Investment Ideas: Salvaging Wholesale Deals

There are a number of ways wholesalers of real estate investment properties may find the deals that keep them going. Ideally, a good investment will be one where an investor can mark-up a property slightly and pass it on to another investor. One simple way to find these kinds of deals is by salvaging previous deals.

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!  Read more... (393 words, estimated 1:34 mins reading time)

Orlando Florida: Hollywood of the South East

The Orlando area is mainly known for it’s theme parks, world-class resorts, and beautiful weather. Not many people know, however, that Orlando is also home to several working television and movie studios, a thriving music scene, and a passion for sports. Orlando Florida is a virtual Hollywood of the southeast, teeming with celebrities from every entertainment field.

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.  Read more... (512 words, estimated 2:03 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;