How Much Money Do You Need to Flip Houses & Where to Get Money - Beginner's Guide to House Flipping
Vložit
- čas přidán 13. 07. 2024
- How Much Money Do You Need to Flip Houses & Where to Get Money - Beginner's Guide to House Flipping
Many new investors asked me 'How much money do you need to start flipping houses?' because they worry that they don't have enough house flipping money to get into the business.
How much does it cost to flip houses (your house flipping budget) depends on the purchase price of the house and the renovation cost. The house flipping cost varies from flip to flip. In this video, I show you the house flipping cost breakdown and each step that requires money, how much does it cost to flip houses, and where to get money to flip houses.
If you are a new investor wondering how much money to start flipping houses, watch this video to understand house flipping cost. This beginner's guide to house flipping video will also tell you how to flip houses and be prepared for the house flipping budget.
#houseflipping #realestatecoach #realestateinvesting
Watch next: Flip Houses With No Money:
• Flip Houses With No Mo...
Flipping Houses for Beginners Playlist:
czcams.com/users/playlist?list...
🔔 SUBSCRIBE for more House Flipping Tips & Strategies:
czcams.com/users/transformrealestate?s...
❤️ SHARE this video with a friend:
• How Much Money Do You ...
✅ RECOMMENDED videos:
- Everything to Know about Hard Money
• EVERYTHING to Know abo...
- 5 Steps to Invest in Real Estate WITHOUT MONEY - $75k Profit in 1 Week!
• 5 Steps to Invest in R...
CONNECT WITH ME ONLINE
IG: transformrealestate
FB: transformrealestate
www.transformrealestate.com/
Watch next: Flip Houses With No Money:
www.youtube.com/watch?v=IiVzt...
Flipping Houses for Beginners Playlist:
czcams.com/users/playlist?list...
Love your content. Thanks for taking the time to literally walk through all the steps explaining how each can get done.
Super video! You deserve more subscribers and views no doubt. Keep grinding it will come :)
I freakn love your videos!!! You are so inspirational and I learn so much from you. I have a question that you may have answered before. When you walk into a space how do you estimate the budget you'll need to flip it? I'm taking about when you don't have too much experience (like me).
Thank you
Great video Elisa! As of August of 2020, expect to put down 15-25% of the purchase price as a down payment if you plan on purchasing it with hard money. You also need to have 6 months' worth of interest reserves in liquid assets (stocks, bonds, cash, etc..) as well as a way to finance the construction costs (either financed with a construction loan or as cash). In the Bay Area, this can come out to be around $250 K to $350 K depending on the purchase price and scope of work.
Thanks Sean! Yeah, as I mentioned in the video, hard money lenders' funding guidelines have tightened since the pandemic. You make a good point that reserve is also needed. To beginners, it may sound daunting to have to put up a few hundred thousands into a flip, that's why I mentioned some alternatives to get funding and to wholesale the contract so you don't have to have that much of your own funds available.
@@TransformRealEstate Or find the right partnership where one party brings the funds and the other party brings the deal. The best deal I've done to date is the one we did together! :)
Yeah, partnerships are great if you know and trust the other person. A wonderful deal brought us together :)
Very useful information. Thank you
Thanks Karena! So glad to hear that!
Where do you find houses to flip? Are tax sales auctions a good place to buy homes?
I am going through my first flip right now in Orange County. Nervous but excited!
That's awesome! Good luck to you and keep me posted :)
How did it go?
@@cyna1103 Still working on it!
Hello, great video. I'm in the Bay Area also, Antioch, CA to be exact. Could you possible refer 3 hard lenders I can contact for possible approval? thx
Hi,
I am looking into purchasing my first flip house in the tri-state area’s but I’m completely lost and don’t know where to start. I’m hoping to find a mentor like yourself that could help mentor me through the process since I don’t really know anyone who flip houses.
P.s your videos are great and very informative!
Thanks for your interest. I actually just launched my coaching program, Transform Flipper Academy, to teach you to flip houses the right way. If you're still interested, apply here: transformflipperacademy.com
Hi good morning my name is Sergio Rangel and I’m going to start to flip houses and I’m learning a lot from your videos thank you but I have a question for you I hope you have the time to answer when you finish your projects I see you show the house with furniture how you do that? Again thank you for everything and have a wonderful day
Hi! Nice to meet you Sergio! The furniture is from a staging service, so I pay for the rental of the furniture and accessories, and they are removed when the house is sold.
@@TransformRealEstate Hi! How about all the junk and stuff inside the home? Do you hire a junk removal service?
Do u conduct classes to teach virtually .....or can I contact u thanks
Hi! I don't have any classes, but my CZcams videos are made to educate people on real estate investing. You can comment on my videos to ask any questions you may have. ☺
So who puts up the ernest money if you're trying to flip with none of your own money down? Really trying to find a video with detail explanation from start to close.
Like I mentioned in the video, you have many options, could be from a credit card, a HELOC or a retirement account, or friends & family, or a private money lender or an equity partner. To learn more about how to flip houses without using your own money, watch this: czcams.com/video/IiVztGBoSs0/video.html