Last Updated on August 15, 2021
Best Places to Fix and Flip a Property in Florida
Flipping properties in Florida can be a lucrative side gig that could work out to be a full-time job. Fixing up and improving properties is a great way to get ahead in the housing market, and if you are looking for the best places to fix and flip properties, some cities might suit your specific needs. For example, In Orlando, the average return on investment is $128 per square foot, while in Fort Myers, it’s as high as $170 per square foot! Fixing up these properties is not only an affordable option for first-time homebuyers but also international investors who want to make some cash off of their American investments.
Top 10 locations for fix and flip a property in Florida.
Flipping houses in Florida is a great way to get ahead, but where should you buy a property?
To help make your decision easier, we’ve compiled the top 10 locations for Fix and Flipping Properties in Florida. We looked at several factors, including costs of living, population density, crime rates, weather conditions, average home prices, and median income statistics. All these details were then taken into account when compiling our list below. It’s important to consider all aspects before deciding on the place that will be right for you.
1. Miami Beach
At the top of our list is Miami, Florida. With a higher than the average population density of 2,578 people per square mile in the city itself, Fix and flip a fixer-upper here could be profitable if you find the correct region. The cost of living index rate is 2.7% higher than the average for Florida, making it a slightly more expensive area to live in; however, rent is much higher, and income is much lower than the average across Florida.
There are over 84,000 mortgage holders here with an average loan debt of $167,225 per borrower. When we factor in the gross income minus expenses, a flipper can expect to make about $4.5k per Florida flipper for each property they flip.
It is also one of Florida’s most culturally diverse cities, with over 57% foreign-born citizens. The largest population here are Cubans, followed by Haitians, Colombians, and Venezuelans.
The Florida flipper in Miami, Florida, has more options for closing costs as well. The average flipper here can expect to pay roughly $3100 of their own money for investment fees on top of the purchase price plus repairs over the loan term.
Orlando is the second Florida location on our list for a quick fix and flip with a population density 3x higher than the Florida average with 10,092 people per square mile in the city itself.
While it’s larger than Miami, flippers can expect to make about 16% less money on their flip’s pre-financing costs over a loan term when compared to Miami flippers. However, home prices here are substantially lower, which may offset some of this loss.
There are just under 36,000 mortgage holders in Orlando, Florida, with an average loan debt of $130,581 per borrower. Average closing costs here are just under $3200, and 30% of flippers will have to develop their financing fees.
Clearwater is the third Florida city on our list and has a population density of 1.5x the Florida average at 8,259 people per square mile in the town itself.
Florida flippers flipping here can expect to make about 19% less cash pre-financing costs over a loan term when compared to Miami flippers. Home values are substantially higher, which offset some of this loss; however, Clearwater flippers can expect to make about 7% more than flippers in Orlando.
There are just under 21,000 mortgage holders in Clearwater, Florida, with an average loan debt of $90,438 per borrower. Average closing costs here are just under $3200, and 37% of flippers will have to come up with their financing fees. Clearwater’s real estate investors can also expect to have higher property values than those in Miami or Orlando. About 20% of Real estate investors here will receive a tax cut when they factor in flipper tax savings for a loan term.
4. Fort Myers
Fort Myers, Florida, is the fourth city on our list and has a population density of 1.4x the Florida average at 9,196 people per square mile.
Florida flippers flipping properties can expect to make about 17% less money pre-financing costs over a mortgage term compared with Miami flippers. The sale price for homes in Fort Myers is also lower than in Miami, and estates here are on average $10k cheaper than homes in Orlando.
There are just under 26,000 mortgage holders in Fort Myers, Florida, with an average investment debt of $97338 per borrower. Average closing costs here are $3200, and 38% of flippers will have to come up with their financing fees. Slower home loan payoff rates also mean that flippers will pay fewer taxes over investment terms in Fort Myers when compared with other Florida cities.
The housing market in Sarasota, our fifth city in Florida, is growing and remains a famous city for people to find houses. Prices are going up, which can be attributed to the recent population growth that Sarasota has undergone. With just enough culture and nature on display, Sarasota residents have access to all of the modern amenities they need while still feeling at peace with their surroundings.
Residents here enjoy a temperate climate year-round, with average high temperatures between 73 degrees Fahrenheit in the winter and 85 degrees Fahrenheit in the summer. The housing market is relatively stable, with prices remaining steady most years and supply increasing over time as more families make this community their home.
Tampa, Florida, our sixth city, is located on the shores of Tampa Bay and is home to over 4 million people. It’s situated at the center of the coast of Florida and has a humid subtropical climate with daily highs in summer, usually averaging between 82-90 degrees Fahrenheit.
The housing market has experienced a substantial increase in prices over recent years, while supply has decreased. However, despite this trend, it’s worth noting that affordability remains good for most residents looking to buy property.
Residents in Tampa enjoy an average monthly mortgage payment lower than the country’s average, making it easy for people to find their own homes here.
The housing market in Jacksonville, our seventh city, is also growing and remains a famous city for people to find houses. The market price of real estate here is higher than most other Florida cities, attributed to the low supply and high demand. Housing loan payoff rates are also lower in Jax than in different places on our list; the median price of a home in Jacksonville is $150,000. This is good news for people looking to sell their property because it means they will get a higher price for it.
It’s also a safe place to live with low crime rates and very few natural disasters. It helps that the city has over 300 schools. Families are usually drawn to residential areas close to the best school districts to enroll their children there.
8. Fort Lauderdale
Fort Lauderdale, Florida area is home to many small businesses providing a wide variety of products and services. Many of these entrepreneurs can be found selling their wares along the famous beach boardwalk or at one of the local markets in town. There are also restaurants, shops, and professional buildings that line the streets of downtown Fort Lauderdale.
There are some neighborhoods in Fort Lauderdale that have been designated as being “affordable.” One of these is Pine Island. The city has made efforts to promote livability by introducing zoning codes and setting standards for residential development during the early 1990s. These zoning codes provide financial incentives for developers who make an effort to satisfy the affordable housing requirements.
The housing market in Melbourne, Florida, can be difficult because it is a relatively small area. There are still opportunities to purchase investment properties at reasonable prices, but few are far between. You may have more luck if you are looking for large acreage or rural property in the outskirts of Melbourne.
There are hard money loans available that make it easier for you to get started with your loan application process. The fix and flip programs offer low-interest rates, long-term loan terms, and easy qualifications for those who need assistance. This fix and flip real estate loan program will also consider those who have less than perfect credit scores.
Kissimmee is one of the best places to find for a Florida fix and flip property. The real estate business in Kissimmee is similar to that in Melbourne, but it has a wider variety of housing opportunities. There are luxury homes in Kissimmee and more affordable housing options for those with smaller investment amounts and budgets.
More investment plans are available to those who plan to fix and flip houses in Kissimmee, as well. The loans can help you secure a mortgage for your fix and flip properties in Florida while still meeting the needs of most home buyers. However, fix and flip loan applications for real estate in Kissimmee are much more competitive than Melbourne’s.
Why Should You Start Flipping Houses in Florida?
There are many reasons why Florida is an excellent place to fix and flip investment properties. One of the biggest reasons would be our fix and flip programs for hard money are fast and straightforward; this makes it easier for you to get started with your loan application process. Fixing up and improving properties can be a great way to get ahead in the housing market. There are some hard money lender fix and flip programs available for real estate investors looking to fix and flip properties.
Looking for Fix and Flip Loans in Florida?
We’re here to help you get the cash you need fast! Whether it’s an investment property or your first flip, we can provide the funding. Our fix and flip loans are quick and easy, with no credit checks and no collateral needed. You don’t have to be rich to invest in real estate!
If you want to profit on your next project, contact us today for more information about our loans. We offer tailor-made fix and flip loans that suit your specific needs, so there’s something for everyone. Get started by filling out this form now! Action: Fill out this form now if you’re interested in getting a hard money loan from Hard Money Lenders IO!
Adam Smith has spent the last 5 years in the Private Money Lending world helping real estate investors secure financing for their non-owner occupied real estate investments. When he’s not thinking about real estate, Adam is an avid Jazz music fan and fisherman.