I was working out of Vegas for 2 years. During that time I was involved in projects ranging from $100k to several million dollars. I am now looking at Houston and Miami markets to do Fix & Flips ONLY, because of greater amount of wholesale deals we get. What are the Pros & Cons of both markets for Fix & Flip Investing that would help me make a decision to chose one over the other. Any opinion / advice will be highly appreciated :)
Hey, @Lukas Vanagaitis I can't comment on Miami, but I am working here out of the Houston market so can be of any assistance that you might need. I am an investor who is currently studying for my realtor's license. My goal is to specialise in working with Houston "flippers" to oversee a lot of the process. This will include listings once the project is completed, at discounted/flat rates for regular investors. Also happy to work with those out of state, and can be the eyes on any ongoing projects. If you want to hop on a call, feel free to send me a PM.
The Houston market is hot...very hot, and deals seem to be getting picked off pretty quickly. However, the flippers who I am in contact with now are hitting on some pretty great deals. In my experience, it's tough to find at 70% minus rehab costs, closer up to the 80% although they are still around.
Hi @Lukas Vanagaitis , The Miami market has lots of opportunity in making money. As an out-of-town investor, the biggest thing will be finding the right contractors and people that can watch over them. There are a good amount of unlicensed handymen running around trying to take contracts and doing things without permits. I would be happy to help you find the right property in a good neighborhood, and provide good options for contractors. My team also offers concierge service to investors where we can get daily or weekly project updates and help manage projects on the ground. Before real estate I had 7 years of construction experience with remodels and new construction.
Let me know if I can help!
I cannot speak for Houston but I can say the Miami market is hot but very competitive. Deals on MLS are often flying for much more than they should be and just like @Joe Davis it is getting pretty rare to see deals purchased for 70% minus rehab costs.
One big thing I notice investors fall short of is accurate after repair values around here. This has much to do with not knowing the area very well. I've seen investors from Broward county or West Palm not do so well attempting flips in Miami due to the many areas where one or to blocks away is a totally different area demanding a totally different price and end user.
If you have any questions feel free to reach out !
Thanks guys for your input!
I know this is a pretty old thread but I was wondering if there are any experienced flippers here in the North Miami area that I can either team up with or review some properties I had in mind? I've been pretty much on the sidelines but wanting to get in on a flip for some time... it's just scary doing it all alone without any experience.
I'd be open to partnering with someone or paying them a consulting fee for their time/advice and just picking someone's brain on potential deals.
Is there anyone on here like @Gabe Amedee who has really good knowledge of areas like El Portal, Biscayne Park, Miami Shores area?
Thanks in advance!