Downtown Orlando Investment Property Rehab

January 11, 2011 by · Leave a Comment 

Take a look at this flip using the view with PicLens link in the left hand corner above the photo's. In the photo's I explain the changes made to the property.

Here is a property we bought in the downtown Orlando area. This bank owned foreclosure was purchased for $111,000 and sold for $223,000 five months later. We target  investment properties in the downtown area, Winter Park and college park area. These areas are more pricey but the payoffs are greater and properties seem to appraise easier. We have also found that the higher dollar homes close on time and have less hiccups. Just like buying in lower income areas you have to buy right and budget accordingly. When buying the lower end homes your margin of error is slim and you have to be careful not to under estimate the repairs. If you under estimate repairs it may influence you to pay more. Paying too much on something you under estimate can turn what you thought was a $20,000 profit into a loss. We always estimate high on repairs to combat unforeseen repairs. This property we ran into some unforeseen problems with the floors. When we ripped out the floors we noticed that the bathrooms and kitchen there was concrete about an inch and a half higher than the rest of the house. We had two choices to level the floors 1) float the whole home with concrete or 2) tap con plywood through the whole house. Since the floors were leveled out before with concrete and came up when we removed the tile we then chose to level the home with plywood and carpet. The bathrooms we tiled to the existing concrete. Everything turned out perfect but it was a cost that was not planned for. Mid Florida Investment Properties offers free rehab consulting to help our buyers through the whole flipping process. 

About Mike

Mid Florida Investment Properties, LLC owner Mike Calvert has been buying and selling real estate in Central Florida for over 18 years. Get a seasoned investor as your partner for a fraction of the profit. We handle the transaction from start to finish!

Comments are closed.