How To Start Flipping Houses As A Beginner (Property Walkthrough)
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- čas přidán 18. 07. 2023
- If you want to know how to start flipping houses as a beginner this video is for you. Every week, my team and I look at multiple properties and make multiple offers. In this video, I'm going to walk you through a property that I recently made an offer on and explain how I came up with my exit strategy. This way you'll know what to look out for as well. Check it out!
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Jamal, this is a great video and very educational! You are 1000% correct with you reasoning, numbers and methodology. Love it! I did this for over 20 years, and just got my last home for only $75K cash - Cash is KING! For around $25K, I can paint it, update the inside, build a fence, do some landscaping, re-build front porch, and I DIY about 75% of my projects (demo, renovations, gut rehabs, etc.). It's a side kick thing I've done for over 20 years. When I sell this current house in 3 years, I will make $75 - $10K, depending on how much I want to put into it - ie., re-siding vs painting, a new driver, way, etc. My last project in Chicago was a home with 2 basement apartments that we financed at $157K and sold for $280K. That was a real gut-rehab, and a main in the.....! Never again. LOL. My wife bought that one, I told her not to but, it enabled us to my our current home with cash and pay off our car. The wife was right, but my back skill hurts. LOL! I have pics of that last project and tips on how I am doing this current project. BTW, in IL\Cook County, you can buy Property Taxes from delinquent payers for a few thousand and make a bundle. You and could also own the home in 3+ years. There are TONS of opportunities now, and more are coming because of Property Tax increases, HOA fees, Insurance and more. people's taxes are doubling and they will be selling soon, if not already. The more inventory, the more prices will drop, so wait!
I'm an experienced Flipper and all this info he is putting out there is spot dead on!!
To the point analysis, all quality content no extras. Awesome you include it all. First time viewer, subscriber !
This flip's transformation is nothing short of remarkable. Kudos to your hard work!
Great video! Thanks for all the knowledge you share.
great video. the comparison between options when looking at purchasing a property is a nice thing to have explained so people can see what is actually supposed to be going through your brain when looking at a property like this. everyone should be able to run quick numbers like this in their head and be able to calculate an offer on the spot knowing what is and is not possible with the property. thanks for this video.
Such an awesome breakdown! Currently preparing to start my wholesale real estate business in ATL, and your content definitely motivates me. Keep 'em coming!
Glad it was helpful!
Good job
You the man. Great walkthough
thx
great video ... i think i went to a community college in Jamestown ...
Great meeting you at Doru Meetup.
Help me understand. Asking 130k. Your offer price 100k. 50k rehab puts you at 150k. 3 months of holding costs plus double close extra 10-15k to be safe. 200k-165k = 35k profit. Why not offer 115k and settle for 20k profit? No sellers near me are accepting offers 30k below asking. I’d gladly flip a home for 20k profit. If I could get full asking of 220k on resell. It would be 40k in the kitty. 115k looks like a good offer price in my eyes. Maybe I’m missing something. Thanks for the help in understanding Jamel
Each market is different. I prefer higher profit margins in order to prevent squeezing myself too thin. I look for a dollar for dollar turn between rehab and profit. I have consistent deal flow so I can be picky, but it’s really just preference.
Nah... You r being too easy to satisfy... Higher the margin coushion, better protection if anything goes negative...
You’re also forgetting about risk. There’s almost always something wrong with a house you can’t account for. The lower price you buy a house, the safer the project.
Great content just subscribe it’s like a one stop and learn going threw your videos ; I learn more watching your videos than my 5 years experience as a real estate person in Brooklyn my niche was rentals at the time . Salute to you much success health and wealth 🏆💪🏾🏆
Maybe rip out the wall separating the kitchen from the linen closet and turn that closet into a kitchen pantry with the door being in the kitchen. Open up the hallway by removing the door leading to to living room from the kitchen. Love the videos, wanting to move to purchasing in NC lived there.
That was definitely a thought.🙏🏾
How is the housing market for buying and flipping houses for money now compared to several years ago??
Great video. I don’t understand why a conventional loan can’t be used to finance it though. I thought as long as it already had power, plumbing and other bare necessities to pass as “livable” then it’d get through appraisal. Is it just that sellers prefer cash so they could close a few weeks sooner? If I had a conventional loan and offered 110k would the seller still likely go with your 100k cash offer?
I would flip... Great video Jamel - Good Luck, Gary
thanks
Love your channel. Can you add close captioning to your videos please. Thanks for all the knowledge you share.
Thank you. And thanks for the heads up. I will look into it.
UPDATE: You can add that through your settings. The video already has it via CZcams. Here's how:
Go to video > Click on settings > Click on subtitles, and turn on along with your language.
Hope that helps!
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Jamel - In the beginning you said it needs new windows. What specifically do you look for to know if it needs new windows?
The windows are old.
@jamelgibbs is it a specific model or style that tells you it's old? Otherwise why not just paint them?
I would turn that den into the new owners suite. You got plumbing on the backside of the laundry room to add a bathroom. Id join that half bath with the closet for a walk in
Not a bad idea, but it would depend on the cost vs increase it value.
@@jamelgibbs I dig
How will 1% work in an area like nyc where houses cost 500k+….?
I would recommend doing the outskirts of NY or virtually in other markets. It will be much harder in big cities due to price points and the whales in the area
That a MILLION DOLLARS WORTH OF GAME.
You got the hook up on labor
Yep. In house guys
@@jamelgibbs that’s what I need a in house crew
Indeed
Bra I think you lost 5 lbs that day lol good video tho 👌🏿💯
Yeah it was hot in there. Lol
Soo cute
Oh Jesus he's fine 😍
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