Currently doing my first flip. You couldn't be more correct about how invaluable of a skill it is to know off the top of your head how much construction/rehab will cost. Sounds simple but there is so much that goes into that knowledge and can really help when you're identifying a property. Keep up the good videos!
I think biggest obstacle is to have experienced and successful flipper willing to team up with you just for money Majority of experienced flippers has money to pull off the deal all by themselves (like James) and pocket the profit
Oof those numbers.. could be a success, I don't know WA as well as I know the OR coast. I have a rehab home on the pacific n/w coast purchased in november for 121k, 60k or less rehab estimate, Estimated ARV 350-400k. Two story, bayview, 5 beds, 3 baths. Better shape than the house in the video. We've rehabbed 7+ homes with good success. 1 - First thing I check for is foundation issues. What kind of foundation, hows the crawlspace or slab, etc. 2 - I check the bones of the house. Gauge how much overall time and cost it may take. Also check for unpermitted construction, additions, or terribley done remodels. 3 - I back up and check the area for desirability, rentability, sold comps, comparable homes for sale currently. 4 - I review the project for any issues that could make the city or county freakout to flag work, require immediate city inspections, or try to reclaim the property after sold to me i.e. liens etc. 5 - I decide if the house/project interests me. Do I want to dedicate my time or work on it for months or deal with contractors for months on the home? Is there 60k+ equity after rehab? 6 - Then I Structure an offer based on whos selling it and what the home needs. I took our state's certification course in asbestos remidiation. Wife is a licensed RE broker in this state. Good luck! You bought a "monster house" as we call them. Some are good, some may not be worth your time. One of our former ones needed all new roof sheathing and we had a kiddypool in the dining room filled to the top from roof leaks. Generally I much prefer small monster homes over large ones. If they are pre1940s I won't bother unless they have some amazing ammenity, i.e. the one I'm living in now is 1900 built but came with 2 houses, 10+ acres, and borders a playable and fishable river that feeds directly to the ocean. I have an offer on another rehab home I'm waiting to see if our offer is accepted this afternoon, we are also putting together an offer for a rehab multifamily property and will be submitting our offer tomorrow. I'd love to see updates on your project! If your guest/partner has operators in OR, I have projects comming online now.
Currently doing my first flip. You couldn't be more correct about how invaluable of a skill it is to know off the top of your head how much construction/rehab will cost. Sounds simple but there is so much that goes into that knowledge and can really help when you're identifying a property. Keep up the good videos!
I think biggest obstacle is to have experienced and successful flipper willing to team up with you just for money
Majority of experienced flippers has money to pull off the deal all by themselves (like James) and pocket the profit
Oof those numbers.. could be a success, I don't know WA as well as I know the OR coast. I have a rehab home on the pacific n/w coast purchased in november for 121k, 60k or less rehab estimate, Estimated ARV 350-400k. Two story, bayview, 5 beds, 3 baths. Better shape than the house in the video. We've rehabbed 7+ homes with good success.
1 - First thing I check for is foundation issues. What kind of foundation, hows the crawlspace or slab, etc.
2 - I check the bones of the house. Gauge how much overall time and cost it may take. Also check for unpermitted construction, additions, or terribley done remodels.
3 - I back up and check the area for desirability, rentability, sold comps, comparable homes for sale currently.
4 - I review the project for any issues that could make the city or county freakout to flag work, require immediate city inspections, or try to reclaim the property after sold to me i.e. liens etc.
5 - I decide if the house/project interests me. Do I want to dedicate my time or work on it for months or deal with contractors for months on the home? Is there 60k+ equity after rehab?
6 - Then I Structure an offer based on whos selling it and what the home needs.
I took our state's certification course in asbestos remidiation. Wife is a licensed RE broker in this state.
Good luck! You bought a "monster house" as we call them. Some are good, some may not be worth your time. One of our former ones needed all new roof sheathing and we had a kiddypool in the dining room filled to the top from roof leaks. Generally I much prefer small monster homes over large ones. If they are pre1940s I won't bother unless they have some amazing ammenity, i.e. the one I'm living in now is 1900 built but came with 2 houses, 10+ acres, and borders a playable and fishable river that feeds directly to the ocean.
I have an offer on another rehab home I'm waiting to see if our offer is accepted this afternoon, we are also putting together an offer for a rehab multifamily property and will be submitting our offer tomorrow. I'd love to see updates on your project! If your guest/partner has operators in OR, I have projects comming online now.
David what syndication funds do you invest with?
Get me on the podcast to talk about flipping real estate. Have done 400+ deals and I'll share the good and the bad
Don’t chase a 🌟 go for the ✨
Late nite creep.. 😂
I want to flip house, have the knowledge but have no cash at all.