Make Money Flipping Homes in Florida

June 30, 2009 by · Leave a Comment 

If you are wondering whether you can still make money flipping homes in today’s economy; the answer is yes. Making money on any investment deal is just a matter of doing your homework, calculating the potential risk against the possible gains and making the decision that you are going to make it work for yourself.

In today’s market there may be different variables then there were several years ago, but there is always an opportunity for the smart investor to profit. The key is to develop your own house flipping strategy and stick to what works for you.

Flipping a home, basically means that a property is purchased, renovated or fixed up in some way and then put back on the market as quickly as possible at an attractive enough price to make a quick sale. According to real estate statistics, the market has already picked up. In fact, there has been a 37% increase in sales in the Orlando area when compared to last year’s figures for the same month. This is good news. Prices are still at an all time low and the market is saturated with inventory. Home buyers have a lot to choose from right now. As a home flipper, this should give you some direct insights and ideas to make your own investments as lucrative as possible. Here are some solid tips that will help you make money flipping homes in today’s economy:

•    Since the buyer has plenty of inventory to choose from, you’ll need to buy as low as possible in order to do the necessary cosmetics to the home and still put it on the market at a low enough price to attract buyers.
•    Choose your target market. Try to appeal to a select few. Niche marketing works in house flipping just like it does in every other business. If you are targeting the first time home buyers who have a family, purchase homes in excellent school districts with plenty of parks and other young families. Young families are busy, so make sure all of the work you do to the home leaves it in ‘move in ready’ condition.
•    Homes are selling at 2002 prices and although the market is expected to balance out, try to make your money on the purchase price, not on the expectation that the market will rebound. If you think you’ve found an excellent deal, don’t stop there. You should be looking for rock bottom, ridiculous prices right now. The smart investor is picking up homes for $50,000 and reselling for $80,000.

Realistically, whenever the market changes and new variables come into play the solid home flipper who knows his business isn’t shaken. In many instances changes in the market weed out all of the ‘would be investors’ who were trying to jump on the bandwagon without an understanding of what they were doing. If you are serious about flipping homes, you’ll learn to readjust your strategy along with fluctuations in the market and always find yourself on the winning end of the deal.

Flipping homes can be an extremely profitable and exciting venture. Continue to gain knowledge, build your leads and plan your strategy and you will be able to achieve lasting success in the real estate industry.

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!

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