Real Estate Mistakes - Flipping Houses

[@LarryLourcey]

Gotta say-I've been watching a ton of these videos lately and this was the most educational 15 minutes I've seen the whole time. Right to the point and easy to understand. Thanks!

[@thedreamer8151]

Agree

[@richiecrivaro7333]

Guys I am a contractor I have expertise in HVAC , Electrical, Plumbing and I was a Home re-modeler for 35 Years So every aspect of repairing a home Plus I held a real estate licence and I have flipped homes .This is not for the unqualified ......Even I would walk on egg shells you can lose your pants . so Its not just the comps You can find out you have Foundation Problems and not know it .. SO BE CAREFUL

[@mansardmanor3869]

See your example is perfect for an concrete specialist... I make the most profit spread in those deals nobody wants to buy

[@larhondah.2793]

Thanks sir 🙏

[@samjones51281]

Wow!! Two Real estate legends together teamed up to create this video, you guys made my day. I was thinking if you guys will ever work together and here we go the masterpiece 👏👏👏

[@dannyluna8989]

Thank you Chris I love listening to you. This is my dream to do flipping.

[@MrsThollo]

Kris, you just frightened me even more as I'm headed to an open house to buy property to live-in. As if I wasn't scared enough of the rehabber only doing cosmetic fixes! No really, this was a wonderful, valuable video as usual.

[@DaniaMihaela]

Twana H How did it go?

[@irenet1970]

this was awesome information thank you so much!! this helped me understand so much 1 step at time but i am going to start flipping soon!!

[@amber.4383]

you ever do it yet?

[@brinselyseven5530]

I’ve been appraising RE for 15 years. I need to show this video to all my brokers, realtors, and borrowers to prep them for my appraisal report.

[@larhondah.2793]

Are they shocked the value is not where they want it to be?

[@rvalluri1]

Two of my Heroes. Love you guys. Thank you for the video. :)

[@jaxandmore440]

Underestimate your ARV. The newer the comps, the better. Assess features (sqft, # of beds and baths, finishes like granite, flooring materials, etc.). If you plan on doing less, your ARV should be less. Overestimate your repairs cost. There will always be repairs needed you didn't think about or realize beforehand. It's not being pessimistic. It's being realistic.

[@Mun1t]

What does comps mean?

[@coyia91]

Very insightful!

[@lorena263la]

Great video!!!!! Learned ALOT!! Thank you!!!!

[@ramseyroston]

This is so GREAT! Thank you 🙏🏽

[@praveshpandey8090]

Thanks for such a detailed video👍🏻

[@Eric3Frog]

This calculation is quite possible. Been there, done that.

[@jt2kool]

Can I be an agent and avoid paying closing and finance it myself and get my profit up to 60%

[@MD_clips-_-]

Surely if you predicted you're ARV to be 200k but really it was 160k, shouldn't the 9% and 6% change its value also because you went with the calculated value of 200k..?

[@Burnz.]

So if I’m getting this correctly, you get the ARV from comps in the neighborhood or similar homes, multiply that by .70 subtract what you are guessing the house will need in repairs and you come out with what you need to buy the house at? How are you going to get a $200k house for $100k?

[@label1877]

The house has an Estimated $200,000 value After repair.

[@ChrisWilliamsREI]

That $100k seller is probably going to be very motivated by distressed situations like vacancies, too many repairs, squatters, preforeclosure, etc. The best way is to go directly to that homeowner and put the deal together.

[@gabrielcollazo6835]

You don't know what ARV stands for then... after repair value, it's worth 200k fixed. Not destroyed, with yrs of back taxes or possible foreclosure.

[@andrebutler4394]

I am a little confused at 2:40. If ARV stands for after repair value then that means the house is already repaired. why do we subjtract repairs again?

[@kidfreshperez8242]

Awesome video. Thanks

[@Ruach3n1]

When kris is talking just watch Jerry lol

[@ericdavis1366]

You guys make alotta sense.

[@larhondah.2793]

Thank you so much!! Looking to but a $110K house and wanted to put in expensive items but I can ease back in some areas 😀

[@zdenanrehhelber]

I really don’t mind breaking even on my first deal, but I’ll guaranty you my next one will be better

[@davidderousseau]

Question: Why would you calculate your closing cost and holding off the ARV. Wouldn't you be paying the closing costs and holding off the "purchase price"? It makes sense to calculate earnings off ARV. Your explanation would be greatly appreciated. Thanks,

[@eddiec2001]

Two kings

[@austinm8769]

Great and informative video, thank you!!

[@mahajerawara]

I have a question. I’m trying to build a bedroom a kitchen and a bathroom in my basement which I going to do it my self and using Second hand supplies. It going to cast me around $3000. So will it help my house values? or at least I can rent it Intel it’s going to sale?

[@mjz187]

Woah that's a huge project to do yourself 😂 I think you might want to reconsider

[@demoman2798]

In this scenario, Im guessing you would alter your exit strategy to a rental, or maybe a rent to own, would that be correct??

[@lopez-x475]

Randy M. exactly

[@anonymous-zb2wy]

I'm confused you bought him on your show so he can tell us about flipping houses you litteraly did all the talking

[@albertoortega8510]

anonymous brooks probably to have a second approval his and maybe even bring some more intake on the subject.

[@Techpodshed]

Lol..

[@Mars2152]

90 bandz My guess is that he is an Alpha male, and the other guy maybe too but understands he is there for support. A true (smart) alpha usually will monitor himself better so not to over power an interview.

[@strollwithjoel]

Yeah but who’s show is it

[@bobsworldentertainmentpodc640]

90 bandz lol

[@jslang7653]

Wow you guys are awesome

[@JRAMOSK20]

What about wholesaling

[@CtrainDJ]

How can I use the data cruncher? I live in south Florida and do a fair amount of cycling. I often encounter hidden gems that otherwise would have gone unnoticed had I been traveling by car. Get back with asap. Ty!

[@scottjelinek]

Informative video. It will be Interesting to see what happens over the next couple of months.

[@cherylwegner2260]

Great info, Thanks for sharing.

[@LeeL-bt7mx]

Great video, very helpful

[@supplementhunter1419]

Buy and hold real estate investing is the best strategy to build long-term wealth. Flipping is job, too much stress and margin for error!

[@sammyelliott5554]

Goodpoint

[@mansardmanor3869]

If your in experience in building construction, then holding RE might be for you If you're a contractor and you can handle it You'll make more $$ quickly

[@larhondah.2793]

2nd comment of the day 😆 15:07 is mind blowing info ! Thanks guys!

[@jayc4715]

Yep

[@cruz5427]

I live in Toronto, median is 1.1 mil

[@ashtonburgess9569]

What if you only buy property’s under 20 grand can’t lose there ? I’m asking

[@blackdiamondpropertymainte6016]

Are these properties standing? Or just somehow finding an amazing deal on a foreclosure?

[@ljbmoney]

How do you come with that $ 200K? Just experienced? Just a look on the county website? A appraiser? A realtor? comparable houses in the last 3, 6 months? A special website or software? What is the room to be wrong?

[@ivanof214]

The wholesalers lie about SRV alllll day long

[@ontheflipside1285]

@@ivanof214 Yep!!!!!!! Always! Never had any luck with wholesalers myself

[@clickster1883]

Ask a licensed Realtor to run an analysis for you. Comparable homes (similar # of beds/baths, total sq ft, finished sq ft, age, etc.) in the area (often within a half mile to stay in the same neighborhood) that have sold recently (within the last 60-90 days depending on amount of local market activity). Ask for highest sold price, lowest sold price, median sold price, average sold price:list price ( did homes ultimately sell for more or less than what they were listed at), days on market (DOM), and seller incentives or concessions (if any). Also ask for details/photos of the home that recently sold for the lowest price, the highest price, and an example of a home that sold at/near the median price to get a feel for the condition/features/finishes each had that convinced a buyer to pay the amount they did for them.

[@donaldschultz3868]

I thought the loan was $140k. 9%(12,600) 6% ( 8,400)= 21,000 so profit would be $39k(200,000-21,000-140,000). Also the 6% carry (loan interest as he said) should be less with the assumption that the house is re-sold sooner than a year. At 6 months it would be $4,200. However, I do understand what you're trying to explain

[@robertmartin1807]

Does the repair cost include paying a contractor?

[@otonielgarza3778]

Make sure I get permit because my neice made $70.000 on buying a house someone did for a flip

[@lesliejones8817]

She made 70.00 dollar's or 70,000 thousand dollars?

[@tdannichols]

@@lesliejones8817 a dot a comma... whatever. LOL

[@timothygotzman8605]

Leslie Jones probabily a comma

[@Cali_Girl1]

Excellent! 😊

[@nadirrabah6756]

Wholesaling single family houses is the beginning side to real estate if we were to use an analogy to Karate it would be concidered the "white belt" of real estate investing commercial / apartments would be the "black belt" of real estate investing. I want / and will get my black belt

[@letherrbuck8695]

Could you guys explain what happens with the banks? What is going on?

[@shereent3121]

Isn’t it best to get an estimator?

[@blsignaturehomes6792]

Great video man!

[@A1_Dean.]

Amazing

[@pitalueify]

Jerry's Training to join his team is $1k✌🏾

[@mjz187]

If it actually works and teach you to make 5k a month why not?

[@LindaGiammarino1]

Im confused, data cruncher, cant seem to get into it with a lot of personal info. Seems that asking people for info and supplying this company refin with the information. CRM for information for you and this company??? I still have not seen your data cruncher formula yet.

[@marcelinojr.deperalta3735]

Really Helpful!

[@mikejulius7581]

Solid info

[@friskyrabbit.website1917]

Great! Thanks!

[@eLus1ve2991]

When kris said , lets estimate houses at 200k 240k thats the average.... I live in West Los Angeles the houses here average 800k for cheap and 1million average :/

[@koobist641]

In Toronto the average is 2 mill and projected to be 5 mill by the time I’m old enough to be investing

[@alexb5237]

hmmm. weird. I tried to purchase the data cruncher deal during a seminar and no where would it let me input my Canadian province

[@Samil101]

Because it's not for Canada,s real estate market.

[@stefanfourie8919]

Looking at a home in my street, a electrical problem caused massive fire damage on inside, Its ARV is $110 000,, its in the market for $70 000, builders say there might be cracks in walls which can only be discovered when purchasing the home. The estimated repair cost is $7670 from what is visible. Repair time approximately 4 weeks. What to do?

[@NZotyoka81]

Stefan Fourie i’m not an expert but if the house has been hit by a massive fire damage it could be a total disaster. My father was a firefighter and he told me and showed me a ton of pics about the scenes where they were how the fire can weakening the whole structure of the house even if it not looks on it from outside. In US almost every house made by wood and sheetrocks so to me it’s sounds a bad deal for me. But it’s up to you. Water,fire damage would make me stepping back. I lived overthere and i found very weak and thin everything.

[@fleckyy2]

run

[@mjz187]

Not an expert but probably not the best idea for your first flip

[@Meeshtarkeeko]

Question. Sellers on average. How many houses do they flip a year... again just on average

[@Antweezy]

probably will vary depending on location.

[@MrBeeasyyy]

Setting up the Data Cruncher doesnt work.......

[@goatmansasquatch1485]

Where I’m from you need to live in the house for at least one year to sell it or else they tax 28% of the sale

[@A_Class]

What term did Jerry refer to at 5:34?

[@clickster1883]

Adrian C Jerry interjected with, “And grabbed comps?”

[@sspand]

omg!this video hits me straight to the core!i am doing all the non-nos mentioned😂

[@michaelhardyjr5230]

What would be your radius limit when searching for comparables to your subject property Kris?

[@drippydrew2427]

Michael Hardy Jr I have that exact same question

[@BulletproofGee]

Half a mile

[@bobsworldentertainmentpodc640]

Got few stories on the podcast

[@RigoStar1931]

I found a gem here and there.

[@kelesifollett484]

How do you find out how much comparible homes sold for?

[@michaelscoots]

Zillow

[@williamadebonojo3061]

What is this data cruncher they are talking about?

[@ronniemartinez1070]

Go to Jerry's channel flippingmasterytv he has all the best videos and tools to help you in real estate whether wholesaling or flipping . I'm currently studying his work, it will answer a lot of your questions.

[@mushasho]

Data Cruncher? Propstream?

[@edgargamarra2612]

How do I contact Jerry in order to give him a deal???

[@Ruach3n1]

you've gotta pay $1000 to join the club

[@kylepetruzziello3321]

Hey Kris, love your strategy and value you bring to your viewers! Question: what do you guys think of the Bigger Pockets strategy of BRRRR. Buy, rehab, rent, refinance, repeat?

[@jeffcella7279]

Kyle, if you want to build a successful rental portfolio, the BRRR method is a great model. We work with investors using this system and we enhance it by providing the financing along with insider secrets on structuring your personal and business finances to obtain bank refinance loans. Also strategies on how to manage your rehabs and build your contractor/property management team.

[@WeBuyFast]

@@jeffcella7279 contact info?

[@Azwrestler106]

Kris if the ARV is $200k, how are you supposed to negotiate a deal to get it for only $100k?

[@FlippingMastery]

Truly Gifted great reply! Never assume to understand someone’s motivation. Just run the numbers and make offers!

[@gabautoparts7271]

The house need repairs and outdated. 200k is move in ready price

[@hpslimited3603]

you will never get a house for 100 if the vaule is 200k

[@Makeitwithmanny]

The numbers they did were crazy exaggerated and on top of that, it was just done to make the numbers easy. You will usually never make 30k on a house. You will usually make 10-15k on a house

[@blondieandthebigman2363]

@@hpslimited3603 The value isn't $200k. The $200k value is AFTER all repairs have been done.

[@nadirrabah6756]

.70%? Not .65%? (Some mentors are telling / us .65%)

[@bobdobbs7828]

Some mentors are telling us .51% this is pretty major.

[@adovgan84]

I'm comfortable with .69%.

[@cr4zyj4ck]

Multiply it by whatever number you want to make your profit, but be realistic with it. .65 will give you a larger margin, but depending on your area it could be impossible to buy the property at the price you get with that number.

[@jkay3262]

Where are these homes to be fixed at? Is there really such home here in California waiting to be flipped?🤨🤨🤨

[@mattlogan6892]

cheers boys

[@rlachermeier]

4 bedrooms 3 baths in 1800 sqft?

[@jaxandmore440]

There are a lot of houses where I live with 4 bedrooms in less than 1500 sqft, believe it or not. Old houses with small rooms.

[@ivansalladay9213]

how do you find an expert?

[@sy2935]

Is the data cruncher just for the USA

[@bigandyvideos5631]

I want to do flipping houses with my dad but I need to do what you wholesale first thanks for the video Andrew

[@torneanu]

You didn’t need to bring Jerry for this video. You did all the talking

[@lorenzogamez81]

Kris help me out i need to make a couple thousand to start my USA ALL TRADES PRO REPAIR BUSINESS

[@lorenzogamez81]

Ill repair your houses give me a call 562 228 2395

[@label1877]

Appears Jerry Norton may not be legitimate. Do your research.

[@Ant-um7ym]

I watched his webinar till the but when I saw the 1k, deposit I thought nope

[@toniblunt2906]

Hey, I like jerrys advice why might he not be legitimate?

[@toniblunt2906]

@@Ant-um7ym he states you will get your 1k back after your first deal. He will pay 10k for deals so your first pay out should be 11k. Im not ready to invest in his flippster app as of yet.

[@WheresMyPolenta]

Don’t think dude knows what catch 22 means

[@R3tuneD]

Anyone near Boca Raton florida want to flip a house together ??

[@woofdoogy]

Ameen Awadallah yo bro I live in Boca and have around 300k to invest in a house! What skills do you have?

[@R3tuneD]

@@woofdoogy I have 100k i want to invest and I'm a handyman so can definitely help with rehab

[@woofdoogy]

Ameen Awadallah lets do it bro I’m certified Hvac and a licensed plumber!

[@TheOne-qy3sb]

The Dongstien can I join? I’m in Naples Florida

[@Jacob96wv]

Nicer is not nicer LOL

[@jeffparks25]

house can you flipping a house a crane and bulldozer? push the house over

[@numbernine5044]

Science fits on a white board 80 inches by 50inch with big fat writing.

[@Chaseb534]

Big body little head

[@JoseDozalArreola]

I think you guys forgot about capital gains.

[@ChrisWilliamsREI]

They are strictly referring to gross profit. It's all pre-tax.

[@zoniapatreece1324]

A monkey? Monkies renovate houses? Wtf? @10:29

[@serge.s8146]

Ooo im the first comment

[@oscarcoronado7229]

Why nobody talk about time??

[@bigperformerlifestyle4107]

You talk like Donald Trump

[@frankenfaq4706]

Fraud

[@garytee4507]

Not trying to be a smartass. But isn't all this pretty much common sense?

[@DaniaMihaela]

Gary Tee I’m 18 and trying to start now... nothing makes sense LOL

[@youssefbayrem7368]

Great video ! Thank you guys 👍