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How Florida House Flipping Has Resurfaced

Written by Posted On Wednesday, 02 October 2019 09:46
House Flipping In Florida House Flipping In Florida

The popularity of flipping homes, by purchasers and investors, has increased significantly since investors have recognized the profit that can come from buying, fixing up, and then selling a distressed home. The taboo market of flipping houses has recently seen its own makeover and is now becoming a more accepted and reliable source of housing.

How to house flipLearning from Past Mistakes

House flipping, or buying real estate at a discount and then selling at a higher price, became out of favor due to the adverse effects it had on the housing market during the Great Recession. Almost a decade ago, flippers typically bought distressed properties and did not necessarily add to renovating the property; rather, they relied primarily on home price appreciation to fuel profits. Television shows in the past such as Fixer Upper, Property Brothers, and Flip or Flop have all played a role in glorifying the process of flipping a home, making it look much simpler than it really is by simply editing out the “unattractive” side of flipping. These programs, hosted by Hollywood personalities, inspired people to attempt to flip a home despite their limited knowledge on the subject.

So, What’s Changed?

Flippers in more recent years during the post-recession market are more educated on the subject and can focus more on adding value to properties as opposed to price speculation. More emphasis is on the eventual purchaser’s or renter’s satisfaction, as there are fewer vacancies when the property is restored and renovated. Loans tailored to flippers and short-term real estate investors are more accessible now, and lenders offer an array of varying loans ranging from flip-and-fix loans for first-time flippers to bridge loans for more experienced investors. While approximately one-third of home-flips are held as rentals, most investors are investing in higher quality renovations at the beginning of the flipping process, thereby providing value to the community by raising home values and, in turn, stabilizing the neighborhood. Local business owners such as contractors and electricians who are hired to provide services during a flip, add to the local economy. Extensive renovations also mean fewer future instances where an investor may have to perform substantial maintenance.

House flipping Florida

Flipping in Florida

The percentage of flipped home sales in the U.S. was 7% in the first half of 2019, the highest percentage in almost a decade. While the whole nation seems to be getting on the bandwagon, Florida is quite notable in the market. Our Sunshine State finds itself among the top states for flipping homes, its cities taking up six spots in the top 50 best places to flip in the country. Cities such as Tampa, Cape Coral, and Pembroke Pines are among the many that have the highest calculated market potential and quality of life with the lowest remodeling and repair costs.

Flip or Flop?

With the memory of the Great Recession of 2007, many are rightfully hesitant to get into the housing market by flipping homes; however, the process is less speculative than it was in the 2000s and may provide more benefits than risks in the post-recession era as sellers and investors learn from their pre-recession mistakes and provide a more sustainable housing environment.

From the Trenches,

Roy Oppenheim

Oppenheim Law | Real Estate Attorneys Broward County

2500 Weston Rd, Suite 404
Fort Lauderdale, FL 33331
954-384-6114
https://www.oppenheimlaw.com/ 

Originally posted at South Florida Law Blog: Flipping Out: How the Process of Home Flipping Has Resurfaced https://southfloridalawblog.com/flipping-out-how-the-process-of-home-flipping-has-resurfaced/ 

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Roy Oppenheim

From Wall Street to Main Street, Roy Oppenheim is a successful serial entrepreneur and attorney focusing on Florida real estate, foreclosure defense, loss mitigation and Internet ventures.

 

He founded Oppenheim Law in 1989 with his wife Ellen Pilelsky and uniquely positioned the Firm as one of Florida’s leading boutique law firms in Weston, Florida.

 

Serving national, international, and local clients, Mr. Oppenheim has the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S.

 

In 1989, Mr. Oppenheim also co-founded and served as general counsel to ShopSmart Corp., the company that originated and owned the GNC Gold Card Program, a program that continues to this day and was one of the first cross-promotional programs of its kind.

 

In addition, in 1994, he co-founded Weston Title & Escrow, the oldest title company in Weston, Florida, and he currently serves as its Vice President. In 1999, Mr. Oppenheim served a one-year term on the board of directors for Catalina Lighting, a publicly traded company on the New York Stock Exchange.

 

Growing up in the Bronx, Mr. Oppenheim learned to be focused on success and driven to always persevere for opportunity.

 

In 2009, he started the South Florida Law Blog, which was voted the best business and technology blog by the South Florida Sun-Sentinel. He also serves as an expert witness on title industry practices.

 

Mr. Oppenheim has also authored two law review articles with Jacquelyn Trask; namely, Deconstructing The Black Magic of Securitized Trusts, published in the Stetson University Law Review’s Spring 2012 Edition, and The Emperor’s New Clothes, published in the William & Mary Business Law Review Volume 6.

 

Today, Mr. Oppenheim is a sought-after legal expert on issues relating to the real estate crisis and beyond. In addition to his own blog, he also has been a contributor to Yahoo! Homes, and featured on HuffPost Live, FOX News, and Lifetime TV. In addition he has been quoted in prominent national publications, including USA Today, The New York Times and Huffington Post, among others. Mr. Oppenheim also understands the power of social media, and can be found on a variety of social media platforms.

 

Mr. Oppenheim also speaks fluent German.

 

Admissions

 

  • Florida Bar, 1987; Member of the Real Property Probate and Trust Law Section
  • New York Bar, 1987; United States District for the Southern and Eastern Districts of New York, 1987
  • U.S. District Court, Southern and Middle Districts of Florida, 1993

 

Education

 

  • Princeton University, A.B., cum laude, 1982
  • Northwestern University School of Law, J.D., 1986
    • Member of the Northwestern University Law Review
    • Member of the National Moot Court Team

Original source:  https://www.oppenheimlaw.com/who-we-are/meet-our-team/roy-d-oppenheim-esq/ 

https://www.oppenheimlaw.com
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