House Flipping DISASTER | House Flip with a SECRET!!

[@69gvfb]

thanks for sharing your process bro! I learned something today

[@TroyShaffoe]

Jackson, great videos. I am a builder looking at purchasing distressed properties in the Winston-Salem, NC area. I spent about a month driving around the city and learning what areas were areas that I wanted to focus in on and what areas I didn't. I did find a number of distressed homes while driving around the city. After researching and finding out who the owners or heirs of these homes are I would then send personal letters out to them and followed up with a phone call but didn't get anyone wanting to sell. I have been working with a great realtor and have been finding a number of homes through the MLS. The challenge I am finding with going this route is that the sellers are wanting retail price for their homes that need tons of work and, or investors are purchasing then and putting the bare minimum into them to get them ready to rent. I understand that investors are basing their returns over the long-term and that they have the advantage of not having to figure in a commission costs or profit when they submit their offer, which I feel puts someone wanting to purchase to renovate at a disadvantage when it comes to an offer price. As someone who is wanting to purchase to renovate and resell to capture a return in the short-term it gets frustrating to be told your offer is offensive to the seller. I am fortunate to be able to be a cash buyer and have not had to use hard money. I am curious as to how you approach your deals. Here is how I look at an opportunity. The numbers represent a current deal I submitted an offer on. Do comps to figure out the ARV. = $283,715.00 Subtract Estimated Closing Cost (ARV x .09) = $25,534.00 Subtract Carrying Cost (ARV x .06) = $17,023.00 Subtract Desired Profit (ARV x .15) = $42,557.00 Subtract Rehab Cost = $55,000.00 Equals Offer Price = $143,601.00 I am figuring a 6-month renovation period on average. I do fluctuate my carrying cost since I am using my own money but realize there is a cost to it not being in the bank making interest. I also fluctuate my desired profit depending on how quickly the renovation can be turned. Maybe you or Hard Money Mike can offer some incite. I have thought about removing the closing cost but feel there is a real value to what the realtors have to offer when it comes time to sell the house vs doing it For Sale by Owner. Thanks again for your video's they are great. If you want to email my email is [e-mail]. Have a great day, Troy

[@therealtehry7364]

Good video, Jackson. Thanks for taking us along on the journey. And thanks to Hard Money for his insights on what you're doing. I always come away from your videos thinking, "Where do I find my Hard Money Joe?". God bless.

[@hardmoneyjoe]

You are too kind. 🙂

[@SK-lf1cr]

Also knowing if it is worth it to make a property 4/2 in a neighborhood is valuable, most neighbor hoods it wont increase the ARV that much plus it could ruin the layout.

[@maximus01152891]

Thanks for video. Is Zello not enough to research for estimated price?

[@bootsbooy]

Nope. Especially not the zestimate

[@kristin.mccarthy]

🤯🤯🤯

[@maximus01152891]

Bro thanks for video. Learn to listen without interaption. :)

[@koltonbrock3643]

Who do you use for your insurance while you’re doing your rehabs?