Downtown Orlando Flip A Huge Success

The Orlando real estate market is still doing very well for property rehabbers. Mid Florida Investment Properties has been extremely busy rehabbing in Orange and Seminole counties. Out of the 5 rehabs in our inventory we have one closing today, two pending and closing soon, one just completed and on the market and one in the rehab process. This month we are looking for two more properties to rehab in the downtown Orlando area, the nicer Winter park area, college park or colonial town. Our wholesale deals have been moving very quickly and our buyers are reporting some nice profits. The bank owned foreclosures are becoming harder to get at the right price and the inventory is shrinking. We stay on top of the market and are putting in multiple offers everyday. Joe and I have been inspecting 5-10 homes a day, running the numbers and having Tammy and Gabby submit the offers. The days have been long managing rehabs and looking at properties. Our team has been working around the clock to find good deals for our buyers. We also have been giving free consulting to our buyers to help make their flipping experience a profitable one.   Read more... (576 words, 22 images, estimated 2:18 mins reading time)

East Orlando Flip On Bryston st

Here are some before and after pictures of the Bryston home in east Orlando. Below you can see we took the garage door off and added a window to the garage conversion. The garage was already converted into an extra room and we just made it better. We also painted and changed out the front door.

Front finished

Below you can see what the inside of the converted room looked like. You had to enter through the laundry room, no window and the lighting was poor.
 

Here you can see where we framed in the new wall with window. We also floated the whole garage floor to take out the slope. Now we have a level floor.

This picture is taken from the new entry way. We closed off the door coming from the laundry room and created a new arch entry. We also put new drywall to replace the old.

Here is the new garage conversion.

 Read more... (381 words, 19 images, estimated 1:31 mins reading time)

Orlando Home Flipping Update For May

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  Read more... (373 words, estimated 1:30 mins reading time)

How to Make Money Flipping Homes

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.  Read more... (315 words, estimated 1:16 mins reading time)

Home Flipping In Orlando Florida

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%

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  Read more... (265 words, estimated 1:04 mins reading time)

• 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;

Winter Park Flip Part 3 of 4

Here is part 3 of the Winter Park flip. In this video I show the kitchen transformation and bedroom upgrades. The kitchen was gutted and replaced with new custom cabinets with nice hardware, granite counters, stainless steel appliances and a tile backsplash. Kitchens are very important rooms when flipping homes and the area I give the most attention. I always make sure there is plenty of cabinet space and there is always a pantry. This home has two pantries, plenty of cabinets and the four main appliances.

The bedrooms all have new carpet, blinds, ceiling fans, new doors and hardware. The master bedroom had two closets and I used one of them to expand the master bath. I built another closet on the same side as the remaining closet giving the master two closets again. This change made a big difference in the master without sacrificing space.

Stay tuned for the final video that shows the dramatic changes to the bathrooms.