According to this article in the Tampa Bay Times, about 10% of all home sales in Pinellas County are considered house flips. With home foreclosures and short sales drying up at record numbers in the Pinellas County real estate market, more investors have been focusing on acquiring 'fixer uppers' and turning them into 'flippers.'
Based on the article above (and what we've personally seen as one of Tampa Bay's top Realtor Groups), many house flippers entering the market are able to do so with either investor-backed funds or loans that have been created and tailored to investors looking to flip. To get a loan for a house flip from the private financial groups that offer them, investors must have an excellent credit score (think 700 or higher) and either a great income that qualifies them for the home loan and the renovation loan, or experience successfully flipping homes in the recent past.
Flipping a home may seem easy, and for some it is, but buyers must be cautious when buying an investment property. Inspection periods for investment properties are often negotiated with a much smaller or even non-existent time frame, there are usually several cash offers to compete against with FAST closing dates, and many times appraisal contingencies are waived, putting buyers at more risk of losing their initial escrow deposits.
However, like any investment, if managed correctly and the proper market research is done, house flipping in Tampa Bay or just Pinellas County alone can be wildly profitable. The key is to only buy homes in markets you have some familiarity with, know your contractors well, get familiar with the permitting process with the county and/or city and be ready to work HARD! We have many clients that have bought homes in and around the Pinellas County area and have had great success flipping houses. This is an excellent real estate market for both buyers and sellers right now, as long as you do your homework first.
If you're thinking of buying or selling real estate, please be sure to contact us. As a buyer, our real estate services are totally free. As a seller, you'll be working with one of the top real estate teams in Tampa Bay (We sold over $62 million in homes in 2016), that can get your home sold fast and for top dollar. Don't believe us? Check out over 80 Zillow.com reviews of our team by clicking HERE. Then give us a call at 727-400-3315 or register on our websiteand find out why our clients return to us over and over again.
Author:Gabriele Spinuso Phone: 727-688-1932 Dated: March 13th 2017 Views: 1,038 About Gabriele: Gabe has been a resident of Seminole and the surrounding Gulf Beaches his entire life. He is a licen...
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