Hi, newbie here- never flipped a home in my life. I do work in the industry and love it. My goal is to have a few flips and or build a couple specs later on (maybe in a few yrs) part-time and on weekends, etc. I love my job and what I do, this is more of a retirement nest egg plus hobby plus adrenaline rush.
IF my company is OK with me doing a few flips on the side (I think it would be ok, but have to see), I'd like to do a couple per year, or maybe build a spec or two every couple of years if I'm allowed.
I can live in either Central FL or Greenville SC with my job. I have spent time in both and like both for different reasons. My question is, long term (I'm not in this to get rich or anything of the sort), just trying to build a little retirement income because when I'm 65, who knows if SS will be around etc......... which area do you see as being the most promising and why? This is all contigent on whether or not my employer even cares, but assuming I can do this, I'd like to know whaich area is best. These two areas are my options because I can work in either area, I love the Southeast, and enjoy both areas for different reasons. Thanks in advance.
I think you're about to get 50 people telling you house flipping and/or development is not a hobby.
But, I'll leave the implied warning at that and address your actual question.
"Central Florida" is a very loose and broad geographic area. I would guess that there's a lot of variation within that area, so you may need to more clearly define your target market within Florida, so you can compare apples to apples. Here's what you need to check in both...
- Job creation with projections and median salaries
- population growth projections
- RE trends...avg DOM, median price, # units sold (sweet spot units 3/2/2), etc
- quality of schools (greatschoold.org)
- Major employers in both areas (each area probably has an Economic Development Corp that will have a wealth of canned information)
- anything else you can think of that helps you compare apples to apple
In addition to the above, I would research the sub-markets within each area. Figure out where your farm area would be, based upon median home prices, since I'm assuming you would have limits on your entry point, as this is just a "hobby". Once you have selected specific areas within each of those markets, determine which one has the higher likelihood of finding motivated sellers.
again, flipping isn't a hobby, because - unlike buy and hold - you absolutely have to get close to the 70% rule to make any money. That means you MUST find deals, which usually equated to marketing, which isn't something you can turn off and back on, whenever the notion hits you. At the very least, you would have to scour REO listings, auxtions, tax sales, etc, or work woth wholesalers, who aren't likely to make you a priority, because you aren't buying consistently.
Again...flipping isn't a hobby.
thank you. I hope you are not offended by my "hobby" claim. Maybe i should have worded it differently, i'm not sayin this is an easy task by any means. but it truly is something i like and enjoy. it's not something i have to do, it is something i would enjoy, thus the term "hobby."
Central FL is Orlando, including suburbs like Lake Mary, Oviedo, Winter Springs, Altamonte Springs, Maitland, Longwood, etc.
I like Hatties answer plus I want you to adopt a new mindset. Your goal is to get rich, if it isn't get out. The way this country is going your going to need to be rich to be comfortable.
I make great money with my regular job. I realize that we will need to be wealthy to retire comfortably by the time I get to retirement age, thus the side biz I hope to be able to do. I work in real estate development / building.
My question is I can eventually live in either Greenville SC or stay in Orlando. For family activities, quality of life, etc - I prefer Greenville. But I can live either place I beleive (at some point) and just trying to get some opinions. I live in a good area now, so may just stay. Thanks in advance.
Investors in FL will tell you its a great spot to invest....and Investors in SC will tell you theirs is good. for those investors that don't research those markets, its just opinion.
as long as you set some goals and act on them, then you will be moving in the right direction.
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