All Forum Posts by: Jared Maltbie

Investment Info:

Single-family residence fix & flip investment in Cocoa.

Purchase price: $54,731
Cash invested: $45,202
Sale price: $118,500

Contributors:
William Dedelow

Some flips are easy and some are much more intensive. This was one of the tough ones.

What made you interested in investing in this type of deal?

It was a cheap house with a decent upside potential for the neighborhood.

How did you find this deal and how did you negotiate it?

Sourced from a wholesaler.

How did you finance this deal?

Cash

How did you add value to the deal?

Systems updated - -HVAC, plumbing, electrical. Full cosmetics, fixtures, kitchen and bath reno.

What was the outcome?

Labor heavy job with narrow profits.

Lessons learned? Challenges?

Avoid 'everything houses' if the upside isn't obnoxious.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $53,000
Cash invested: $22,000
Sale price: $112,000

Contributors:
William Dedelow

Easy breezy flip. Investors received a 19% payday. Purchased from a wholesaler, rehab completed by our inhouse crews, sold by yours truly. A little trouble on the back end getting the deal closed but nothing is ever 100% easy. A few more days on market then we like but all in all a great project. Principals are happy and investors are happy.

What made you interested in investing in this type of deal?

price was right and the upside was there.

How did you find this deal and how did you negotiate it?

Wholesaler.

How did you finance this deal?

Paid cash.

How did you add value to the deal?

Cosmetic rehab, HVAC update, electrical update.

What was the outcome?

19% investor payout

Lessons learned? Challenges?

Need to find more easy flips.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a real estate broker, partner is also a broker.

All roads lead to Orlando in Florida. There are plenty of pockets to fit your needs depending on where and what you are into (urban, rural, small main street vibes, etc..).

I bought and sold a property in there like 2 years ago with a client.. It's a cash grab from an HOA that is financially unstable. It's a nice community with decent amenities but that $5k fee is unavoidable for those couple of complexes in the area. Most sellers list their units accordingly because they know the $5k is a big issue for buyers. Are you looking for a vacation rental in that area?

Do you have financing lined up or looking for that locally as well? 

@Hilary Stalder it’s always, typically, generally, most likely a definite pass on a flip if it has foundation issues. 

I recently scoped a house out  in Winter Haven that could have been a big win but had a foundation verible. It’s not worth the gamble. There’s always other deals coming along. 

Month to month should be a premium rental rate. IMO but isn’t always the case. 

What’s your strategy for the property? 

Do you want to keep it rented, flip it, increase rent ?

Are the current tenants actually current on their rent? Is it a 3 bed?

Most PM’s in the area will commute between  cities. Orlando, Maitland, Casselberry, Longwood, Altamonte Springs, it all essentially the same territory. Winter Garden isn’t that far out. My buddy @William Dedelow can help out with management/MGMT questions. 

Utilities, insurance, property taxes, maintance, typically the same as everywhere else. No?

What are you trying to work out regarding the area? A lot of development, modernization, and downtown rival  has happened in the area the past few years. 

Is it typical in the area to use window units? In Fl. this would never fly you'd need central air or you might actually kill a tenant lol. 

Get some quotes on installing a system. The system installs aren't that expensive but depending on the attic space and if you need to add ducts and all that fun stuff will definitely add to the costs.