR® Association in June sold 43.12 percent more homes than in June of last year, contributing to the area’s year-to-date sales increase of 43.76 percent. There were 2,131 closings in June, which brings the year’s total to 9,993, while a total of 6,951 homes had changed by this time last year. Of those June sales, 45.99 percent of the homes were either bank-owned (832) or distressed (148). The remaining (1,151) “normal” sales made up 54.01 percent.
ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp., explains that the increase in sale activity can be attributed in part to first-time homebuyers taking advantage of the $8,000 federal tax credit. “The first-time tax credit should be expanded to all buyers of primary homes regardless of income,” he says. “And, extending the credit into 2010 would allow more time for the market to catch up with underlying demand and maximize the potential for a housing recovery.”
Orlando Real Estate Market pulse for July 2009
July 28, 2009 by Mike Calvert · Leave a Comment
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The lake house flip in stages
July 22, 2009 by Mike Calvert · 1 Comment
Well the Lake house flip is about 95% complete in just over 4 weeks and I plan on having it in the MLS for this coming weekend. I do have some early interest from my FSBO sign in the front yard and may have a buyer already at $235,000. The buyer wants her realtor who is in North Carolina on vacation to represent her through the transaction. I will continue to market the property until I have a signed contract and escrow in hand. The market has really picked up on some of my other properties and I have a buyer after 1 week in the MLS on my Carlson house. Hopefully I get the same quick results on my Lake house. Here is my Lake flip in stages. 
I used black on the front door to bring out the black in the tiled floor. Turned out to be a nice accent and goes well with the roof. 
Here is my flip before I started. This home was so ugly that it tried hiding behind this tacky fence. 
There's my flip all out in the open. 
With the new stucco the home is now ready for the new garage door and paint. I turned the garage conversion back in to a garage to attract more buyers. Not a fan of garage conversions. 
New paint, soffit, garage door and the grading for the driveway is complete. 
All that I need is the landscaping and I want to put up a wall across the front. The wall is probably not going to happen because I have a 25 foot set back that would put the wall on top of the house. The county said that I need a variance and that will take month's, then I will have a 14 day grace period if the variance is approved and then I will get my permit. Crazy @!!@&))%@@ Now let's take a look out back. 
All I need is the screen enclosure and this will be a nice place to take in the view of the lake. 
Now that is one ugly kithen and everything must go. 
The dining room area had a lot of clutter and needed to be cleaned up. 
Miguel’s Azalea park flip
July 17, 2009 by Mike Calvert · 2 Comments
Miguel bought this property from Mid Florida Investment Properties for $47,000 and plans to sell it for $115,000 -$120,000. This property is a 3 bedroom, 1 bathroom home and 1600sf with the garage converted. Miguel plans on turning the garage conversion back into a garage again. This home also has a large laundry room that will be used for a master bath and smaller laundry area. Miguel is a seasoned flipper and will turn this dated home into a gem within a month. I will keep you updated on this property through the whole process.
Here is a nice before shot of this stylish country kitchen. The wallpaper on the wall was the first rolls of wallpaper ever created.
It looks like the wallpaper lives to see another day. The rest of the kitchen is another story.
Jose hard at work.
Here is a before shot of the only bathroom.
Here is what is left of the bathroom. I have personally partnered up with Miguel on flips before and this has to be the first time he has left the toilet. Good job, no more workers running to the store for bathroom breaks.
Mike Calvert on Flipping Homes
June 30, 2009 by Mike Calvert · 3 Comments
The front
Here is the front of my flip. I picked this lake front gem up for $114,500 and tried to wholesale it for $125,000. After nearly a month with no success I decided to rehab this home myself. This is something I do all the time and I do it because I won’t try to wholesale anything that I wouldn’t rehab myself. I have proven this time and time again. In fact most of the homes I rehab are those homes nobody wanted. So here I go again with the home that no one wanted. I plan on spending $40,000 on the rehab and selling it for $250,000. My goal is to net $75,000 and I will keep those that are interested updated throughout the process.
The first thing I wanted to do was replace the roof to protect future repairs on the inside.
The next project on the front was to demo the garage and prep for a new garage door. This home was a 5 bedroom, 4 bath home with 2282 sqft under air when purchased. When complete the home will have a 2 car garage with 3 full baths, 3 bedrooms with a 4th bedroom option and around 1900 sqft. This home really needed a garage for parking and storage. The last thing you would want to do is obstruct the lake view out back with a storage shed.
Make Money Flipping Homes in Florida
June 30, 2009 by Mike Calvert · Leave a Comment
If you are wondering whether you can still make money flipping homes in today’s economy; the answer is yes. Making money on any investment deal is just a matter of doing your homework, calculating the potential risk against the possible gains and making the decision that you are going to make it work for yourself.
In today’s market there may be different variables then there were several years ago, but there is always an opportunity for the smart investor to profit. The key is to develop your own house flipping strategy and stick to what works for you.
Flipping a home, basically means that a property is purchased, renovated or fixed up in some way and then put back on the market as quickly as possible at an attractive enough price to make a quick sale. According to real estate statistics, the market has already picked up. In fact, there has been a 37% increase in sales in the Orlando area when compared to last year’s figures for the same month. This is good news. Prices are still at an all time low and the market is saturated with inventory. Home buyers have a lot to choose from right now. As a home flipper, this should give you some direct insights and ideas to make your own investments as lucrative as possible. Here are some solid tips that will help you make money flipping homes in today’s economy:
