Remodel & Renovate in Miami>Question Details

Alison Hillm…, Other/Just Looking in San Francisco, CA

How difficult is it to make money by buying an old house, renovating it, and then selling it for more?

Asked by Alison Hillman, San Francisco, CA Wed Sep 12, 2012

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6
Tamika Moses’ answer
Hello Allison,
If you purchase in the right area and most importantly at the right price and renovate the home, you are adding more value to the home, therefore you should be able to sell it at a profit. Their are foreclosures, shortsales, etc. abound, and there are many opportunities abound to make money in this market. If you have any questions or concerns please feel free to reach out to me.

Thank you,
Tamika Moses
Keller Williams Realty Partners SW
tmrealtor@yahoo.com
954-404-4646
0 votes Thank Flag Link Wed Sep 12, 2012
BEST ANSWER
Allison,

Miami now is an excellent market for this kind of investments. There is a lot of demand for single family houses in some areas. Many young families are outgrowing these new beautiful Brickell condos. When they go out looking for a house they feel very disappointed since most of the houses do not have the nice kitchens, bathrooms, walk in closets, floors, modern lightning design and layouts. This buyers do not have the patience or resources to buy a house and remodeled it, nevertheless they are willing to pay for something they feel comfortable and ready to move in. So the market is there! Now, the other part of the equation is to buy the right house at the right price and have the right team of people (General contractors, realtors, lawyers) to get this done as smooth as possible. This business is not easy task and sometimes very frustrating for some people, I actually enjoy it very much. Returns are tighter than people might think but it is a great investment, taking into consideration that you can pull about 20% average return on your investment is not bad at all. I do this for myself and my clients, I have an excellent team that understands the business and the fact that if you make money in one flip next time you might be doing two at once. If you want to discuss further please contact me. I will be happy to help you and solve your questions.

Looking forward to hear from you.

Alejandro Navia
Broker's LLC
305 8035800 Cell
alejonavia@hotmail.com
1 vote Thank Flag Link Wed Sep 12, 2012
No two houses are the same, and the potential gain on flipping them differs too! You won't really know exactly what it's going to cost to renovate until you've got the property torn apart and find the unexpected. Sometimes it can be easy and straight-forward, with great reward. Other times, stand by for losses! Just like any investment, you'll find people who have made lots of money and others who have lost their shirts. Timing, a good team (as Alejandro suggested), and a healthy dash of luck are the ingredients to make a big splash.
1 vote Thank Flag Link Thu Sep 13, 2012
I won't kid you, for if it was easy then everyone would be doing it. I've had several clients do this and there's always a market for this, just that the hottest, buy, fix & flip market in Miami changed to be more challenging about 2010 with low inventories of distressed properties, many people doing it, prices so low (now rising - which is a good thing) and other factors that will be best explained in person. You also have to be prepared to "win" some bigger than others, break-even at times and maybe even "loose-some" as well. Its a numbers game and you need capital. So when you;re ready to discuss how I can help you make $5000 - $10000 to 15% - 30% profits in real estate investing let me know. We'll simply set an appointment to trach you how to help you get what you want in the time you want, and there's no initial costs or obligations, won't that be great?
1 vote Thank Flag Link Wed Sep 12, 2012
Make sure you have a team of experts to aid you in this. It can be costly if you do not have proper contractors ensuring that the process is up to code and inspections do not slow the work.
0 votes Thank Flag Link Fri Sep 14, 2012
visit my blog, you will learn the process of investment property valuations. I can then help you buy and sell.
0 votes Thank Flag Link Thu Sep 13, 2012
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