St. Petersburg, Florida - Fix and Flip Loan
Florida Private Lender Terms
Location: St. Petersburg, FL
Purchase Price: $40,000
Reno Amt: $75,000
Loan Amt: $115,000
Actual Term: 5 mo.
Net Profit: $32,500
Cash-on-Cash: 76%
This project was completed by an experienced investor we had done a lot of work within St. Petersburg Florida. This investor bought the property right, and DID NOT find this gem on the MLS. This goes to show that knowing where and how to negotiate for off-market properties is extremely important.
Sometimes you will come across a kitchen that is just too limited in space. You cannot open walls, and you cannot expand. This is where having the creativity to work with what you have comes into play.
Many times eye sores, such as a standalone induction air vent can be a hard issue for the average investor to work with. Savvy and creative real estate investors often take on projects with such characteristics and can negotiate even better purchase prices due to the perceived obstacles from other “non-savvy” investors. Learn to work with smart and creative architects and designers to help you solve layout riddles to take advantage of missed opportunities from other investors.
Knowing what potential home buyers are interested in and what they are looking for is critical in getting the highest, best offers when listing to sale. Communities near the beach tend to lean towards brighter tropical colors, and knowing how to play to the crowd can be the difference between thousands in profit.
Understand that not every small kitchen is a recipe for disaster. Again knowing the “vibe” of your properties neighborhood is critical. In this case, the buyer ended up buying this house to rent out as a short-term rental, so a large kitchen was not the primary focus, access to beaches, downtown St. Pete, and a “tropical” feel were more important.
Don’t be afraid to spend the extra few hundred dollars to replace vents and fixtures. While many real estate investors focus on replacing the big-ticket items it is sometimes the small things that sell a property.
Are you looking for funding on your next Florida real estate deal? Why not work with a Florida Private Lender!
Are you interested to see what loan programs Blue Bay Capital has to offer? We fund Fix and Flippers, Builders, and Wholesalers!
