3 Nightmare Scenarios For Your House Flip... I Have Them All
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- Äas pĆidĂĄn 9. 06. 2024
- House Flipping is full of ups and downs. sometimes the Gurus leave out what really goes on behind the scenes for flipping houses but today, i show you 3 nightmare scenarios im going through with one house flip as a beginner house flipper.
I am a brand new real estate investor and i am documenting what its actually like to grow a house flipping business from the ground up.
todays videos documents my 4th house flip that is starting home renovations but running into some issues. This video will help you to avoid the same house flipping mistakes!
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![Starting a HOUSE FLIPPING Business as Total Beginners [Ep.1]](http://i.ytimg.com/vi/Jn_uxqQbgsM/mqdefault.jpg)
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Been watching all your videos from the beginning... 23 and you inspired me to get my journey startedđȘđœ
When you're walking the properties, be sure you're looking for termite tunnels on the exterior of the house. You will even see them on brick as they are making a pathway to where they're entering the property.
You keep talking about how great your contractor isâŠ. âHeâs got you, and blah blah blah.â Bro, heâs got you but youâre paying him fat stacks of cash and meanwhile your properties are sitting and not selling. I know you guys have this partnership thing going on, I hope itâs an actual partnership where heâs fronting some of the purchase and holding costs as well and not just getting you âcheaperâ labor. Because I guarantee you heâs still making bank on the labor even at a discounted rate. The dude seems funny and nice but donât let him swindle you just because youâre new.
Bro FAX that contractor is getting paid really good money, they love when they get hard money payouts because they know its guaranteed and what your probably getting, thats why u pay them cash n let them know ur not using hard money.
Great video Jackson keep âem coming
Just a thought - these videos are getting enough traffic that it is likely effecting the Zillow statistics on your listings.
Thatâs a good point. The real time aspect might definitely be a factor.
If you want top dollar, I'd recommend replacing those tile floors.
Stay strong. This is a test for you. If you come out the other end you will be stronger for it. Good luck man.
1. Start marketing direct to seller.
1a.That way you can have a 3rd party professional home inspection which most wholesalers wonât let you have
1b. You can wholesale the âbase lineâ flips and only take down the home runs
2. Match the comps
2a. Donât âhopeâ with your ARV.. if none of the houses have vaulted nice ceilings yours shouldnât either. You got to remember this isnât hgtv and you arenât living in it. Over spending on rehab is the easiest way to blow a deal
Ask me how I know.. been there done that. All that being said you are doing more than 99% and this experience is worth its weight in gold in the long run. Good luck brother!
Totally agree have to fix with what comps in the area are doing , new builds around Houston can take your ArV price down if you fix around downtown where new builds are popping up everywhere.. with warranty and at a lower asking price buyers will not even want to see your home.. happened to one of my buddy .. now he just wants to break even after holding for 6 months. Big money can be made and lost need to do due diligence and be 100% sure youâll make money or walk .. no one runs a business on maybe if everything goes as plan , because nothing goes as planned so that 100% sure is actually 70% when itâs all said and done .. gl on your ventures. Btw your money is more important than rushing to buy a flip for content.. buy a flip because you know itâs a solid deal. We all know this is basic stuff Iâm saying but sometimes you need to hear it again .
Due diligence! Due diligence! Due diligence!
Totally agree have to fix with what comps in the area are doing , new builds around Houston can take your ArV price down if you fix around downtown where new builds are popping up everywhere.. with warranty and at a lower asking price buyers will not even want to see your home.. happened to one of my buddy .. now he just wants to break even after holding for 6 months. Big money can be made and lost need to do due diligence and be 100% sure youâll make money or walk .. no one runs a business on maybe if everything goes as plan , because nothing goes as planned so that 100% sure is actually 70% when itâs all said and done .. gl on your ventures. Btw your money is more important than rushing to buy a flip for content.. buy a flip because you know itâs a solid deal. We all know this is basic stuff Iâm saying but sometimes you need to hear it again .
Crazy the house I just got under contract has termite issues and wood decaying fungus in the crawl space!
Hi, thanks for another awesome video. Can you update on "Hunnicutt St" ? I can see it's still sitting on the market. are you still paying monthly for hard money on that?
I know he is being transparent with us, but be a human for a moment. He is going through an ordeal with this flip. Then you want to discuss a home that has not sold. Talk about horrible timing. To answer your question Yes he is still paying for it. Who else would be paying?
â @@tonytucker8651what a stupid comment đ,obviously he knows the timing đ€Šââïž
@@tonytucker8651 just wanted to know any other exit strategy he's planning. let's see if we get any update in future.
The house fascia looked like it had termite damage on the first walkthrough.
Who are your hard money lenders?
Sparklelending Thereâs a link in the video description