Question 1

Does the county's hurricane wind code change my rehab scope?

Accepted Answer

Yes, and it is worth pricing before you buy, not after. Miami-Dade is one of only two counties in Florida inside the High-Velocity Hurricane Zone (the other is Broward), the strictest wind design and product-approval regime in the Florida Building Code. Any windows, doors, shutters, roofing, or other opening protection you install has to carry a Miami-Dade Notice of Acceptance or a Florida statewide product approval specifically listed for HVHZ, and that NOA number has to appear on the permit application. We do not have a reliable dollar figure for the premium over standard Florida-approved products, so do not underwrite a specific percentage or cost. What you can bank on: an out-of-county contractor's bid will usually miss this requirement, so confirm HVHZ compliance in the scope of work before you fund the fix and flip budget.

Question 2

Is the Miami-Dade transfer tax higher than the rest of Florida on my flip?

Accepted Answer

Lower, if your exit is a single-family house or condo unit, and most people have this backward. Miami-Dade is the only Florida county with a different deed documentary stamp rate: 60 cents per $100 on a single-family dwelling, against 70 cents per $100 everywhere else in the state, and the county's 45-cent surtax specifically exempts single-family transfers. On a $600,000 flip that is $3,600 in deed stamps here versus $4,200 elsewhere, $600 cheaper. The surtax only bites once your exit is a duplex, small apartment building, or commercial parcel, where the combined rate jumps to $1.05 per $100, a $2,100 swing on the same $600,000. Know which side of that line your flip lands on before you quote closing costs.

Question 3

Should I avoid condo flips in Miami-Dade because of the special assessment risk?

Accepted Answer

Underwrite condo flips with extra diligence on the building, not the unit. Miami-Dade runs two overlapping inspection regimes: the state milestone inspection at 30 years for condo and co-op buildings three habitable stories or higher, and the county's own section 8-11(f) recertification at 25 years coastal or 30 years inland. Since a budget adopted on or after December 31, 2024, associations can no longer waive reserves for structural integrity reserve study items, and the SIRS deadline is December 31, 2026, which is what is driving special assessments. A special assessment tied to an unremediated critical repair, a failed jurisdictional inspection, or unfunded repairs over $10,000 per unit due within 12 months makes the whole project ineligible for a Fannie Mae loan, which pushes the unit to cash or private-credit buyers only. Single-family homes and duplexes are exempt from the county recertification programme, so that risk is specific to condo and small apartment stock. Pull the association's reserve study and recent inspection history before you go hard on a condo deal.

Question 4

What should I budget for property tax on a Miami-Dade flip I'm holding a few months?

Accepted Answer

More than the seller's bill, and the amount depends heavily on which city the property sits in. As an investor you pay the state's 10% non-homestead assessment cap, never the 3% homestead cap, and that cap resets to market value on your purchase, so the prior owner's tax bill will understate what you owe. 2025 adopted millage for an investor with no homestead runs from 15.5108 mills in Key Biscayne up to 24.0024 in Opa-locka, with the City of Miami at 19.9878 and unincorporated Miami-Dade at 16.9317. Note the pattern runs backward from what you'd expect: the highest-value submarkets carry the lowest millage and the lowest-value submarkets carry the highest, so a cheaper acquisition does not automatically mean a cheaper holding-period tax bill. Pull an address-level estimate from the county property appraiser before you close.

Question 5

How much should I budget for insurance while I hold and rehab the property?

Accepted Answer

At the expensive end of the most expensive state, and it's worth quoting early in your underwriting. Miami-Dade's average homeowners premium including wind is $5,975 as of March 2026, against $3,610 in Orange County (Orlando) and $2,650 in Lake County, a gap of $2,365 to $3,325 a year on an otherwise comparable house. The claims-litigation environment compounds the risk: the Palm Beach, Broward and Miami-Dade region litigates 27.27% of closed claims, more than triple the 8.16% rate in the rest of Florida. Get a binder quote on the specific address rather than budgeting a single county number, and build it into your interest-only term.

Question 6

What exit price should I underwrite to, and how long should I plan to be on the market?

Accepted Answer

Plan on the widest resale range and the longest marketing time of any Florida metro in our data. Excluding the county's three luxury enclaves, mid-tier home values across the named submarkets run $417,156 in Aventura to $733,259 in Miami Springs, clustering $425,000 to $585,000 as of June 2026. Miami-Dade's median list price was $588,700 in July 2026, the highest of any Florida metro we've researched, with 87 median days on market, roughly two extra weeks over Tampa or Orlando. Read the values by property type, not just location: single-family Case-Shiller pricing hit an all-time high in May 2026, while Zillow's Miami MSA condo index is down 6.2% year over year, so run your specific comps through the fix and flip calculator rather than assuming a metro average holds for your unit type.

Question 7

How much of my fix and flip deal will USA Mortgage finance?

Accepted Answer

We fund up to 90% of the purchase price and up to 100% of your rehab budget, with the total capped against the after-repair value (ARV). Rehab money is released in draws as the work is completed.

Question 8

What interest rate and points should I expect on a flip loan?

Accepted Answer

Our fix and flip pricing starts around 9.99%, interest-only, with origination typically 1 to 3 points depending on your experience, leverage, and the deal, and every quote is subject to underwriting. Across the market most flip loans run roughly 9% to 12%. On most flip loans, including ours, interest is charged on the full loan amount, rehab budget included. Paying interest only on rehab funds as you draw them exists in the market, but it is the exception, not the rule.

Question 9

Do I need flipping experience to qualify?

Accepted Answer

No. We work with first-time flippers as well as full-time operators. Experience mainly affects your leverage and rate, since a longer track record earns higher loan-to-cost and better pricing. A newer investor can still get funded with a sound deal, a realistic budget, and a clear exit.

Question 10

How fast can a fix and flip loan close?

Accepted Answer

We can get you a term sheet the same day on a complete application, and we typically fund within 48 hours of clear title. The main variable is how fast title and insurance come together, which is why a full close usually runs 5 to 7 days. Because we are the lender and underwrite in house, there is no second layer of approval to wait on.

Question 11

Is there a prepayment penalty if I sell quickly?

Accepted Answer

No. Our fix and flip loans have no prepayment penalty, so paying off early when the property sells costs you nothing extra. Terms run 6 months, and because there is no penalty, selling sooner never costs you extra.

Question 12

Do you check credit or require income documents?

Accepted Answer

We run credit, but this is an asset-based loan, so the property, your budget, and the ARV matter most. We do not ask for W-2s or tax returns to qualify a flip. We will want to confirm you have reserves to carry the project to its exit.

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