4 Mistakes While Flipping A House In Florida

 

4 Common Mistakes While Flipping A House In Florida

Florida has great weather, a growing population, low unemployment rates, and a great housing market. These factors make the state an ideal candidate for wholesale real estate investors. The booming population creates high demand in the housing markets. Rehab and Flip, a Tampa real estate investment company, points out the hurdles investors face while trying to rehab and flip a house. 

1. Handling money/expense

It is not advisable to pay too much money for an investment property. Every dollar spent will add to the selling price of the property. All other costs such as taxes, rehab expenses, and insurance costs should also be taken into account before fixing a deal with the vendor. Also, the right property insurance is extremely important in Florida real estate, where hurricanes are common. When it is time for the property to be sold, it should be ensured that the price is set high enough to yield the expected returns, yet low enough to attract buyers. Hence, it is all about striking the right balance. It is a good idea to get professional help to get the goals right. 

2. Handling time

Flipping houses is a time-consuming task. Time has to be invested in readying the house, scheduling inspections to ensure that the property complies with building codes, scheduling open houses for prospective buyers, and commuting to and fro till the sale is done. This will be an additional burden for an investor who already has a day job that gives a steady income. 

3. Skills

If the investor who wants to flip the house is good with carpentry and plumbing skills, a lot of money can be saved as many tasks can be DIY. Otherwise, skilled professionals will have to be hired to fix the house up for a sale. This will eat into the investor's budget.

4. Experience and knowledge 

Another important factor in flipping a house is to get the right leads. The art of picking the right property at the right time and right place is a skill earned generally through experience. A professional firm waits for the right time and right property before investing and does not rush in to buy a property. Also, it is important to not take emotional decisions while buying an investment property. 

Why do Rehab and Flip work the best for both sellers and investors?

Rehab and Flip are experts at acquiring homes at the best prices and passing them on to investors worldwide for wholesale opportunities. Their specialized team provides services in investment property deals, quick closing of deals, fast rehab, and quick flips. Rehab and Flip deals in various properties, including discount homes, distressed properties, historic properties, and bank-owned foreclosures, to name a few. 

The company also attracts customers who want to sell their homes for quick cash with their fast deal-closing techniques. 

To ensure that you get the best deals and the largest customer reach, call Rehab and Flip, a real estate investor for immediate deals in Tampa, Florida real estate, at (813) 476-3199 today.

Important advice to out-of-state owners who are trying to sell their house

 

Why is selling a home so challenging for out-of-towners?

Are you a homeseller looking to sell your house from another town or state? Rehab and Flip, a Tampa real estate investment company, dives into the challenges and related expenses when out-of-towners try to sell their houses. The article also shares a simple solution to avoid these challenges and experience a hassle-free and swift sale.

Life can be unpredictable. And often it can uproot residents to another town or state within months. The usual reasons why home sellers need to sell their homes from a distance could be inheriting a house, becoming an executor of an estate, and relocating due to work, marriage, or divorce. These are life events that cannot be predicted and can often put homeowners in a tight spot. 

Some of the challenges or expenses that out-of-state owners can expect to face are:

1. Real estate agent’s commission

Imagine parting with 6% of your home’s final sale price or paying a hefty upfront fee. Homeowners residing in another town or state will need to hire a real estate agent to manage their sale process from a-z. The commission is not the only challenge. To hire a reliable and trustworthy real estate agent, home sellers will need to go through a couple of interview rounds with a few agents.  

2. House preparation expenses

The expenditure while selling a house doesn't end at a real estate agent’s fee. Here are a few definite expenses that a home seller will need to make: 

1. Repair costs
   As the pre-inspection report (another expense) arrives, the out-of-state owner will need to get any necessary repairs done before even listing the house on the market. Not only will they need to bear the cost of repairs such as dripping faucets, leaking roofs, and dents in the wall, out-of-state owners will definitely need to hire someone to manage these repairs. 
   
2. House clearance service cost
   One of the reasons an out-of-state owner may get stuck with a home sale project is an inherited house. More often than not, such houses are packed with items that are of no value. To be able to repair and stage the house, home sellers would need to hire a junk clearing company to empty the house.
3. Decoration cost
   Homeowners often choose to decorate their houses to save costs. However, for out-of-state owners, traveling to decorate the house is not feasible or economical. Therefore, they need to hire a decorator. This may save a lot of time and effort but the expense will not be insignificant.
4. Professional staging cost
   A great sale offer demands a price. A staging event increases the likelihood of capturing a handsome offer. Out-of-state owners can hire professional stagers and take assistance from their agents to manage the event. This entails further expenses.

3. Miscellaneous expenses
Every home needs a regular investment for its upkeep. A vacant house can especially start disintegrating at a faster pace. This doesn’t help a homeowner in making a sale. Here are some of the expenses that are definite until the house is sold:

1. Vacant house insurance – A vacant house can be very prone to damage from fire, storms, and floods. Vandalism and theft are also big threats that homeowners must prepare for. House insurance that covers all these factors can allow out-of-state owners to sleep peacefully and avoid any losses. 

2. Utility cost – Utility bills are a hidden holding cost that homeowners have to bear until the house is sold. Disconnecting the utilities is not an option since potential buyers would always test the functioning of these utilities during a showing. 

3. Maintenance expense – A vacant home, especially an old one, needs constant maintenance to appeal to a prospective buyer. Landscaping, weeding, cleaning, and other such miscellaneous tasks are an additional expense. 

These are the expenses that out-of-state owners have to bear while selling their houses. Accompanying these expenses are investments of time and energy in managing and instructing the property manager or real estate agent. Constant phones and emails can take up a lot of time and cause a lot of unnecessary stress to the seller. Out-of-state owners can avoid this hassle and expense altogether by working with a cash buyer like Rehab and Flip.

Why Rehab and Flip is the best bet for sellers and investors?

Rehab and Flip brings in great opportunities for home sellers and investors. It offers a simple and smooth buying and selling process. With its diverse experience in foreclosure properties, discount homes, investment homes for sale, bank-owned foreclosures, REO properties, distressed properties, and discount multi-family properties, it empowers home sellers to take care of their immediate needs and creates great opportunities for investors. Its team works hard to offer the best deals for clients and investors alike and even conducts custom searches to meet an investor’s criteria. 

Rehab and Flip is the right destination for sellers who want to sell their homes for quick cash in Tampa Bay, Florida. For investors who are seeking valuable real estate opportunities, the experience with Rehab and Flip will prove to be extremely lucrative and smooth. Speak to a Rehab and Flip real estate investor for an immediate deal. For more information, visit the official website or call: (813) 476-3199. 

Rehab & Flip Shares Why Investors Should Buy Vacation Rental Property In Florida

 

Why invest in a vacation rental property in Florida?

The Florida real estate market has emerged as one of the best locations to buy a vacation rental property. With numerous vacation spots and tourist attractions, Florida has always boasted of an influx of tourists and conducive Airbnb rules. With people beginning to travel post vaccinations and working from home at these destinations, vacation rentals are a lucrative investment—Rehab Rehab & Flip shares why investors should consider buying a vacation rental property in Florida. 

1. Vacation Home

Wouldn’t it be exciting to have a vacation home to get away from the rut and race of a fast-paced life? Having a vacation home at one’s disposal makes vacationing easy and affordable in the long run. But how to afford a vacation home? Research and buy-in highly sought-after areas by tourists and then Airbnb it. Let the vacation home pay for itself.

2. Passive Income

A profitable Florida vacation rental will not only pay for itself but will also create a passive income. Thoughtful planning can help investors make multiple vacation rentals that bring in good money. 

3. A Strong Market

Investment always comes with certain risks. But researching the options helps in mitigating the risk. This is where the strength of the local real estate market and the economy is critical. Statistics have shown that many people moved to Florida in 2020 and 2021, increasing the vacation rental value. The conducive Airbnb rules enable a profitable business model for investors. Moreover, the economy supports Florida’s short-term rental market and ensures that investing in this area is indeed a wise choice. 

4. Write Off The Expenses On Taxes

Investing in vacation rentals allows for tremendous tax benefits. With the business of Airbnb vacation rentals, owners can deduct a long list of expenses associated with owning the property. This may include the cost of hiring a property management company, costs related to marketing the property, repairs, and renovations, fees associated with listing the property on Airbnb, mortgage interest, travel expenses related to managing the property, and cleaning fees.

5. A Retirement Home In Florida

The income derived from the vacation rental home in Florida will cover the mortgage and build equity that will eventually mean a retirement nest.

6. Easy Financing 

Financing a rental property in Florida is more accessible than funding a personal home. Banks and lenders offer specific programs for financing vacation rental homes because they recognize the profitability of vacation rental investment.

7. Promotion And Maintenance By Third Party

Florida offers an array of efficient management companies that can help owners list their vacation rental on Florida Airbnb, potential screen renters, and maintain the property. Vacation rental homeowners don’t have to stress over these details while away.

One of the best places to buy vacation rental property in Florida is Tampa Bay. With its many theme parks, waterfront entertainment, delicious food, and diverse cultural scene, the city is a trendy destination for families. Ranked as one of the top 10 fastest-growing cities in the US, the Tampa Bay area adds over $13 billion worth of new developments and improvements. Rehab & Flip offers investors prime vacation rental properties in the area.

 

Why Rehab and Flip is the best bet for sellers and investors?

Rehab and Flip bring in great opportunities for home sellers and investors. 

1. Simple and smooth: Buying or selling homes has been simplified.
2. Diverse portfolio: Rehab and Flip buy foreclosure properties, discount homes, investment homes for sale, bank-owned foreclosures, REO properties, distressed properties, and discount multi-family properties. This enables home sellers to take care of their immediate needs and creates new, exciting opportunities for investors.
3. Best deals: The team uses marketing, operations, and networking to strike the best deals for clients and investors.
4. Custom search: The team can design and carry out a custom search for properties based on the investor's criteria. 

Rehab and Flip is the right destination for sellers who want to sell their homes for quick cash in Tampa Bay, Florida. For investors seeking valuable real estate opportunities, the experience with Rehab and Flip will prove to be highly lucrative and smooth. Speak to a Rehab and Flip real estate investor for an immediate deal. For more information, visit the official website or call: (813) 476-3199. 

Why invest in a vacation rental property in Florida?