I hope everyone is having a great Tuesday. I wanted to ask where people have been having the best luck lately with flips in the area from Miami up to Port Saint Lucie. I am thinking about Pompano or Port Saint Lucie as a starting point but wanted to get some advice from fellow investors.
Real Estate Investor and Instructor · Gilbert, AZ · Member since 2010 · 303 posts · 332 votes
3y
I'm in Arizona so I can't comment on what the best areas are to fix and flip in Florida. But all that matters is MARGIN. If you can make the numbers work then it doesn't matter where the property is located.
Earlier this year I fixed and flipped a house in the middle of nowhere Wisconsin (about 1.5 hours north of Green Bay). I had to hire crews from there and put them up in a nearby hotel to do the rehab. I also paid for all their meals/cocktails. After the extra travel costs and material delivery I still net a 75K profit. You can bake all these numbers into your offer price (this includes depreciation and extra holding costs, 3-2-1 buy downs, etc).
There is NEVER a wrong time to fix and flip houses, only a WRONG way. Regardless of what is going on in the economy, if you overestimate the value of the property when the rehab is complete AND blow your budget you will lose money.
ALL that matters is margin. If there is enough spread going into the deal, you will make a profit.
Good morning, Personally I love Palm Beach County for all my investments and most of the work I do for investors are there. I’ve had a few in Port St. Lucie also but I feel like there’s a lot of meet in the bones in the Tri-Counties. No matter where you go in South Florida you’ll do fine.
Thanks Adrian! What price range have you typically been seeing for flips in the tri-counties area? Is around 200-250K realistic to look for?
It all depends on the areas. If you see something Let me know and I can check the area and what you may be looking at