So you’ve decided to become an investor and begin flipping property in Orlando, before you get started, call Sunshine Wholesale Properties today at 407-476-7098.
We are here to help because we understand just how important it is that you know just what you’re getting in Orlando. In this post, we will break it all down for you!
What Flipping is All About
So many have tried and failed to become a real estate mogul in Orlando. It looks so easy when you watch your favorite flippers on television, but it can be financially and emotionally overwhelming without knowledge and experience on your side when you actually set out and do it on your own.
Flipping properties as an investor in Orlando requires a good amount of knowledge – similar to running a successful, small company.
Along with this, failing to realize the true costs for upgrades and repairs, or understanding how much time your project will require are downfalls for beginners, especially if you are paying holding costs for the property.
While you may believe you are capable of doing any of the work required along with being an investor, knowing when to call in a professional can be the dividing line between success and failure. Using a professional will increase your efficiency and you can remove a lot of the headache of running into the unexpected and dealing with repairs you have no idea how to fix.
Keeping in tune with the real estate market in Orlando and knowing when to invest and having the fortitude to hold out until the time is right is key.
Flipping (or wholesale real estate investment) wherein the investor purchases property with the intention of selling for a profit. When this investment strategy is steadily engaged in successfully, it can provide a reliable income stream. Naturally, the goal is to invest as little as possible while making the highest gains on your Orlando property. Lastly, but not least, time is of the essence to avoid sitting on the property and bearing additional unplanned costs.
Ready, Set, Go
So it’s time to purchase, you’ll want to feel secure in the investment you’ve made as to the best buy for your dollar. You need to know how to realistically estimate any further investment for any work the property will require to bring the highest returns.
Running on Empty
While you could invest cash into the property, leveraging other people’s money can leave more available for other costs involved in your flipping project. We have lending partners we work with and would be happy to refer you to some so you can better leverage your capital. You can save money by shopping for the best mortgage based on the time frame and purpose of the purchase of your Orlando investment property. You’ll also need the resources to cover surprise expenses and recurring utilities, taxes, insurance etc. that come with flipping.
Very Important Dates
Working nights and weekends in addition to your regular job (if you have one) and family can be stressful and wear you out. Having a true picture of what is involved and bringing in professionals can save not only time and money but undue heartaches, like missing a recital because the inspector is coming the next day. It’s extremely important to keep on top of deadlines, inspections, and how long projects are taking. You’ll need to know how to plan properly so there isn’t paint dripping on new carpet or cabinets arrive before the flooring is down.
On the Job Training
Of course, it makes sense that the more work you do on your own, the more profit you should see at the end of the process. And while this makes sense for some with skills and experience in construction, wise is the person who admits when something is over their head and calls for help. It isn’t as easy as it looks on HGTV! That’s for sure ..
Hindsight is 20/20
Knowing a good deal when you see it is a skill developed over time and comes with having learned valuable lessons. Zoning laws can stop a project cold in its tracks and turn your property flipping dreams into an investor’s nightmare. Sadly, many newcomers don’t realize when it is just time to walk away and cut their losses.
Flipping rookies often grab the first deal that comes along, with their investment money burning a hole in their proverbial pockets. Winning in the real estate investment game takes patience to buy your Orlando property while being able to sell when the time is right for a quick turn around and high earnings, making it all worthwhile.
Get rich quick schemes in flipping rarely work out the way they are portrayed on tv, especially if you jump into the deep end and don’t know how deep the water is or can’t even swim. Educate yourself before your investment dollars fall into a bottomless pit of surprise costs and eat up all of your spare time. Flipping can be costly for novices who don’t know the realities involved in successful investments. But if you know what you are doing and treat it as a business, it can provide a great ROI for you and your family.
Save yourself from learning the hard way when flipping property in Orlando and let our experience be your guide, call Sunshine Wholesale Properties today at 407-476-7098 or send us a message!