Fix and Flip Homes in Jacksonville With a Broker-Contractor

A flip makes money in three places: what you pay, what the work costs, and what the finished house sells for. Military Realty of Florida broker Matt Strickland is also a general contractor on flip projects, so he looks at a house from both sides, the scope of the rehab and the resale market. This page is part of our Jacksonville real estate investing guide.

Finding the right house

Flip candidates in Jacksonville come from several places:

• MLS listings that have sat on the market or need obvious work
• Foreclosures and bank-owned homes (see our Jacksonville foreclosure guide)
• Estate sales and inherited homes
• Owners who would rather sell as-is than repair
• Lower-priced homes, such as Jacksonville homes under $200k

The purchase price only works if you know what the finished house will sell for. Start with recent sold comparables of updated homes in the same area, then work backward.

Scoping the rehab

• Inspection first. Roof, foundation, electrical, plumbing, and HVAC problems change the budget more than finishes do.
• Permits. Structural, electrical, plumbing, mechanical, and roofing work generally need permits from the city or county building department. Unpermitted work can surface when you sell.
• Flood zone. In a flood zone, large renovations can trigger rules about elevation and improvement value. Check the zone early. See what flood zone AE means.
• Holding costs. Loan interest, taxes, insurance, and utilities run every month the project is open.
• Contingency. Older homes almost always hide something. Budget for it.

Why a broker who is also a contractor

An agent can tell you what a house might sell for. A contractor can tell you what the work will cost. Having both views on the same project helps you avoid overpaying for a house whose repairs will eat the margin, and helps you put money into the updates buyers in that price range actually pay for.

Selling the finished house

Price the finished home from sold comps, not from what you have spent. Have permits closed and paperwork ready, disclose what Florida law requires, and present the house well with good photos. We list and sell finished projects as well as help investors buy them.

Selling a house that needs work?

If you own a home that needs repairs and are not sure whether to fix it or sell it as-is, we can walk through both options with you.

Talk about a project

Call Matt Strickland at (904) 309-0609 or send us a message. You can also read more about Matt.