Birddogging, Wholesaling opportunities in Orlando, FL area?

Asked by Ctrlfloridaman, Seminole County, FL Thu Feb 5, 2009

I know the market is risky for wholesaling right now, but for the future, is this commonly done in Seminole & Orange counties? (the reason I ask is I know some areas/developments are fairly new, so I was wondering if there many aged/run down homes to fix and flip). Thanks!

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7
Bill Eckler, Agent, Venice, FL
Thu Feb 5, 2009
BEST ANSWER
Flipping is risky business during times like these . The degree od difficulty is largely dependent upon the price at which you can obtain the house, expense for upgrading it, and sale price. Of course the longer you are required to hold it the smaller the profit margin.

The key is to buy it right then sell it quickly at a small profit. Trying to make a big score can get in the way of making any score at all. Success may be fiund in little steps................
1 vote
Ctrlfloridam…, Home Buyer, Seminole County, FL
Mon Feb 16, 2009
Thanks everyone for your help!
0 votes
Condo Metrop…, Agent, Orlando, FL
Fri Feb 6, 2009
It's entirely possible to buy Orlando real estate right now - and sell in a year or two - and do very well. Some of the REO's are sooo cheap you have equity the day you close - you just need to wait in order to sell. Bulk-wise there are also some tremendous deals. The deals are NOW at the bottom of the market - if you wait a 'year or two' do you think we will be where we are today? Not a chance. Don't try to time bottom - those who try invariably lose. In Orlando inventory is already shrinking again and sales are up. Many are saying we've hit bottom and Orlando is first out of the gate to recovery. It's not going to happen overnight - but the minute the game changes, interest rates WILL rise overnight - and the whole country will realize simultaneously that they missed bottom. Don't get caught out!

For more info on bulk sales see our page at:
http://condometropolis.com/orlando_condo_investors.php

Marcus Burke, Broker
Orlando Real Estate Pros
Condo Metropolis LLC
Licensed Real Estate Brokerage

Office Phone: 407-290-3408
Email: Marcus@CondoMetropolis.com

http://www.CondoMetropolis.com
Blog: http://www.CondoMetropolis.com/blog

http://www.OrlandoRealEstatePros.com
0 votes
Ctrlfloridam…, Home Buyer, Seminole County, FL
Fri Feb 6, 2009
Thanks for the responses! I'm not looking to do wholesaling or flipping now (unless I find a fantastic deal), as I'm still learning and the market is still dropping. But it's good to have it as a possible option for a year or two down the road.
0 votes
Rick Aguirre, Agent, Orlando, FL
Fri Feb 6, 2009
Ctrlfloridam,

There is always opportunity no matter what the market! However, you MUST remember to do your due diligence and understand the market.
Overall I would be very selctive and careful! I keep hearing that bank owned properties are a great deal and they usually are,however I am seeing that the selling price vs the asking prices are very near equal. In fact I have seen bidding wars on properties. Does this mean the investors are here? I would say so,but what are they doing with the property. I do not think " Flipping" is in the cards. but rather offering rentals that are comparable to rental apartments to families that would rather have a home than a box.
Just my thoughts.
Rick.
0 votes
Jacqueline C…, , Orlando, FL
Thu Feb 5, 2009
Well said Bill!

Jacqueline Clarke
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
0 votes
Jacqueline C…, , Orlando, FL
Thu Feb 5, 2009
As you may know there are thousands of homes on the market in different states of disrepair. This may be an ideal time to fix and flip but please note lenders have restrictions on buyers purchasing homes from Sellers that have not been on title for at least 90 days in some cases six months. In these cases, the bank will not consider the renovated market value, they will base the loan amount on the original purchase price.

You may have to hold on to the property for a time before you can sell for profit.

Jacqueline Clarke
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
0 votes
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