More information on my fix and flips here: https://investfourmore.com/flips/
I bought this house for $284,000 (I was wrong in the video) and it should be worth close to $400,000 when we are done remodeling it. The home will need about $30,000 to $35,000 in work done. The property has 4 bedrooms, 2 bathrooms, a large garage, and almost 2 acres. We will be replacing flooring, the kitchen, light fixtures, and painting the entire house. I will post the after video as soon as it is completed.
How To Flip Houses http://www.FlippingHousesLive.com Discover how to flip houses for profit. See how to flip a house for profit. When Flipping houses, avoid these mistakes. The best way to know how to do a house flip for profit, is to know your fix up cost before you flip a house. Real estate investors know you can flip houses for large profits if done correctly. Real estate investing creates passive retirement income or big money in chunks flipping houses. Flip a House and Start your real estate investing career today.
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Ok so I’ve put together a quick video today titled how to make money rehabbing houses and real estate. Now the fix and flip side of real estate investing it really can put large chunks of money in your bank account. However there are also mistakes that really can be costly so pay attention. Here are a few helpful guidelines for both new and advanced investors. If you want to rehab houses and sell it for a profit it’s a good idea to start with a property that requires only cosmetic fixes. Now when I talk about cosmetic fixes, examples of these would be like carpet, paint, light fixtures, door handles, maybe a vanity in a bathroom and at the very max, maybe some kitchen cabinets.
But other than that we are staying basic, there are just improvements that really are going to add quick value to the property. We are not talking about room additions or demolition or anything like that, just straight forward easy cosmetic fixes. Now, focus on properties that are at or below your median price range for your area, you want to stay pretty close. So some of you are asking well how do I make money, how to I run the numbers and make it all work together. Well listen, a rule of thumb that we follow for cosmetic fix and flip properties is of course we stay in the median price range and we look to get a 20% return on the properties final sale price when we are done. So if the property takes three weeks to fix up and let’s say the projected selling price conservatively is 100 thousand, we would expect to make 20% of that number or 20 thousand total for our profit and out time. Now there’s always going to be unexpected cost when you get into a rehab, they just come up, so be sure to account for those with a miscellaneous fund. Now here’s some final guidelines to work the numbers to be in profit mode. Look at properties that are potential fix and flip properties. And what you want to do is determine the conservative or the market value of the property in its fixed up condition after you fix it up. So lets say after you fix it up it’s worth 100 thousand dollars. Number two, you’ll want to add up your repair cost, so when you’re walking through the house you’ll have a little notebook and you’ll say it needs carpet, you know thats going to be three thousand dollars, it needs paint, its this and this. So let’s say in this case, our estimated repair cost are eleven thousand dollars. So number three, you’ll want to add up your estimated holding cost and realtor commission. so your holding cost are going to be utilities, it could be your payments for interest payments for the mortgage, and also of course your real estate commissions. In this case let’s just say those two combined we’re looking at an eight thousand dollar number. And finally number four is include your twenty percent or better profit. So in this case we are shooting for twenty thousand dollars. So from the numbers above we are going to use these exact numbers that we just talked about. So we came up with in this example a one hundred thousand dollar estimated selling price. Now again that is conservative, so with this in mind we’re looking at the recent sales are showing a median of comparable homes selling for 110 or slightly better. We want to be conservative so we don’t get caught in a pickle and it will make your house more attractive if you are slightly priced below the market sales. If you have any questions or need any help with any real estate investing, whether you are dealing with wholesaling, fix and flip, renovations, lease options or you’re buying cash flow rental properties, if you want to schedule a 30 minute private coaching session with me you can do so right now by going to http://www.FlippingHousesLive.com and on there just click on the training page, schedule a time that works best for you and I look forward to helping you with your real estate investing.
House Flipping Podcast http://www.FlippingHousesLive.com Discover strategies for real estate investing and flipping houses for beginners. How to find houses to flip, wholesale, or keep for cashflow. In Episode 104 of the Freedom Real Estate Investing Podcast, Brock & Tucker talk strategy of how to analyze your market and how to find properties that make the best use of your time. Finding motivated sellers with direct mail marketing and driving for dollars.
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We asked the REI Matcher Phill Grove ‘Which Flipping Houses Books Do You Recommend?’
This was his response…
If you do a quick search for ‘Flipping Houses Books’ on Amazon you will see that right now there are 112 results that are returned. If you chose to read them all, you would never do a deal yourself, you’d just be reading from now until eternity.
This is what I like to call ‘analysis paralysis’ so remember knowledge only becomes power when you apply it. So reading books is great, and I recommend it if you like to do it, but which flipping houses books would I recommend?
Before I give specific recommendations there are a couple of things to look out for when selecting flipping houses books to educate yourself on the house flipping business.
Newer is probably better — Although this is not always the case, with real estate investing things are constantly changing. Though some of the basic tenets will always be the same, I’d propose that you select a book that is 10 years or newer or at least recently revised.
Opt for reality vs. a fun read — An educational read will provide a much better overview for you than a cutesy book with a bunch of stories and pictures.
Okay, so that being said here are my Top 3 recommendations for Flipping Houses Books:
FLIP: How to Find, Fix, and Sell Houses for Profit — Flip was written by Rick Villani, Clay Davis, and Gary Keller. I know these guys personally and they are all very successful real estate investors. This book walks you step-by-step through the house flipping business based upon their experiences doing over 1,000 flips.
Real Estate Investing For Dummies, 2nd Edition — Like all ‘For Dummies’ books this one is great for a beginner investor and is laid out in a very easy to follow format.
Fast Real Estate Profits in Any Market: The Art of Flipping Properties–Insider Secrets from the Experts Who Do It Every Day — This book provides a good balance between the excitement of flipping properties and the realities that come along with running a profitable home flipping business.
Watch my other videos on Flipping Houses: http://www.youtube.com/watch?v=llesGLXTBJo
Learn How to Make Up to $200,000+ Flipping Houses. Sign up to Attend the FREE Webinar Now at http://www.HouseFlippingDojo.com
Follow Daniel Wiafe’s LIVE daily broadcasts on Periscope – http://periscope.tv/mrdanielwiafe OR @MrDanielWiafe
Check out Daniel Wiafe aka the House Flipping Ninja on Facebook – http://facebook.com/houseflippingninja
Daniel Wiafe is a real estate entrepreneur, coach, TV personality who was feature on HGTV’s Flipping the Heartland with his wife Melinda Wiafe & son, Malachi. Daniel got started flipping houses in Tulsa, OK and is know a real estate entrepreneur and a wholesaling real estate coach.
In this house flipping & wholesaling real estate educational video, you’re going to learn the following:
Theresa flips her 1st house for a $10,000 assignment fee!
Youtube Video: https://youtu.be/4jUayBdw2KI
My Blog: http://houseflippingninja.com
Learn How to Flip Houses: http://www.houseflippingdojo.com
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To make the transition from learning how to flip houses to actually getting out there and doing something with the knowledge will require getting out of your comfort zone. There is so much to learn that it is impossible to learn everything about flipping houses before actually taking action. Start with baby steps. This video walks you through what I mean by taking baby steps to get started taking action flipping houses.