The property below was purchased at $111,000 and is now pending at $239,900. The rehab cost was just under 50k and I partnered with local investor Anthony Kusky on this one. Our profit after commissions and closing cost will be over $50,000 to split. Not bad for a property that took 40 days to rehab and a week to get under contract.

Here is the front before we painted, removed shutters, turned carport into garage, repaired stucco and cleaned up the yard.

The front finished.

 Here is the living area before we raised the back part of the roof. The ceiling was only 7ft before we started and the room felt really small.

 Here you can see where we removed the side walls. The new roof is framed in and we now have the same height ceiling throughout the living area.

 We used the old support while building the new. Now the roof is tied into the existing front section.

 Drywall install.

 The new custom wall unit and open floor plan.

 The finished living area staged.

 The living area from a different view.

 Here is what the outside looked like.

 Almost ready for the new stucco.

 The stucco was a perfect match.

 The back finished.

 Here the kitchen before. This kitchen had very little upper cabinets and storage.

The kitchen gutted.

Here is the finished kitchen with custom 42" solid wood cabinets, granite counters, stainless steel appliances.

Kitchen finished.

 The huge master suite.

 The master bath with his and her sinks, Jacuzzi tub, custom cabinets, granite counters and new tile.

 This shower is huge! The picture doesn't show how deep and wide this double headed shower really is.

 Here is the hall bath that we completely gutted and replaced everything.

 This home has two master bedrooms, this is the original master bath that we completely gutted and replaced everything.

 That is all for now. I will keep you updated on future rehabs like the big college park project I just started. It's a total disaster and will take around 80k to make nice. I will post some pictures soon and throughout the process.

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.

Below is the living dining combo area before. To the right is where we cut the new entry way to the garage conversion. The new garage conversion will now be a nice family room. This home had very little living area and the new family room will help fill that void.
 

Here is the new drywall and new arch way.
 

 
living room arch

Below is the finished living room.

Here is the old kitchen that I originally was going to just add new doors.
 

 
Here is the gutted kitchen and new drywall.

This kitchen was small and the new cabinets cost $900, the granite counters cost $750 and all 4 appliances $1300. The total kitchen was around $3000.

The hall bath before.

New drywall and tub.

Finished bath with new tile, tub, toilet and vanity.

Master bath before.

New drywall.

Finished master bath with new toilet, vanity and fixtures.

This property I purchased for $52,600 and I put right at $15,000. I now have it on the market at $99,900. My Shriver house around the corner was the same size house and I had it under contract in one week. The Shriver house just appraised at $102,000 and I am getting closer to my closing date. My goal is to make $20,000-$25,000 on this flip.

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

8146 Shriver dr                    $49,000            $94,500        Pending

1006 Barbados                     $69,900            $148,000      Pending

10660 Regency                    $79,900            $145,000      Pending

3931 Bryston                        $52,600          MFIP Rehab  Coming Soon

400 W. Princeton                 MFIP Rehab     Starting Next Week

April 23 post

Address                            MFIP Price      List/Sold Price     Status

537 W. Winter Park st        $130,000            $235,000         Sold

1946 Colton dr                    $55,000             $113,000         Sold

3914 Pelican ln                   $112,000            $192,000         Sold

5107 Taunton dr                $67,000               $110,000         Sold

1832 Willow ln                   $82,000               $175,000         Sold

7951 Winter Song dr           $69,000                $134,900      Pending

6440 Rockaway st              $49,900                $99,500       Pending

2415 Hargill dr                            $112,000                  $245,000          Available

8146 Shriver  dr                 $49,000                $110,000      Available

March 3 Post

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

Contact Mike Calvert (407-702-4900) for any questions on how to get started.

•    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.

•    PURCHASE, REPAIR, RENT, SELL: Another home-flipping method is to purchase the home, perform the necessary repairs, and then hold on to the property until market conditions are more favorable. Meanwhile, find a renter. If possible, find a renter that expresses a desire to purchase the home after their lease is complete. Since this person ultimately plans on purchasing the home, they will want to keep the the property in tip-top condition. Although this method is more time consuming, it is typically more lucrative than a fast flip.

•    FAST FLIP: The third method is to purchase a home for sale in Central Florida and flip it immediately, without performing any repairs on the home. Less time and money will be spent fixing up the home. This method may work well in “hot” markets, such as beach communities and popular travel destinations.

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.

• 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;
• Plumbing, electrical and heating and cooling systems;
• All interiors, all insulation and ventilation systems, as well as fireplaces and solid-fuel-burning appliances. 

None of the current changes has stopped Mid Florida Investment Properties from buying properties, rehabbing and  selling for more than the 20% acquisition price. It will be business as usual. We have always liked the ugly houses and those will be the homes that are easier to substantiate the increase in value.

Here is part 4 of 4. The last video on my flip in Winter Park Florida. This video shows the rehab on two bathrooms. The hall bath we gutted and replaced a lot of rotted wood. It was just like most the bathrooms we rehab. I like to gut bathrooms and start over unless the tub and tile look updated. In the master bathroom we pushed the shower back a little over two feet into one of the master bedroom closets. This gave me enough room to install a vanity and give a little wiggle room to the new buyer. We built a new closet to replace the one we removed. Both baths are brand new from top to bottom and will help increase the over all value of the home.

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.

Here is part 2 of the Winter Park Florida home I just finished rehabbing. In this video I show how I take a porch and turn it into a den and indoor laundry room. Before the washer was in one closet in the kitchen, the water heater was in the other and the dryer hook up was outside in the utility shed. I turned the 2 closets in the kitchen into pantries and moved the water heater, washer and dryer hook ups to the new laundry room.

I also show the new A/C system installation. This home had no central air and no attic space. We had to create a place to run the duct work. We built an arch to get air to the kitchen, dining, living and it connected into a box along the ceiling in the new laundry and den. The rest of the house we built a drop ceiling in the hall and ran the duct work to the entrance of each bedroom and bathroom. We had to do the same in the entrance to the master bedroom and had to drop the ceiling in the master shower to reach that area.

When flipping homes you can run into some challenges and you have to find ways to fix problem areas in a way that a buyer finds appealing. Mid Florida Investment Properties has seen just about everything in the past ten years of flipping homes. We share our expertise at no cost to anyone that buys from our company. Mid Florida Investment Properties offers free consulting, marketing when the rehab is complete and we list the property for you. Both Mike Calvert and Tammy Kerr are licensed realtors with Sand Dollar Realty Group, Inc. Tammy and I both list our buyer’s properties for half the price other realtors charge. This saves our buyer’s thousands of dollars when they sell their property.

Mid Florida Investment Properties #1 goal is to make our buyer’s money. If we do our job we know that we will create repeat business and build strong relationships!

Here is the exterior of the Willow property I just rehabbed. This is my first time making a video of a rehab from start to finish. I learned a lot after the fact in regards to filming. The next house I will do a better job now that I have a tripod and figured out how to film the before and after shots from the same view points. If you want to flip a home like this property check out our website at www.buymfip.com. Our inventory moves fast and we get new properties every week at 30%-60% off the current market value. I will post the interior videos soon…