The flipped resale prices reported for Orlando likely include about $20,000 to $30,000 in renovations for each house plus about $10,000 in real-estate costs, said Winter Park agent Ryan Courech, who estimated he has flipped about 43 houses in the Orlando area during the past four years.

He said he doubts flippers are still getting the kind of profit margins reported by RealtyTrac for 2012.

“It’s almost impossible to buy a flip,” said Courech, a principal with Meridian Capital Holdings LLC. “The big hedge funds are moving in and are buying hundreds and hundreds of houses to use as rentals. After a three- to five-year hold, they will sell them off and get about 8 to 10 percent in annual rental profits until then.”….

The key difference between now and the boom years in terms of flipping, Courech said, is that legitimate investors are paying cash this time around. Leading up to the slump, much of the money supporting the housing market was speculative and borrowed from banks, which ultimately foreclosed on such properties.

With so many cash deals now driving the investor-heavy market, he said, flipped properties are less likely to wind up in foreclosure.

Read the full article at

http://www.orlandosentinel.com/business/os-orlando-top-flip-20130502,0,5098031.story

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