Florida is the southernmost contiguous state in the United States. Florida is the 22nd largest state, the third most populous state, and the 8th-most densely populated of the United States. Florida has the longest coastline of any state in the country, with approximately 1,350 miles of coast, not including the contribution of the many barrier islands. Florida has a total of 4,510 islands that are ten acres or larger in area. Alaska is the only state that has more islands. Tallahassee is the state’s capital, but Jacksonville is the most populous city in Florida. It is also the largest city by area in the contiguous United States. The Miami metropolitan area is Florida’s most populous urban area. Florida’s $1 trillion economy is the fourth-largest in the United States. If it were a country, Florida would be the 16th largest economy in the world, and the 58th most populous.
Quick Stats:
Population: 21.5 million people
Median Household Income: $53,300
Population Density: 384.3 people/square mile
Median Home Sales Price: $252.300
Median Price to Rent: $1,780/month
On average, home values have gone up about 3.6% over the past year.
Case Study #1: Jacksonville Home Fix-to-Flip Project
Client: Clive D. – RFG Pro
Property Location: Jacksonville, FL
Property Description: Single Family Home
Purchase Price of the Property: $132,107
Cost to Rehab Property: $36,740
Amount of the Loan: $146,250
Original Appraisal Value of Property: $150,000
Appraisal Value of Property After Rehab: $225,000
Sale Price: $250,000
Net Profit: $50,000
Clive’s goal was to be a full-time flipper. Wisely, he kept his day job while he tackled his first few flips, and learned a lot about the real estate investment industry. Eventually he left his job to focus solely on rehabbing, and sets his sights on 12 flip projects per year. He’s become an expert at project management, scheduling contractors to overlap if possible. He thinks any flip should take less than 6 weeks to do the work needed on the property. In order to account for the variability in the business, Clive takes a minimal salary and rolls the rest of the profits back into the investment. He’s found even more savings by getting his real estate license, and avoiding a lot of fees on each deal. Smart!