I currently have 15k saved up. My worst fear? Losing my ass on my first property. It took me so so long to save my money and to see it all get blown away would be a major blow to my future.
It is scary for sure. But you have to start somewhere, take the risk, and learn! if you want me to connect you to hard money joe i can do that email me at invest@realagentnow.com
I also never had a panic attack until I did multiple high end flips, major plumbing issues, over budget, inspector on my behind, now back on market two times in one month in this uncertain market with HML payments, while working FT & with a baby, it’s been awful.
I am in the Madison, Wisconsin area. I have owned buy and holds for about 10 years but am starting to look at getting into flipping. My biggest concern in getting started is finding properties consistently.
Great advice regarding your detailing the budget down to the screw. Also, detailing specifically the contractor's responsibilities and assume nothing. I'm a flipper in North Carolina. Love the channel. What kind of screen are you writing on?
Thanks for the new upload! Loving this channel!!! Hard money loan question: In order to start, is the total amount of liquidity I need to have saved in my bank = “estimated liquidity”+“Borrower cash due at signing?”
With Liquidity they just want to see the bank statements that you have the liquid cash. For example we bought a home with hard money for $260k. They lend us $55k for rehab as well. They asked us to show them $90k liquid. Our borrowers cash due at closing was $39k
Depending on the hard money lender you’ll need to cash flow the repairs - because they will reimburse you as work gets done. So if the repair is 100k, you might need 25k to pay up front and get reimbursed 4 times.
I never release my final payment to the contractor until we walk the property and all the loose ends are done. Once you give them their money… good luck getting that trim finished or paint touched up.
Hey, I watched your first video and saw when you were gathering your team but I’m curious-when you buy properties, do you go through a realtor to make an offer, or do you negotiate directly with the wholesaler? How do you usually handle that part of the process?
This channel is awesome, I've really enjoyed your journey. Q: I've been practicing running comps for a while now and I feel pretty good about getting to a solid ARV, but due to a complete lack of experience, I have no real way of estimating things like reno, holding, closing costs. Does anyone have advise for a newbie. I'm in the central AL area and would love to have someone, in my area or not, that'd be willing to let me pick their brain on small things.
Exactly, and here in Houston you even have wholesalers putting ON MARKET houses under contract and trying to wholesale them like that. That needs to be illegal.
@@David-td5posome on markets properties look horrendous and agents know only a wholesaler can do something with it. They just want to get paid, they already know what’s up that’s why they put “investor special” in the description
My husband wants to get into flipping houses, he has 15 years working in construction. He wants me to become a real state agent or broker. Do you think this will help up get started? Thank you
Not necessary. However if feel that you would be the sales agent and you want to do that - go ahead. Otherwise you just hire an agent to get your house sold
My biggest fear is not finding a good contractor and not knowing up front a specific issue in the house im buying. Inspectors only go so far. If i had a GC I could trust to do a good bid up front and timely, satisfactory work. I'd be so confident.
Get at least 3 bids and NEVER give any money to one upfront. You will have to buy them some supplies to start the job, but you shouldn't be paying any labor upfront. Once they complete something then you can pay them something. You can discuss the payout schedule with the GC and agree together.
@@MishkanCenter You can get Lowes Pro and HomeDepot pro cards for free yourself. I signed up for the pro cards in store, but I believe you can do them online. You'll accumulate points which can be used as gift cards or credit on a future purchases. Not every contractor get discounts. Now, when they/contractor needed to purchase the cashier(Lowes) would email a list of everything the contractor wanted to buy. Then they would call me to get the payment if I approved everything they wanted to buy. They can look up your Pro account on the phone, so you get credit for the purchase. I got to know some of the pro associates and they would sometimes give you extra discounts, so go there a few time so they recognize you at the pro desk. It depends on the item, but some items you need to see fell measure touch and they aren't great to do online. Yes, you can have the online items delivered. If I can answer anymore questions let me know. I know how intimidating doing this can be.
!!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks will be appreciated.
As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $100k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
We have a company in Dubai, UAE and recently we started in Ottawa, Canada we do Design and Build. currently am looking for doing house flipping and property development here in Ottawa or Montreal. we are open for any collaboration.
Omg subs and contractors must be the most unluckiest since their everybody dies, gets sick or car is broken. 😒😜🤣every day, pick one of the above. I use to write every cent down, it gets too much, I just now use one card per flip.
I have a $100k to start flipping. Im thinking for my first flip, I should use my own money so that I dont have that pressure of hard money interest every month. Then it seems like its just a matter of finding a very very good contractor that does almost everything. Am I getting this right? If there is anyone wanting to collab in the Bay Area, feel free to contact me.
Awesome video! I will be in the DFW market and my greatest fear is just getting started. I have a perfectionist personality and if I don’t know every little detail that ensures success I just don’t ever get started 🥲
Amazing! I’m ever glad to come across your channel!! I cant wait to get going.
I currently have 15k saved up. My worst fear? Losing my ass on my first property. It took me so so long to save my money and to see it all get blown away would be a major blow to my future.
It is scary for sure. But you have to start somewhere, take the risk, and learn! if you want me to connect you to hard money joe i can do that email me at invest@realagentnow.com
Very useful information for beginners in house flipping business, thanks for your work!
I also never had a panic attack until I did multiple high end flips, major plumbing issues, over budget, inspector on my behind, now back on market two times in one month in this uncertain market with HML payments, while working FT & with a baby, it’s been awful.
Where did you find your deals?
Try to relax and enjoy the process
Good luck to you. I understand how stressful it can be.
It will work out housing is in demand
What market?
Thanks for sharing. Just starting this journey and so many things I am nervous about.
Getting the money to get started, Dallas- Fort Worth area
sounds good homie! we got a killer hard money lender there hit me up if you want the connection! email me at invest@realagentnow.com
I am in the Madison, Wisconsin area. I have owned buy and holds for about 10 years but am starting to look at getting into flipping. My biggest concern in getting started is finding properties consistently.
Great advice regarding your detailing the budget down to the screw. Also, detailing specifically the contractor's responsibilities and assume nothing. I'm a flipper in North Carolina. Love the channel. What kind of screen are you writing on?
Thanks for the new upload! Loving this channel!!!
Hard money loan question:
In order to start, is the total amount of liquidity I need to have saved in my bank = “estimated liquidity”+“Borrower cash due at signing?”
With Liquidity they just want to see the bank statements that you have the liquid cash.
For example we bought a home with hard money for $260k. They lend us $55k for rehab as well. They asked us to show them $90k liquid. Our borrowers cash due at closing was $39k
@@Y_Alexandra thank you very much! That’s exactly what I was wanting to know.
@@nicolaszucal9766 i’m glad it helps. It sounds very confusing at first but once you’re in, it’s all pretty straight forward. Good luck!
Depending on the hard money lender you’ll need to cash flow the repairs - because they will reimburse you as work gets done. So if the repair is 100k, you might need 25k to pay up front and get reimbursed 4 times.
@@Y_Alexandra how did the flip go? Were you profitable?
I never release my final payment to the contractor until we walk the property and all the loose ends are done. Once you give them their money… good luck getting that trim finished or paint touched up.
Great content so far you are very knowledgeable. Telling the truth # big fan
Thanks ( Mike M../ Orlando)
Can you share the budget spreadsheet you use?
I’am a house flipper in Pensacola
How’s it going down there?
@@nneisler it’s not to good I have a townhouse in fort Walton beach that’s been sitting. Properties are sitting like crazy. How is it in your market
what's "comp" stand for? competition? comparison?
Comparison.
Hey, I watched your first video and saw when you were gathering your team but I’m curious-when you buy properties, do you go through a realtor to make an offer, or do you negotiate directly with the wholesaler? How do you usually handle that part of the process?
How much doe would you recommend coming in Jackson? Thanks for this information
35% of purchase + rehab.
If it's 150k purchase and 50k rehab have 70k cash
ARV - after repair value
This channel is awesome, I've really enjoyed your journey.
Q: I've been practicing running comps for a while now and I feel pretty good about getting to a solid ARV, but due to a complete lack of experience, I have no real way of estimating things like reno, holding, closing costs. Does anyone have advise for a newbie.
I'm in the central AL area and would love to have someone, in my area or not, that'd be willing to let me pick their brain on small things.
What city in Alabama are you in
@@tiffanylee8457 Wetumpka. Montgomery is my target market tho
Wholesalers that actually have deals that pencil out are near impossible to find.
As a wholesaler in Nebraska, I completely agree. Very tough for everyone out there. At least in this current Nebraska market.
Exactly, and here in Houston you even have wholesalers putting ON MARKET houses under contract and trying to wholesale them like that. That needs to be illegal.
@@David-td5posome on markets properties look horrendous and agents know only a wholesaler can do something with it. They just want to get paid, they already know what’s up that’s why they put “investor special” in the description
My husband wants to get into flipping houses, he has 15 years working in construction. He wants me to become a real state agent or broker. Do you think this will help up get started? Thank you
Not necessary. However if feel that you would be the sales agent and you want to do that - go ahead. Otherwise you just hire an agent to get your house sold
My biggest fear is not finding a good contractor and not knowing up front a specific issue in the house im buying. Inspectors only go so far. If i had a GC I could trust to do a good bid up front and timely, satisfactory work. I'd be so confident.
Get at least 3 bids and NEVER give any money to one upfront. You will have to buy them some supplies to start the job, but you shouldn't be paying any labor upfront. Once they complete something then you can pay them something. You can discuss the payout schedule with the GC and agree together.
@malindaproperties thanks! So do we have them put a bunch of supplies in an online cart and we pay and have it delivered? What about their discounts?
@@MishkanCenter You can get Lowes Pro and HomeDepot pro cards for free yourself. I signed up for the pro cards in store, but I believe you can do them online. You'll accumulate points which can be used as gift cards or credit on a future purchases. Not every contractor get discounts. Now, when they/contractor needed to purchase the cashier(Lowes) would email a list of everything the contractor wanted to buy. Then they would call me to get the payment if I approved everything they wanted to buy. They can look up your Pro account on the phone, so you get credit for the purchase. I got to know some of the pro associates and they would sometimes give you extra discounts, so go there a few time so they recognize you at the pro desk. It depends on the item, but some items you need to see fell measure touch and they aren't great to do online. Yes, you can have the online items delivered. If I can answer anymore questions let me know. I know how intimidating doing this can be.
!!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks will be appreciated.
As a beginner investor, it’s essential for you to have a mentor to keep you accountable.
Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $100k passively by just
investing through an advisor, and I don't have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
nice!! once you hit a big milestone, the next comes easier.. How can i reach her, if you don't mind me asking?
We have a company in Dubai, UAE and recently we started in Ottawa, Canada we do Design and Build. currently am looking for doing house flipping and property development here in Ottawa or Montreal. we are open for any collaboration.
Omg subs and contractors must be the most unluckiest since their everybody dies, gets sick or car is broken. 😒😜🤣every day, pick one of the above. I use to write every cent down, it gets too much, I just now use one card per flip.
🙇🏻♂️
I have a $100k to start flipping. Im thinking for my first flip, I should use my own money so that I dont have that pressure of hard money interest every month. Then it seems like its just a matter of finding a very very good contractor that does almost everything. Am I getting this right? If there is anyone wanting to collab in the Bay Area, feel free to contact me.
Awesome video! I will be in the DFW market and my greatest fear is just getting started. I have a perfectionist personality and if I don’t know every little detail that ensures success I just don’t ever get started 🥲