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Updated over 5 years ago on . Most recent reply

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70
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Jared S.
  • Professional
  • Central FL, FL
8
Votes |
70
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Location, location, location

Jared S.
  • Professional
  • Central FL, FL
Posted

Hi, newbie here- never flipped a home in my life.  I do work in the industry and love it.  My goal is to have a few flips and or build a couple specs later on (maybe in a few yrs) part-time and on weekends, etc.  I love my job and what I do, this is more of a retirement nest egg plus hobby plus adrenaline rush. 

IF my company is OK with me doing a few flips on the side (I think it would be ok, but have to see), I'd like to do a couple per year, or maybe build a spec or two every couple of years if I'm allowed.

I can live in either Central FL or Greenville SC with my job.  I have spent time in both and like both for different reasons.  My question is, long term (I'm not in this to get rich or anything of the sort), just trying to build a little retirement income because when I'm 65, who knows if SS will be around etc......... which area do you see as being the most promising and why?  This is all contigent on whether or not my employer even cares, but assuming I can do this, I'd like to know whaich area is best.  These two areas are my options because I can work in either area, I love the Southeast, and enjoy both areas for different reasons.  Thanks in advance.

Most Popular Reply

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Hattie Dizmond
  • Investor
  • Dallas, TX
1,810
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2,078
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Hattie Dizmond
  • Investor
  • Dallas, TX
Replied

I think you're about to get 50 people telling you house flipping and/or development is not a hobby. 

But, I'll leave the implied warning at that and address your actual question. 

"Central Florida" is a very loose and broad geographic area. I would guess that there's a lot of variation within that area, so you may need to more clearly define your target market within Florida, so you can compare apples to apples. Here's what you need to check in both...

  • Job creation with projections and median salaries
  • population growth projections
  • RE trends...avg DOM, median price, # units sold (sweet spot units 3/2/2), etc
  • quality of schools (greatschoold.org)
  • Major employers in both areas (each area probably has an Economic Development Corp that will have a wealth of canned information)
  • anything else you can think of that helps you compare apples to apple

In addition to the above, I would research the sub-markets within each area. Figure out where your farm area would be, based upon median home prices, since I'm assuming you would have limits on your entry point, as this is just a "hobby".  Once you have selected specific areas within each of those markets, determine which one has the higher likelihood of finding motivated sellers. 

again, flipping isn't a hobby, because - unlike buy and hold - you absolutely have to get close to the 70% rule to make any money. That means you MUST find deals, which usually equated to marketing, which isn't something you can turn off and back on, whenever the notion hits you. At the very least, you would have to scour REO listings, auxtions, tax sales, etc, or work woth wholesalers, who aren't likely to make you a priority, because you aren't buying consistently.

Again...flipping isn't a hobby. 

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