How Much Does It Cost for DIY House Renovation | Bigger Pockets BRRRR Financial Breakdown

[@JewswithScrews]

This is part of our Langhorne flip start to finish series. You can check it out here! kzbin.info/aero/PL4grWm1uvE66wtvKaQy_oS7_V5g1yxonW

[@scott-the-good]

I have enjoyed your videos on this property, thanks for taking us along. I hope the best for you guys. I can’t wait for the next project.

[@JewswithScrews]

Thanks Scott! Glad you enjoyed the videos

[@Dailycameron]

I want to see more I’m 20 & looking to get into real estate soon starting off small 🔥

[@JewswithScrews]

Nice! We’re working on more. Stay tuned

[@TubeRJF]

My feeble brain hurts after watching this. There are many on youtube doing renovation videos. You guys are part of the rare few who also provide the financial numbers in detail. Excellent work. I hope you were making a joke at the 12:48 mark?

[@michaelgottlieb5224]

Real estate has always gone up In value in the long run….even when the market has crashed the real estate market has rebounded and goes up again….this is true since the beginning of time. I could have bought my Levittown house for 9,000 dollars in 1960 now it’s worth 475,000 and every house I own is the same story

[@michaelgottlieb5224]

And if you want to bring up an inner city like Trenton it has still gone up in value just in a longer period of time and not as much as other areas

[@TubeRJF]

@@michaelgottlieb5224 lets hope your right but Real Estate is long overdue for a correction. The P/E ratio for home prices is way off the charts. Over 50% of peoples income for housing? Its unsustainable. The banks were already bailed out in 2008. They wont continue easy lending to 1st time buyers who are completely priced out of the market.

[@moneymakingmikeg.9555]

Yooooo, you already know I'm LOVIN the Financials. Greeks & Jews drool over makin money😂🙏🙏. Freakin insane we're paying $280K for flip houses. I offered 2.5% to Buyer's Agent on my FSBO. Liked the breakdown guys. We need MORE of this. HGTV & DIY Network have ppl. living in la la land. Mazel guys, Dirty Jersey out!!!

[@JewswithScrews]

Thanks Mike! Glad you like it. We’ll have more coming

[@yossid422]

Great video

[@JewswithScrews]

Thanks!

[@lizbiancoismydesignsherpa]

Love the math segments! How much increase do you see in materials from last year?

[@JewswithScrews]

Great question! I didn’t think to look that up but that might have to be our next episode. Thanks Liz!

[@lizbiancoismydesignsherpa]

@@JewswithScrews I’m dying with changing bids!

[@JewswithScrews]

Ugh I can only imagine

[@AlexeiTetenov]

Thanks for sharing!

[@JewswithScrews]

No problem! Hope you liked the video

[@AlexeiTetenov]

@@JewswithScrews sure did!

[@richardgottlieb8656]

Thanks!

[@AMERICANA-BOOMSTICK]

Shalawam! Valid video 🤝

[@JewswithScrews]

Thanks!

[@MC23GPS2]

Awesome breakdown. How much was the builders risk insurance cost for those 6 months?

[@JewswithScrews]

Thanks! Glad you liked it. Looks like that builders risk policy was about $620 for 6 months.

[@MC23GPS2]

@@JewswithScrews Thanks for the reply. Could you tell me what insurance agency you guys used? I asked my local agent but they said they do not carry 'builders risk'.

[@JewswithScrews]

Hmm that’s interesting. We didn’t use a specific agency we have a broker that finds us the best deals. But you should be able to go to any of the major insurance companies and get a builders risk policy

[@jonathangottlieb9608]

I was waiting for the pizza bill lol

[@JewswithScrews]

🍕

[@H-RutherfordHill]

The food bill is pretty small for that period of time.

[@roberttibasima1903]

I love this video, but it seems I still have long way to understand real estate business

[@JewswithScrews]

Glad you like it! Let us know what questions you have. We’re happy to help

[@Mack.of.all.trades]

How much do you think it would have cost to not do any of the work yourself. I’m handy, been a carpenter and Mason, but always wondered if the time spend doing it myself is worth the time/ money.

[@JewswithScrews]

Oh man, it’s hard to say but I’d guess probably $20-$25k more. We did A LOT lol. Plus, Mike is a plumber so we’re able to take all plumbing bills out of the equation. Good question tho! We’ll be hiring more subs as we get more houses so we’ll be seeing those numbers soon enough!

[@Mack.of.all.trades]

@@JewswithScrews very interesting! It’s definitely temping! I was hoping my skills would save some money lol

[@JewswithScrews]

I’m sure they will. But always gonna need to sub out some things

[@erhardtgergo]

What is up with the lights? Throughout the whole video image goes from bluish to orangeish... Congrats on the closing! 🙂

[@JewswithScrews]

My iphone’s white balance keeps freaking out in that room

[@erhardtgergo]

@@JewswithScrews 🤦‍♂of course! I was just about to blame it on some cheap lighting...

[@JewswithScrews]

Lol no. We’re just not the greatest videographers. Hopefully you still liked the video though

[@erhardtgergo]

@@JewswithScrews Of course!! ;-)

[@APortaA1]

Your cash flow you mentioned was seven hundred ish. Your not accounting for Property Tax, Repairs, Vacancy, and Cap Ex (albeit repairs and cap ex are less severe because its a completely remodeled home) but it should be factored in.

[@JewswithScrews]

Well property taxes are in our mortgage payment so they’re accounted for. Repairs and vacancy will be negligible for a long period of time. This house will rent in a split second. Capex is something to consider since we didn’t do the roof or siding but both were in good shape. Our biggest upcoming expense will be redoing the driveway

[@jorgeolivares9956]

I believe you are not deducting the property taxes + repairs ?

[@JewswithScrews]

We’ll deduct whatever we can at the end of the year

[@billiondollardan]

hey that's not too bad for a six month food bill. when i take my staff out i can't leave for under 3k. those damned drunks lol

[@JewswithScrews]

😂😂😂 luckily Mike doesn’t drink! Keeps out drink bill low

[@kohnfutner9637]

How is 2.5% of $280,000 = $4210? It's 1.5%.

[@JewswithScrews]

Good catch. I think we put the number that mike actually received after the brokerage took their cut. I think he makes a small comment regarding the brokerage, but we should have explained that better

[@kohnfutner9637]

@@JewswithScrews thanks for explaining. I was afraid I sounded like a jerk but I wasn't meaning to come off that way.

[@JewswithScrews]

No problem! Glad you pointed that out I’m sure others were confused but never commented 🤷‍♂️

[@eberts0604]

Good stuff. But that accent! I guessed eastern PA and was right when I googled. But also: Most people wouldn't include the cents. It's just an annoying detail.

[@JewswithScrews]

Lol yep outside Philly. And regarding the cents… did you see the channel name? 🤣