How to Make money with Fixer Uppers
April 2, 2010 by Mike Calvert · Leave a Comment
Making money with a Central Florida fixer upper has become a simple and lucrative enterprise, especially with the variety of foreclosed homes and other inexpensive properties available. Since the current real estate market favors the buyer's pocketbook more than the seller's, it is a prime time for investors to buy up fixer uppers.
What is a "Fixer Upper?"
A fixer upper is a home in need of some repair. As a result, fixer uppers can usually be purchased at a significantly discounted price. After the purchase, a few inexpensive repairs will usually add enormous value to the property.
If you are trying to make money with a fixer upper, consider the following:
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:
Mike Calvert on Flipping Homes
June 30, 2009 by Mike Calvert · 2 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.
How to Identify a Good “Fixer Upper” Home
June 15, 2009 by Mike Calvert · Leave a Comment
So, you’ve spotted a home that is in a state of disrepair. Maybe the property has been vacant for a number of months and it’s looking a bit neglected. But that’s okay because the neighborhood is perfect, the home is right across the street from a park and it’s in a prime school district. You’re thinking that you’ve hit the jackpot. Before signing on the dotted line, let’s take a minute to talk about identifying a good fixer upper.
Buying and flipping a home can be an exciting and extremely profitable venture. However, you have to assess your remodeling costs correctly in order to keep those profits high. In order to predict your total remodeling costs and plan an accurate budget, you’ll need to know as much about the ‘basics’ of the home as possible. This entails an honest look at the inside, outside, foundation, plumbing, electrical and attic conditions before handing over your money.
Just looking at the possible curb appeal, style of the home and location may cause you to miss structural problems that may need more work, time and money than you bargained for. The key to identifying a good fixer upper is to look with a critical eye. Keep searching for the hidden reason that this home hasn’t already sold and hopefully you’ll prove yourself wrong and have an excellent candidate for a flip on your hands.
Handyman Specials: Diamonds in the Rough
June 11, 2009 by Mike Calvert · Leave a Comment
If you are thinking about investing in a property that is a handyman special, here are some solid tips that will guarantee your investment will be as lucrative as possible.
How to Find a Diamond in the Rough
In the house flipping industry, a handyman special is generally considered to be a property in need of cosmetic work such as paint, a thorough clean up, yard work and maybe some minor repairs such as holes in a wall, bathroom fixtures or even changing out carpeting for tile.
A handyman special is not a property in need of a new roof, new plumbing, or one that has sustained serious flood or hurricane damage.
When looking for your handyman deal, here is your first word of advice. If a home is advertised as a handyman special, you can generally rule it out altogether. Your idea of ‘in need of repair’ and the seller’s idea are usually worlds apart. Try to think like the seller would. If you were putting a home on the market that needed a paint job and new carpeting, you would generally avoid those issues and capitalize on the selling points in your home description. Only when a home is seriously dilapidated does the owner use the term ‘handyman special.’ This is due to the fact that he realizes how bad of shape the home is in.
