Miguel’s Azalea Park Flip (part 2)

Miguel has completed his flip that he purchased from Mid Florida Investment Properties about 3 month’s ago. Miguel listed his property with my broker Sand Dollar Realty Group and we have a full price offer after 2 day’s on the market. I actually had 3 offers on this listing in 2 days and Miguel will be earning  a nice payday at closing. Miguel will net a profit  in the $45,000 range on this flip and this is the 3rd successful flip this year Miguel has bought from MFIP. I had several investors pass on this property because they said the price was too high. Miguel has proved that this property was a good investment if you consider $45,000 a good profit on a flip. Investors that can make quick decisions and move on properties before it’s too late are cleaning up right now.

Here are the three most common mistakes that stop investors from being successful in today’s market:

1- Low balling banks and wholesalers. Wholesalers have already beat up the bank to get the best price possible.  While some investor’s are busy low balling, serious investor’s are putting the deal together. This happens on every deal that I am involved in. I have the people low balling come back to the table after a serious investor as already bought the property. I understand that all investor’s want the best deal possible, but you have to be realistic in your approach. There is always going to be interested buyers that are willing to pay the wholesale price and low balling a wholesaler for a price less than what the wholesaler purchased the property will never work. This is a complete waste of time for both parties.

2- Waiting several day’s to go look at properties. Serious buyers  get out there and look before someone else beats them to the punch. You should do the same.  Don’t wait 3 or 4 days and then wonder why you missed out. You have to be aggressive in this business because the competition is fierce.

3- Making the decision. Before you even go looking you should have your money lined up and be prepared to make a decision. If you’re not good at estimating repairs you should bring someone who is. You should have a good idea what the property is worth before you step foot in the home and have a good ball park estimate of the repairs when you leave. It’s that simple… if the numbers work… move on the property. If you’re realistic about the profit margin,  it should take no longer than a day to make a decision.

Now let’s take a look at Miguel’s flip to see how it’s done.

Here is a before picture of the front of the home. This home was lacking curb appeal, no garage, ugly dated fake brick and old metal shutters.

Miguel brightened up the home with a nice neutral color. The new stucco with window bands gave the home a new look. The next big change was bringing back the garage to appeal to more buyers. As a Realtor, I can’t tell you how many houses get passed on for not having a garage. Removing the shutters improved the lighting in the home and helped the appearance outside.

Here is a before shot of the kitchen that needed to be completely gutted. It sounds expensive but the cost of the new kitchen was under $4000 with the appliances.

Here is the new kitchen with the new cabinets, counters and stainless steel appliances. In this price range the little things like upgrading to stainless steel appliances go a long way with the lower end buyer. Most of the lower end homes need work and have cheap or no appliances.  Giving buyers what your competition is lacking is very important for flippers looking to move properties quickly.

Here we have the bonus room before.

The bonus room with the new laminate floors, doors and paint. Notice the new exit door and the windows are now enclosed.

The kitchen / Living / Dining combo before.

The finished product

The master demo. The new hole in the back wall was cut for the new entry door to the new master bath. On the other side of the wall is where the huge laundry area is located.

Bo knows painting.

The master with the new blinds, paint, carpet and fan.

Here is the old laundry room that was turned into the master bath. Miguel saved a portion of this space for the new laundry area.

The new master bath.

Hall bath before.

Hall bath after.

This is just one of many successful  flips that are happening right now in the Central Florida area. Mid Florida Investment Properties is a one stop shop for buying wholesale properties, finding our buyers the best deal on hard money, consulting and helping our buyers market the property when it comes time to sell. We are there every step of the way. This month we will be sharing some other investor flips purchased from Mid Florida Investment Properties, Randy’s Maitland Flip, followed by Greg and Val’s college Park flip. Stay tuned…..