Another one Down! Miami Flip in the Bag!

6 Replies

Hi BP and especially my Miami BP,

Just wanted to shout out my latest fix and flip deal that closes this week. Had a few bumps especially with COVID taking over this summer. However with the market heating up, extremely low inventory, and plenty of cheap money to borrow we've were fortunate to have multiple offers at list price with less than 24 hours on market. 

So lets get to it. 

Picked up a 1600 sqft SFH in Liberty City. Comps were very strong on this project especially for the size of the house. The owner lived up in Broward and was getting a little tired of driving down for every nuisance call from the city since it had been uninhabited for years and was constantly attracting stragglers and bad attention.

So here are the numbers:

Purchase price: 76K

Renovation costs: 125K

All in cost of 201K.

Listing price: 320K with multiple offers (move in ready Miami houses in the 300's basically don't exist)

Approximate profit before commission and closing costs: 120K.

So for all my Miami and SF investors there definitely are deals out here all I have to say is I'm here and I hoping that this inspires you to seek me out so we can do business together! Bring me a deal, a good deal, and let's get it together!.

Before Pics:

After:

@Jason Brown - fantastic job! How did you find the seller? When I first moved to Miami at the end of 2004, I used to get my hair cut about a block west of 95 on 62nd. Back then no one wanted to be in Liberty City. You'd be lucky to sell a home for even $120k. Things have changed so much!

Also, brag about your true profit....gross (before closing costs and commissions) is what TV flippers do to make numbers look bigger.....so if you made $100k after everything, wonderful! No shame in that. Thank you for sharing.

Looks great. I have friends in the area, and they say LC is a rough place? Is that true, if so, how were you able to protect your place during construction? That's what scares me most about OOS flipping/rehab. 

Clint

@Tchaka Owen Thanks! Liberty City has definitely come a long way since then. I got to Miami around 2012 and even back then you wouldn't have dreamed of paying these prices in North Miami. You're right on the gross profit too I have to update the final profit after commission and closing/taxes.

@Clint Shelley Thanks. Yeah I will be 100% honest and say that I did have a few headaches some of the locals only because the house had been abandoned for so many years but once the neighborhood started to see the construction and daily activity everyone "more or less" got in line. Of course we left nothing unlocked or unattended but I guess that goes without saying.

@Carlos Rovira Thanks! I see you have a nice portfolio yourself. That's definitely where I am looking to get to. I'll have to PM and pick your brain a little bit about your business.

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