When a wholesaler’s property is under a contract, the “inspection period” is used to either sell it or get out of the contract, to ensure his deposit is refunded. During this time, they may market it to their own buyers who are on their e-mail lists and might even permit other investors to advertise their property. The initial investor is usually willing and able to split the profits of a deal with any investor who is able to deliver a buyer, or may require the investor to mark up the price.   

If a bank owned property, there may be less than 5 days to inspect the property and market it to their potential buyers. Here’s the great part: If the investor never secures a buyer, the listing agent will offer it to the public; oftentimes for less than the price that was offered to the investor!

If a homeowner is selling the property, the inspection period can be much longer – over 30 days at times. Yet still, if the investor cannot “flip” it during this limited time and reneges on the offer, the homeowner is back to square one. In such a situation, the homeowner is often willing to lower the price to the next buyer that comes along; this could be you! 

So, that’s how it works. As you can imagine, great savings can be had if an investor can reach a seller at the right time with the right offer This method works especially well with bank-owned properties. If successful, an investor is essentially able to gain on another investor’s loss. Being on top of what is for sale and when an investor has reneged is key to success. 

To get in an optimal position to track sales, get on a bigger investor’s e-mail lists and pay attention to whether the properties offered are sold or abandoned. Take note: public records is another way to track when a property is under contract or not, but this is usually not as timely, and timing is crucial. 

So, stop letting deals pass you by and start salvaging! 

Movies and Television

With working film and television studios, it is only natural that celebrities would reside in Orlando. The area has had a history of producing famous faces. For example, TV’s Buddy Epson (The Beverly Hillbillies) was born in Orlando and attended Rollins College in Winter Park in the late 1920’s.   Fred Rogers (Mr. Roger’s Neighborhood) also graduated from Rollins College in Orlando. 

Actors such as Wayne Brady (The Wayne Brady Show; Whose Line is it Anyway?) and Wesley Snipes have their roots in Orlando as well. Wesley Snipes was born in Orlando and went on to become one of the most recognizable superstars in the world, starring in such films as the Blade trilogy, U.S Marshalls, and the Art of War. Wayne Brady graduated from Orlando’s Dr. Phillips High School and started his improv comedy career in Orlando.

Actresses including Cheryl Hines (RV; Curb your Enthusiasm), a graduate of UCF, Traylor Howard (Monk; Me, Myself, and Irene), and Delta Burke (Designing Women) have also called Orlando home.

Music

Several musical artists call Orlando home as well. The rock band Creed was founded in Orlando and their band members still reside in the area. Singer Mandy Moore was born and raised in nearby Seminole County, Florida, just minutes away from the city of Orlando. Justin Timberlake, Christina Aguilera, and Britney Spears started their careers at the Disney Studios in Orlando.

The band N*SYNC was formed with members from Orlando, including Justin Timberlake. Joey Fatone, band member turned actor, still resides in the Orlando area. The same is true for the Backstreet Boys, each of whom grew up in the Orlando area. Band members got their start in the music industry singing and dancing at Universal Studios Florida. Their name even comes from a once popular Orlando flea market.

Sports

Perhaps the most abundant representation of celebrities in Orlando comes from the sports world. Every sport is represented in Orlando by the biggest names. Golf megastar, Tiger Woods, put Orlando on the map recently with his controversial crash outside his Windermere home. NFL stars Daunte Culpepper, one of the biggest stars in the NFL, played for UCF and has a home in Orlando, as does Warren Sapp, an Orlando native. There are also numerous basketball stars such as Shaquille O’Neil and Vince Carter. Tennis champ Paula Creamer and motocross champion James Stewart have settled down in Orlando as well.

Orlando is definitely the place to live for the rich and famous. It has become a Mecca for celebrities that want to get away from the hustle and bustle of L.A or New York City, but where they can still work in their industries and have the finer things in life such as exceptional restaurants and fashionable shopping.

Know where you’re headed

Know the area

Do your research

Consider the following factors in researching your potential investment properties:

Name the right price

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.

• 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.

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.

Also, FHA couldn’t insure loans to owner/occupants (O/O) who wanted to buy bank REO’s
because they were also not owned by the seller for 90 days in most cases.

On one hand, this is going to increase competition from O/O’s a bit for
investors who buy from the banks, but the deals we buy typically need repairs
that, number one, sellers aren’t willing to accept, and two, sellers
would have to fund those repairs in cash after the sale,
something most of them can’t and won’t do.

Since the kinds of deals we buy don’t qualify for FHA
financing until substantial repairs are made, this will keep most of
our investor deals safe and untouched by the non-investor public.

So, no matter how you slice it, this is great for investors, great for
the public and great for home values. This can literally end
price declines in weaker areas hit hardest by the foreclosure debacle.

There are a few details to the rule waiver and it’s only scheduled
to last a year at this point, but I’m betting HUD bans the lift
permanently OR amends the rule to 45 days seasoning, which, in my
opinion, fully satisfies the purpose for which it was originally intended.

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.

These are just a few of the many homes purchased from Mid Florida Investment Properties, LLC. MFIP wholesales properties like these all the time to other investors. We also help investors who buy our wholesale properties with consulting during the rehab and also help sell the home when complete. There are several properties close to being completed and we will have many more updates coming soon.

Make sure to sign up for our email alerts on our www.buymfip.com site. This will keep you updated of any new properties when they come available.