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DeLand, FL 32724

Tips For Flipping A House

The prospect of flipping houses can be intimidating to even the most experienced real estate investors. Flipping houses is an extremely rewarding way to make money provided you get good advice on what area to buy in to and what issues to avoid.

Greene Realty has over 40 years experience in finding the right homes for buyers. We know the ins and outs of buying fixer uppers and can help guide you toward a successful house flip!

Here are 4 things to consider if you are diving into the fixer upper market.

1. Ask yourself, why has this house not been flipped yet?

We’re a far way down the road since the 2008 market crash, many homes have been bought, fixed and sold in the last 10 years. With that being said, there are a lot of experienced real estate investors and home flippers out there. So ask yourself, why has this home not been flipped yet?

Make sure that there aren’t any details you’re overlooking. Getting a professionals opinion can put you on the right path toward a wise investment.

Greene Realty can help  you decide whether your potential property is a good candidate for fixing and selling. It’s never too late to get into house flipping, there are good deals out there. Just be aware that you aren’t the only one out there and if it seems too good to be true, it might be.

2. Don’t wait too long / get pre-approved or pay cash.

Flippable real estate doesn’t hang around long at all. Most houses are put under contract within 10 days of listing. If a good deal comes on the market, chances are someone will snatch it up in a matter of days, if not hours.

It is essential that first timers get pre-approved before going on the hunt. Many a good deal could be missed while you are out checking whether your bank will provide adequate financing.

Ideally you should be attending auctions, looking for foreclosures and paying cash where possible. However not everyone has access to that type of capital, so getting pre-approved is your next best bet.

That being said, rushing into a purchase is never a good idea and we offer clients piece of mind by helping them assess the pros and cons of any property they are interested in.

3. Calculate whether it be more profitable to build new.

Building a new home can be intimidating, especially when you are looking to sell it short term. New homes offer a lot of comfort and reassurance to buyers, from modern appliances and furnishings to a new roof and AC. This security means buyers are willing to pay more per square foot.

Depending on market circumstances, new homes sometimes actually work out to be more cost-effective than existing homes on the market. Currently, DeLand listings have a median per square foot value of $137. The average cost for new home construction in the US is around $125 per square foot.

If you are able to find areas where listings are priced at high per sqft values, it could be possible to buy land, build new and sell at a higher price than the older homes listed in that area.

General data: Local areas with high per sqft prices:

Sanford – $126
Daytona Beach Metro – $129
Orlando – $135
Ormond Beach – $151

4. Realize that your profits will be taxed.

When you buy and sell houses, your profits are subject to capital gains tax. There is no easy way around this and depending on the situation, your profits could be taxed up to 30%. This alone could be enough to put you off flipping houses, but don’t get despondent just yet. Here are a few things you can do to keep capital gains tax to a minimum.

Live in the home you wish to sell.

When you sell your personal property that has been your primary residence for the past two years the profits you see are in most cases tax exempt.

Hold the property for longer than a year

Profits made from buying and selling a house in under a year can be taxed upwards of 30% depending on the property and state. Long term capital gains (over one year) are usually taxed around 15%.

Use the money from the sale to invest in more property.

Under the ‘IRC Section 1013 Exchange’ you are allowed to put the money received from the sale of your home into more real estate investments and you aren’t required to pay tax if you do so!


Contact us at info@greenerealtyflorida.com today for some advice on what signs to look out for when looking for good investment opportunities. We can show you some properties that are in the right areas with good growth potential.

Green Realty provides this information as a general guideline of what your taxes on capital gains could be. We are not tax professionals and advise you to contact one for a more accurate tax assessment.

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Tips For Flipping A House

The prospect of flipping houses can be intimidating to even the most experienced real estate investors. Flipping houses is an extremely rewarding way to make

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Frequently Asked Questions

Landlord FAQ's
  • How do landlords view documents and reports?

    Landlords need a place to securely access all owner statements and other important documents. Including the signed Management Agreement, HOA documents if necessary. Greene Realty provides all clients in any location throughout West Volusia a secure online platform to login, view and manage all their statements and reports.

    Using your online portal is easy and efficient. Take ownership of your property anywhere in and around West Volusia.

    All West Volusia property tax records will be mailed to you yearly. In addition, you get photos and a report of your home inspections (if added).

  • How do we handle evictions?

    This is never the desired outcome but can be an unfortunate circumstance. Regardless of what city your property is in within West Volusia, FL, a concern of any homeowner is being stuck with a tenant who is breaking the terms of their lease. Greene Property Management always holds the tenant responsible for their legal obligation and will work for the homeowner to minimize any vulnerability.

    Should an eviction become necessary, we will do our best to reduce your risk as a landlord by following all state laws to ensure a rapid, minimal cost, decision. Staying abreast of local law changes and regulations is paramount to a successful eviction. If you want to know how to evict a current tenant at your property, even if it is not currently managed by Greene, we are happy to help. Please use the contact form here to submit your eviction inquiry.

  • How do I check my account balance?

    Log in to your Resident/Owner Portal and click the Payment tab. This will show your payment history and charges in your ledger.

  • Does Greene Property Management inspect my rental?

    GPM does inspect each property. We inspect based on the Management Plan selected, which ranges from 2-4 times per year. Tenants are given a minimum of 24 hours’ notice prior to any property inspection. We take out and inside pictures for documentation. Additional inspections can be requested for a small fee.

Tenant FAQ's
  • How can I become a tenant with Greene?

    1. Work with a Team Greene Property Manager to find your perfect place to live.

    2. Complete and application on our website.  All those 18 years and older living in the property must complete an application and screening.  A $75 Non-refundable fee per application must be included. These fees are non-refundable. Our application process can take 3-5 business days.

    3. You must have proof of income.  Your income must equal at least 3 times the monthly rent amount.  Examples of income verification include, but are not limited to: 3 consecutive paystubs, 3 months of payroll reports from employer, current proof of government income, proof of retirement, liquid assets (bank accounts, stocks), spousal support, legal verifiable income.

    4.  Credit must be  least a 600 credit score and no late payments in the last three months.  Provide 3 years of rental history with contact numbers. Criminal history will be assessed on an individual basis.  We base our decision on a concern for the safety of other residents and staff. Any conviction for the manufacturing and distribution of illegal drugs will result in application denial.

    5.  You must be willing to start the lease within 30 days of applying.  We will only process completed applications. Our application process generally takes three business days from the day you provide us a complete application and all required documents.  We make no guarantee as to the time it will take to process your application. This varies based on the responsiveness of your landlords and employers and other business demands.

    6.  Be honest and truthful in your application and answer all questions.  Falsification of facts or withholding information is cause for denial and or eviction later.

    7. We strongly encourage you to view the property prior to applying.

    8.  If approved, GPM will need a minimum of 2 days to prepare the property prior to move in.

    9.  Pets—Check to confirm pets are considered in the rental.  You must submit a pet application. No pet will be considered without a pet application.  Any guide dog or other assistance animal will be permitted upon verification. Be prepared to verify vaccination records and pets current weight.  If a pet is approved it is understood that the tenant will carry insurance to cover the animal.

    10.  Students/applicants who do not currently have income must provide a guarantor.  The guarantor must complete an application and provide all verifications necessary to qualify.  The guarantor must live in the USA and must assume financial responsibility of the lease, including property damage.  All roommates must have a guarantor or all qualify without guarantors.

    11. We must have a state issued photo ID for each applicant.  Such as a driver’s license, passport, military ID for each applicant and co-applicant.

    12.  First qualified applicant to sign and pay $500 to hold the property, will be the first to rent.  We will only hold properties with a $500 non-refundable deposit . This will be applied to your 1st months rent at the time of move in.

  • How do we handle evictions?

    This is never the desired outcome but can be an unfortunate circumstance. Regardless of what city your property is in within West Volusia, FL, a concern of any homeowner is being stuck with a tenant who is breaking the terms of their lease. Greene Property Management always holds the tenant responsible for their legal obligation and will work for the homeowner to minimize any vulnerability.

    Should an eviction become necessary, we will do our best to reduce your risk as a landlord by following all state laws to ensure a rapid, minimal cost, decision. Staying abreast of local law changes and regulations is paramount to a successful eviction. If you want to know how to evict a current tenant at your property, even if it is not currently managed by Greene, we are happy to help. Please use the contact form here to submit your eviction inquiry.

  • How do I check my account balance?

    Log in to your Resident/Owner Portal and click the Payment tab. This will show your payment history and charges in your ledger.

  • If something needs repair in my rental what should I do?

    Log into your Resident Portal and enter a Maintenance Request. By explaining in full detail the situation, we can address this repair as quickly as possible. Your Resident Portal is the most direct way to get information to GPM.

  • What happens when I move out?

    Be sure to let GPM know 30 days in advance, in writing. An email will be sent with move out procedures to follow to ensure you receive your entire security deposit back.

  • How do I get Renter’s Insurance?

    Log into your Resident Portal and sign up for Renter Insurance. The cost starts at $12 per month and is the most convenient way to receive coverage. You may seek outside insurance options but please call the office with proof of insurance. All Tenants renting with GPM MUST have insurance.

  • Does Greene Property Management inspect my rental?

    GPM does inspect each property. We inspect based on the Management Plan selected, which ranges from 2-4 times per year. Tenants are given a minimum of 24 hours’ notice prior to any property inspection. We take out and inside pictures for documentation. Additional inspections can be requested for a small fee.

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