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How Do I Begin Flipping Houses?
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Make sure to hit the subscribe button and thanks for watching! czcams.com/users/DaveRamseyShow
I just subscribed for the third time. For some reason I keep getting unsubscribed. Kinda explains why you only have 1.1 million. You deserve much more. Keep up the good work!
The Dave Ramsey Show Dave enjoy your show
To answer the question in the title, try working on your upper body strength.
jcrowley1985 bro probably doesnt even lift. đ
You mean lower body?
jcrowley1985 Probably better to work on your deadlifts and power cleans
Getting bit by a radioactive spider or possessing mutant genes may also help.
jcrowley1985 You even flip bro?
Dave has PTSD from going bankrupt.
He just tries to help others not repeat his mistake.....sounds wise to me :)
@@hookmeupken2190 Dave had 90 day loans and defaulted. I doubt the caller would be that dumb.
Wouldnât you
@@AR-me9jy right!
Haha yes!!
I understand not wanting to be in debt but there are many options a person can take to cover themselves and their personal finances to start flipping homes. People are saying he isnât in the position to flip a house because he only makes $30k a year...so what heâs supposed to wait on a six figure salary before he ventures off to start making money? His low salary is probably the main reason he wants to flip a house for profit. Dave has great advice and his advice is geared towards people who have already made it, people who donât need credit, people who are established. We can all get out of debt by eating rice and beans for several months or years but to actually get out of the rat race you def have to have a plan or else you will just spend the rest of your life saving for retirement and I personally donât want to be 60 or 65 before I get off the wheel.
Morgan Hughes Totally agree !!
Morgan Hughes Agreed...why not use hard money? No effect to your credit and the property is the collateral
Right, but Dave is also the perfect person to give advice on this. He lost his shirt doing it but also found a way to be successful. I think Dave is a touch nervous hearing a guy say â hey I follow your your advice but I am wanting to take half my take home income that I have saved and buy a car but I also wanna flip housesâ. The reason people are saying he should get his income up first, because at 30k for a house hold income is basically a bad flip away from going deep in debt with really not much safety net. He doesnât have to wait for a six figure salary however if he could get his household income up to say 50k that my give him a bit more security income to fall back on. There are other ways to raise your income to where you can take that Hail Mary shot and have some fall back. Right now it doesnât seem like he quite has that set up. I am all for people taking risks and shooting their shot, but you always need to have an exit plan if things arenât working. If he gets stuck with a house for 6 months to a year because it doesnât flip quickly, can he afford to keep that mortgage?
Excellent point
Dave gave a great example of how he could make $6-10k with little to no risk to his credit sounded like a great deal to me, and he pointed out how contractor guys think they are making money but a free remodel can eat up all the profits.
T.v. shows about flipping houses are suppose to be entertainment not educational. Don't try to copy them.
I thought the caller said $3k per year too lol!
Daniel Bennett he did
He did. Then he switched it and said 30.
Daveâs facial expression was priceless đđđ
He did say 3k
He got food stamps!
Ima need to buy those real fast
He needs to focus on getting his income up before thinking about flipping houses. 30k combined? He'd be better off starting his own business.
It all depends on what he actually buy a house for and sell it for. If he is buying it for 30k selling it for 60K and putting 10K in and doing it in 6 months and also working at the same time then he could make well.
Too many variables. We have no clue to his skill levels either.
It could be debt owed to other businesses that may have given him a line of credit.
He works for his Dad, I doubt hes acctually making only 30k a year. Sounds like crafty book keeping to me
kermit1 he might be able to flip some doll houses or those mini houses with that income.
kermit1 No it can flip houses in.areas he can find those low income areas..where you can house for $5000 or less...
MY problem with trying to flip a house was that when I found out about a foreclosure and had a realtor show me the house. They would call back and said it was sold to so and so...Well It didn't take me long to figure out there were some shady deals going on where a couple realtors were in kahoots. They were scouring the low ball properties for their own side business.
Well duh lol the bankers do it too. I met a guy who was in real estate who told me once you get enough money the banks will give him a call first to see if he wants the property.
@@JohnDoe-gc1kt He probably pays them a cut under the table straight to their pocket.
@@ivarlosna6516 wouldn't doubt it
You can never trust real estate agents!!!
@@ivarlosna6516 you donât need to when everything you do is legal.
If flipping houses was easy, everyone would be doing that. Plus, itâs a smart business because most flippers do a very bad job with homes. Tons of issues at inspection, structural cover ups, and all types of nightmares. Itâs a nasty business.
I personally know many that lost everything trying the flipping house business. Definitely not easy and high risk unless you have lots of working capital.
HE might wanna look into being a...Contractor! đđ
FIRE SIGN Excellent idea!!!!!
Dude sounds 43 not 23
Jesse Bolado he's married that's why đ
Jesse Bolado âșâș
Jesse Bolado true
Everyone sounds older on the calls, first cause they are talking about grown adult situations and their voice sounds distorted
Maybe that's because he's 25 years old, his wife is 23. đđ
What the guy wants isn't flipping, it's rehabbing. I know a guy who does well at it now that he found really good contractors for each improvement at good prices. You need an eye for which properties offer an opportunity for high-value but low-cost improvements.
Rehabbing⊠vs â flipâ?
@@snarecat3441 In my mind, rehabbing adds value. Flipping is just buy and sell. Take it for what it may be worth to you.
Ppl mess up flipping houses when they find a 100 grand house, pay 85k for it and then wanna put 50k in it. Trying to make it the best on the block
Didn't know Dave wholesaled houses before. Fascinating....
He did a more extreme version, in which he actually took out money to buy the homes, and tried to sell the property and the loan.
this is how I'm beginning, I'm not going to collage, I'm gonna take carpenter classes, pass them, then work and a job between 30- 40 grand a year, and I will live with my parents for 5 extra to years and I'll save every penny and at the end I will have 150-200 grand, and thats how I'll get started
Taj Faraj yeah college isnât for every one way to plan. Itâs a waste overall helps a bit
Living for free you need $40k AFTER taxes to save up $200k in 5 years if we're not counting interests on investments. Better take two jobs if you want $40k after tax with no education. You might learn something and it might inspire you to consider starting your own business.
Same exact thing as me but as soon as I graduate from high school, im going to study welding and save all of the money I made from working
Howâs this going for you?
@tajfaraj402 howâs it going for you man?
Having experience from construction, especially if it is the right kind of jobs, he should be looking at buying trash houses that are about to fall apart and fix them while living in them for a year. Sell, rinse and repeat.
So basically he told him to do wholesaling right?
Yes
But wholesaling requires a real estate license in many US states. So there's that investment you have to make, too.
To Be The Bearer no they donât, wholesalers donât require any type of real estate license
@@MumuJax The problem is for a couple make only 30K, there is no way they have personal connections to enable them to find that "great deal".
@@mauricegeorge4320
He may have a harder time after finding a deal to have an investor to re-sell the property to make the 5K.
Maybe because he is in construction already he's thinking of buying a very cheap run down place and plans to work it in his off hours. It may work- $10,000 property could be had sometimes in Detroit, Philly, etc. Habitable homes in those same areas may appraise for upwards of $50,000. If he can work with his wife and in 2 months get it in selling shape, he may be able to work it out. Now in those same areas, he has to be concerned with crime, theft of tools, damage to property while being worked on.... etc.
Everyone watches TV and thinks "flipping houses" is winning the lotto..... It's TV people!!!! NOT REAL. Flipping houses isn't so easy.
Do you flip houses ?
EmOhEm INVESTORS great ?
Flipping houses is years of hard work living in said houses and renovating them from trash conditions. Unless you have a lot of money to invest.
@@estrada4561
I actually have done some flips over the years. My day job is COMMERCIAL REAL ESTATE INVESTOR. We dont flip.
Flipping houses isnât hard... you just need to have a solid team and make sure your getting good deals you canât just fix and flip any house well you can but you want to make sure the hiuse will sell if not you will end up like Dave and be scared of debt
Buy a home in a good location close to schools shopping and highways rent it out and find an investor who you can do remodels for that way youre building your cash and learning the ropes until you're ready to go on your own.
He should try getting properties at the county tax lien sale or the state sales. Great way to get properties on a chance or get your investment back if the owner redeems.
my first flip took 1 year to sell in 2013... man, I was glad I didn't have payments on it
How much did you make off of it ?
Then the price was too high
Do remodeling jobs til you get enough to flip
I have an uncle by marriage who has made a lot of money flipping houses and holding onto rental properties.
I listen to hia show sometimes and people call in about house flipping. And geeze. If you have to ask.......
I paid cash for my 1st house and lived in it for 4 years while i fixed it up and thats how I did it.
I respect the DR. Join your local REIA to learn flipping homes.
My family has been in the house flipping business as long as ive been alive. I would always help my uncles fixing it up for side money. Now that im established in thinking of doing it on a small scale like singlewide trailers
If he knows how to fix up a house he should just work for other people fixing to their houses. They can pay him under the table for weekend jobs and that can be his side hustle
He needs to ask his father for a raise or a End of the Year Bonus based on performance. Also, how much is his father making/year?
Flipping houses is a RISKY way to try to make money.
You buy a house, then you have to fix it up. Some people make a lot of money because they can evaluate the house well and they know how to remodel for maximum return.
Most people will spend more on the remodel than the value they add.
Get a purchase agreement with motivated seller for 0 down deposit with a closing date of 30 days which is possible. Now you have a month to find an investor with the cash. Sell the contract to the actual buyer for an âassignment feeâ on an another contract between you and buyer. File everything to a title company and they will clear title, work the transaction, get the money wired from buyer and disburse the funds to the seller like you agreed with him, they will also disburse the âassignment feeâ to you in the amount agreed by you and buyer.
Liked after "that gravy's not good"
He talks like all debt is bad. I agree that consumer debt is terrible but not debt that will make you money.
Mi Pueblo debt doesnt make you money lol
depends how you use it
Ur in debt after you've bought the house. When the house is sold, you're out of debt with profit
Josh Rhode that's a risk still. You may make a profit 3 different occasions but one bad deal can set you back badly. With this guys income he should just buy a couple rent houses. Let them make the the money needed to do major house flipping.
David Krumme there is such thing as good debt and bad debt.
Iâm an investor flipping homes requires capital. If you donât have capital find a way to get some or open a business to build capital. Then start thinking about flipping homes. Itâs not that easy!
Already been looking into wholeselling. Its intriguing
Any progress?
Buy and hold to rent is better
Flipping homes is lucrative if you know what your doing
*When you have enough money for more than one property. Flipping can make a ton more cash than renting, but its a high labor cost. So it makes sense to start flipping, and then transition into owning rentals.
MILLIONS IN MOTION way more headaches and slower return on investment
Do remodels for someone else to learn how much it costs, the problems that arise and costs that arise over budget.
Flippers affect everyone around them. Plus, when you try to sell your property, buyers look at the pics of those nearby flips. Since, you didn't rip out everything, and replace it with white veneer, and communist grey, they have little interest in it đ. So, prospective buyer says it should sell at that fixer auction price, that the nearby flipper seized upon. It's more complicated than interest rates and supply of homes on the market. Houses are to live in, sometimes you do have to rent them out because of a personal circumstance that can arise. But now, what options do people have left? Rentals that rent for the same as a mortgage payment. Why? Flippers push up the rental price of everything, houses and apartments. Then, you are forced to have to rent out the home, you are trying to sell; its a cycle. Investors around you love it, they do only minimal maintenance and improvements, because they never intend to sell their properties, and they keep upping the rental price.
The title response you need to purchase a house that can be profitable. Then do the work yourself if you can, if you happen to have alot of money you have more options. So while you are young learn how to fix the things. Save some money for you need money. I'm flipping a house. Though I have some money in my emergency fund, I still want it as an emergency fund and not drain it... I'll be fixing it part time. Will be working a full time job. I still think it will take me at least a year to fix it up 75% of the labor on me. I plan on either living in it or renting it out. Then once I get more money I'll put another house on the property. It's a lake house with 2 addresses on 3 lots. The land is more valuable then the house. So it needs work. The land is amazing for northern Illinois. Definitely an investment property with alot of potential I just have to put the time in it to make it profitable. Though I'm still employed doing a specialatity. My hobby is fixing things in a house. I don't like to take my work home but if I need to I'll do my specialty on this house.
Dave just described real estate wholesaling!
Wholesaling houses definitely works. I do it every day and loving it.
Teach me how? Or at least tell me the tools to gets started, thank you
me too iâm
curious
Itâs a bit saturated now and itâs been becoming illegal to do in many states without having a RE license. Also, thereâs a lot of scummy and unethical ppl in the game that make sellers not want to work with them unfortunately
he's talking about Wholesaling
House Flipping Guide itâs called a contract assignment. When you wholesale it you actually have to buy it. Itâs also called contract flipping
Yes he is
+Simon Marthinsen, don't you have to have a real estate license in many states to be able to do contract assignments?
Hey Gerald!
Email me. Interested in this !
Some older fella was talking me into flipping on a mortgage. But after hearing this Iâm not too sure.
Dave never mentioned assigning the deed? Or taking over the mortgage note ( which would be a pre foreclosure). He just said finding a foreclosure.
You may like to watch Homemade Homes on CZcams. The fellow buys houses really cheaply, fixes them, and rents them out. He's in it for the long haul.
Wholesaling is a great way to make money and not invest your own. But we have been successful flipping houses using other peopleâs money or debt. But we get in, one or two at time, and get out as fast as possible. Then we buy rentals for cash flow and future investments. But flipping when done safely and with very careful math, flipping can be lucrative. Just be smart about it.
Dave Ramsey is the reason my sisters and I are getting into wholesaling!
Careful on flipping. Better to buy and rent then buy fix and sell
As someone who works 2 jobs and lives in an area thats very spread out with terrible public transportation sometimes cash cars can cost you more than a 15000 financed vehicle with good gas mileage and a good warranty... It sucks making those car payments but my cash car was like a bomb waiting to explode every few months... I could never get on top of the repairs no matter how much I saved. I can stick to a true budget with my car payments at least. Also depends where you live imo because of the insurance rates.
This is basically Wholesaling. Thank me later lol
Edwin Duran correct.
Edwin Duran What's your point?
Yep, and it doesn't work. You always just find other wholesalers pretending to be buyers.
When you go to find buyers, 95% of "buyers" are actually wholesalers that try to steal your deals.
Alex Cameron You still get paid? Then they have to sell on upward so if they can, let them.
how does the investor not go to directly to the seller?
Yeah how do you find the seller before the investor does?
You still are going to need the banks approval to sell/ buy the property at $21k if they dont own the home outright
The profit you make is the finders fee (from the investor). You're just bringing the investor to the seller....giving away the rights and secret of the deal.
âI never bought the house. I just sold the position and another investor bought it.â Smartest thing Iâve heard all day.
Much easier said than done though. Think about it, what deals are out there you can get your hands on that investors canât? Those are the only deals this works with.
This is actually probably the dumbest thing he has ever said. Why would his investors that he knows not already know about this deal?
If you can't do the repairs yourself, or don't have a business partner who can, you should never get into house flipping.
HermannTheGreat
How many houses have you flipped?
Heâs half right. Hiring contractors is very expensive. But if you can hire men yourself and oversee the work you can make big money.
Great advice. I was looking to do the same thing. However, I wanted to do it without banks and loans. Just great advice!!!!!!!!!!!!!!!!!!!
Wholesale until you get the cash.. brilliant!
What Dave is talking about is called wholesaling houses
I see him more of as contractor instead of the business flipper. Cause if you
Put a lot of money in the house then you will not profit in the home. So the contractor or remodel has to be simple so you can profit. Yeh like dave said is correct.. I been to couple flipping homes. That's my dream job!
Dude was wholesaling houses đ
Wholesaling that's all he had to say in a nutshell. But overall great information.
Dave is right don't flip houses unless you have the cash to buy the house outright and the cash to fix the house as disposable income. I would say you should have at least 100k in cash before attempting it and expect that you might lose instead of gain. It is always a gamble
You sound stupid
How many homes have you flipped
What about moving from fixer upper to fixer upper and remodeling it as you go? Or would it still be better to just do contracting on the side?
I believe that's known as a Live-in Flip. I know people who do that, including one of my uncles. They look for distressed properties and live in them as they are fixing them up. Once they sell, they just roll that money over into a new property. My uncle pretty much got to live in every state in America from doing that, and he's making tens of thousands, sometimes hundreds of thousands a year per flip. You just really have to know what you're doing in order for it to work. He started out working construction in the late 1970s right out of high school, so he has a background in the trades.
Dave basically wholesaled houses which is the easiest way to get into real estate bc u donât need money or credit, just need to find a motivated seller & the cash buyer
Dave's referring to the economic profit, which accounts for the opportunity cost. When you deduct what you would've made remodeling for someone else, are you still making money?
Find distressed property bargains that banks won't lend on and buy them using hard money loans. Don't offer to pay more than 60% to 70% of the finished value. Work fast, don't let them sit around for long. A hard money lender will loan 100% of the purchase if you supply the labor and materials to remodel. A history of past successes is helpful.
Dave's face "are you done talking"
I agree with him here. Good advice on this space.
So donât borrow $3M. Got it. But what about $300k over 3-5 properties.
This was excellent advice
he's talking about wholesaling
I don't understand that Dave? The bank got sold to another bank and they called your notes? So you had a lot of debt flipping multiple properties and the banks can call their entire notes at any time? Can someone explain...... learning. Thanks!
Marty Summers not all notes have that recall option. He took that option to get the loans quick and easy.
This is a common clause in many debt contracts. It rarely happens to people but it can happen. One way this might happen is if the mortgage company thinks you are in breach somehow for instance if they give you a lower rate for being your primary residence but you decide to rent it out and buy another house. If they find out then they can foreclose on you. There are tons of reasons to foreclose. There is a reason why a mortgage document is dozens of pages long. They are not protect you they are protect there interest.
Alot of people dont understand how dangerous it is to flip houses. It's like the stock market and even bonds. Never take on risk from an investment only take on risk as an investor. In order to make money on the stock market you rely on the economy of the nation to do well. People don't realize that you should never look at average returns to analyze your potential profits. When we are in a bear market and stocks are going down, you must also consider the potential profits you could of made on interest on your money if the market was doing well and going up. It can take a very long time to make up for your losses. If you invest 100,000 dollars in the stock market and your stocks go down by 10% after one year, you end up with 90,000 after the loss. It won't take you 10% to get back to 100,000 because 10% of 90,000 is 9,000 and you will end up with 99,000 instead of your full 100,000 and those loses can compound over time when people are convinced to invest in the longterm. Bonds rely on the national interest rates to stay lower than your note. Once the interest rates become higher, your bond will devalue and the national interest rates are not under your control. When you flip a house, you rely on the housing market to do well and to perform just as strong from when you started to analyze the deal and eventually finance the deal. If the housing market drops for your investment during the months that you rehab the property, you would of rehabbed a house that has went upside down while you took debt out in order to finance that deal. That is dangerous because you don't control the housing market. Only invest in things you can control. And debt on top of a bad investment can really set someone back like it set Dave Ramsey back.
I don't get the find house cheap, and without doing any remodel sell it to another investor... (let's say buy at $50,000 and sell at $60,000) um presumably that investor is also looking for real houses and can also just but the house at $50,000! Why would he buy it from you for $60,000?
Because the investors may never find the deal... you found it for them and get paid for finding it. Your primary job is basically marketing and prospecting.
Because you already have a contract in place with the seller, so the investor canât just steal the property from you. If they say no, you can still find somebody else within the five day timeframe. This isnât like when ghetto cheap people hire a painter off of craigslist and then just hire somebody else instead because they found somebody cheaper. When you have a house, and hundreds of thousands of dollars, if you do something illegal like break contract you can expect to be sued big-time.
What if you team up with investors and slit the profits for your first few flips?
Very very very very very few people can actually make money by "flipping" houses. The truth is the deals just aren't there. A house worth $50,000 is worth $50,000 weather the owner is in foreclosure or not. You will not be able to buy a $50,000 dollar house for $25,000.
Great points Dave!!!
FLIPPING HOUSES TAKES A LOT OF MONEY. NONSENSE PEOPLE SAY YOU NEED NO MONEY TO FLIP HOUSES. THATS NOT TRUE. MORE TO THE FLIPPING BUSINESSES THAN THEY SAY. YOU NEED TO DO YOUR HOMEWORK BEFORE YOU START FLIPPING
2:01: If a bank buys out another bank don't they have to honor the loans that already exist? How can they call the notes and force a borrower to make balloon payments since notes (debt/charging interest) are what keeps a bank in business?
amazing advice!
Just listen to the video
Where did you go to buy foreclosures?
This was a really good video. Thanks Dave.
Fellow Tennessean... Thanks for all the tips..
There is good money in doing bathrooms and small projects. He could work with one of the Home Depot contractors if he doesnt want to make sales himself.
so I wont lie I have a home to fix ... it will be passed down to me. if i start wanting to flip houses should i start getting educations in electric, plumbing and basic certifications if I was to do this for a living? or would it just be best to go to my college for a specific handyman type course? so lost. because I'M willing to get into the guts of the house and fix everything for a better resale value. im just not sure where to start
I had a idea, if I don't own a house, but have say 200k in cash, if I just buy house I like fix them up the way I like it, and sell it for a profit, and the first one I CANT sell at a profit, I just keep. could there be a problem with that.
az21bob666 I think that is a great way to do it because doesn't involve any debt at all. The last thing you want to happen is that the house is on the market for months on end while making payments on it.
You could do that, within reason, but not if you go overboard with the remodel and put more money into it than you could reasonably get back out of it. Always refer to comps in the neighborhood to see what similar houses are going at cash sale value, and back-calculate from that how much you could spend on a flip property for it to be worthwhile. A common mistake for newbie flippers is to ignore the comps and put more money into the remodel than they can reasonably get back out of it.
Use a bulldozer to flip the house.
Dave makes debt sound like a bad thing. Debt can be a great thing if used wisely. He shouldn't have allowed himself to get 3 million dollars in debt by flipping houses. If you start small, take it slow, and invest your earnings in to new properties instead of taking big loans on every one, you wouldn't end up in the situation dave did when he was younger.
No stupid. Debt of any kind is bad. Barrowing money and having to owe someone is something broke dumb people do.
@@kabutoyakushi6618 how?
Very Great Info!!
thanks for the video. a budget is the key!
Even though debt isnât good. Debt tied up to real estate is t bad. Plus the odds of a bank calling for a loan to be settled immediately are low. No risk it no biscuit.
There are people that think if I buy a home and flip it Iâll make money. Doesnât work that way. A lot more goes into it than that simple math equation.
Yes. You can get a remodeling job without having to buy a house first!
He is correct. But Iâm tired of doing Remodelâs for other people. I can buy a house and do it at my own pace and make the same or even some more money.
Where do these people live that they can live off 30K per year?
R Smallwood really small towns in not so populated states and cities so maybe Montana, Idaho, Nebraska, Maine etc
I live off 7000 a year disability benefits sucks im super poor and in debt
It states tennissee
30k in TN is like 55k in CA.
Out back in a small country town...in the sticks đ€
God bless you again thank you for the advice
He didnt even answer the question, good debt is better than no money.
so when you write up a contract to to "buy" a house you only have like a week or so to find someone else to buy it ?
i believe so. the goal is to find someone to buy the house asap
It would be wise to have potential investors already in mind before writing a contract like that.
Isaac Gonzales you are supposed to have a list of investors ready before you go under contract
The key is the contingency clause that states "subject to agreement by my business partner". The partner is the real buyer. If you can't find another buyer, you don't buy the house. You have to know your numbers for it to work.
Or maybe have real estate investor that
You already connected too before hand...
This is how you know someone is from Tennessee, âuhhh yeaaah my cousinâs auntâs mommaâs friend has a car with 10k left owed on it and my cousin is debt free, but my question is how to flip a houseâ lol
I have 85k saved up, should my goal be buying 250k houses investing 20 to 30 grand and fixing them up and flipping?
Ramseys advice would never work in California. 50k houses, get real.
Great advice!
Dave is wrong about borrowing money. Sometimes creating a small debt can generate a huge income.