what investors do when a fix and flip goes over budget on OLD house

[@duprosezzllc223]

Kris, when you inserted the educational part in this video, that really gave us more insight & actually taught us. That one insertion / educational moments really brought this video to life. Please Start doing this in your videos where you meet people live, on site. This was a great help. I've been following you for 4 years & watch dam near every video you post, so I wanted to make you aware of something you do that helps the viewer more.. Great job brother 🏆✊🏾

[@RanadousMJones]

Very informative.

[@krishaskins]

Yo yo, this means a lot to me, are u speaking of the short clip about the balloon construction or are u talking about the end video where we go over the numbers? I try my best to keep things as real and true to life as I can. Let me know so we can focus on getting it better. Thx for ur support too👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48

[@LastDragonElManifesto]

FACTS GOD KRIS !!!

[@LastDragonElManifesto]

​@@krishaskinsWE VERY GRATEFUL FOR YOU GOD KRIS !

[@stevenmflores]

I really enjoyed the very detailed explanation of why and how. The fire 🔥 doesn’t get air. Kris. Thank your quality of education. You are the truth. Wish Mrs dedee success. I’m worried about her investment though. 😮

[@mlk8703]

This should have been a tear down and new construction.

[@bigtank6465]

Agreed.. Only problem is demo, cleanup, & rebuild would increase your cost. She might have been able to pull this off if she had purchased the house for around $50k..

[@beyondthunderstick1578]

Agreed. Where I'm at in Tulsa It's better to buy a lot and build from scratch.

[@phillipturner9598]

I actually watched the whole thing. Great video.

[@scaleshenry]

Great Job! The education part is exactly what is needed when explaining things, visual aids

[@JimBuysHouses]

Kris , thanks for sharing ,this was a bad deal from the start , she should know her numbers as far as her minimum profit per deal . Additionally it doesn’t appear she did her homework on the front end. You must always do your number and add in incidentals of 10-15% even still real estate is a gamble and as such have an extra strategy . Begin with the end in mind . Keep dropping those 💎. I appreciate you !

[@RanadousMJones]

This video was helpful and objective.

[@sevenasefaha1872]

Dang , I thought I had difficult first flip .. she has such a positive forward moving spirit ! ❤

[@gregoryfluellen4831]

Would have been good idea to complete structure before placing windows and wood deck. Always structure first. If in a financial hole, go to plan B. Take the losses and sale before incurring a greater loss.

[@fields1336]

She don't need general contractors , she need a scud missile remodeling kit

[@joedo5886]

The vinyl siding was probably covering asbestos siding.

[@kennethhughley1611]

Hey Kris, many people look at shows on TV and think I can do that. The first thing to know is what time period was the house built? That information tells you many things about what has to be updated. You also have to estimate for the unseen damages or neglect ie, water damage, mold, termites, the other incidentals, asbestos, lead based paint, polybutylene plumbing, and Chinese sheetrock with pet hair. Estimating the correct cost of bringing everything to code. Electrical, plumbing and heating and air.

[@JackFrost-wu2bq]

What a pleasant lady... I would Rent a storage Unit...Take all my new material out...and tear it down...possible sell the lot , Rebuild on it or short sale....Any money gained... invest in a REIT to make money while im searching for something else...Life is Fast..Enjoy the Ride👍

[@denollc1427]

I went to look at that house, but I decided to pass on it!

[@sisterelizee2722]

Too much life energy; sell. I see that this can happen to anyone. One thing to never deviate from is inspections. Always get an inspection as a buyer to try to haggle down the asking price for one. If she had an inspection, she likely would not have paid $75k. But again, she didn't know it was that bad. I believe her and agree. 2, She did not know enough about that house because she did not get an inspection. Sometimes it's a temptation to rush into an investment when you have someone else's money and trust in your hands to try to gain and increase their approval of you and your reputation with them. Last thing, about the main bedroom where the living room should be, often, one cannot do everything they want in every house. If she wants another bedroom, build an extension. One house won't break someone. She has everything available to her to do well.

[@krishaskins]

GREAT point here, I get a termite letter before every house we buy. Hell, even they make mistakes, I had one inspector miss $25k worth of termite damage, so you can only do your best to hedge. I too think the 1st floor is a little tight to do a primary bdrm, I think the fam will need some place to hangout, and that space is perfect. But, I guess we'll se how it goes..👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48

[@derrickjohnson5219]

I like working on the older houses but it has to pass my inspection criteria.Ive never removed a chimney Kris but mainly if it's not structurally safe or functional I could see why you would.I've never done a complete tear down only certain rooms like the basement, bathroom or kitchen.Go ahead and finish it now.The roof isn't a big deal but you looking at another 17-20k.Try to get good contractors near the beginning of the year as many of them are not having as much business because it's the slow time of the year so they may offer steep discounts.

[@krishaskins]

Good points here. You couldn't really see, but that roof had a large gansta lean going down in the center. It appears as the rafters are sagging and may need to be replaced along w/ the decking/ply wood. Either way, I'm not in the mood for a large reno, UNLESS the profit is large. I think most investors forget about the Life Energy it takes to do these MONSTERS.

[@derrickjohnson5219]

@krishaskins 100%

[@mlk8703]

💪🏽💪🏽💪🏽 Mission and Ministry

[@LastDragonElManifesto]

I'll probably be up in that area tmrw or next Tuesyay brother Kris

[@krishaskins]

yo, thx my friend, look me up when you're here, things are crazy as kids out of school, but it would be cool. my email [e-mail]

[@DrFinancialLiteracy]

But well worth it in Savannah, Georgia!

[@hampdensydneycollectablesv670]

Tear down - New construction

[@genew5758]

OMG. You got yourself an asbestos nightmare. The outside of this house is covered in asbestos cement siding. It's all broken, too, which isn't good. Maybe you can vinyl over it to save thousands that it'll cost to remove it.

[@southeastoriginal5668]

She probably heard this before but she look like Luenell Campbell

[@mrnoah515]

Many times🤣

[@LastDragonElManifesto]

Least ppl can't get tickets for not driving with hands on the wheels ANYMORE lol😂lol😂lol😂..

[@fields1336]

That's a abandominium 🏠

[@sevenasefaha1872]

😂stop

[@sevenasefaha1872]

Run forest Run 🏃🏿

[@LastDragonElManifesto]

Lol😂😂😂

[@mrnoah515]

Thanks 😳

[@LastDragonElManifesto]

Another reason why i just stick to LAND... same $$$$$ and cash flow .... WAAAY LESS HEADACHE ‼️ ‼️ ‼️

[@fields1336]

OMG 😮😮😮😮😮😮😮😮😮😮😮

[@Michellemybell739]

This was a lot to take on even for a seasoned investor, which she is not. I would have seen this house and passed it right on by if it were me. There’s no way $80 k rehab would have been all it needed as she told him she thought. Ceiling was falling and there was mold? She mentioned that to him as they walked through. She spent about $200k over six months and needs another $80k to finish it then her and her partner didn’t have a written agreement. Tragic!

[@krishaskins]

Good point, I'm glad you're allowing everybody to keep their dignity. We're all learning as we grow, I'm not sure why she didn't get an agreement in writing. Must be for a reason. I'm also not sure about your $200k statement as she paid $75k and spent only $40k to date. I do think it may take another $100k to do this job, which is where I think you're saying. Either way, I'm not sure I'm ready for this one... I think she should get rid of it asap. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48

[@1AEROSOL.1PUFF]

IT WOULD BE NICE TO START THE VIDEO AT THE HOUSE .

[@gregoryfluellen4831]

Kris..... Please help her....

[@hesellsresale211]

That’s the problem Newport News is going to be tough When it comes to rehab, you gotta find a place that even remotely did you get kids safe?

[@pvm3926]

Was this done when lumber prices were still high? I feel the 40k should have gone into the exterior, doesn’t feel like she got 40k of framing and deck work

[@terriejohnson]

If the area was booming years ago, and then the crack and and drugs came in, that’s probably why it looks like it is regressing instead of progressing. Where crack and drugs go, blight follows. The next step is gentrification warren. Buffett says you have to be ready to capitalize on a down market and you have to be ready to capitalize on an up market. Unfortunately, that is life! There are some cute bungalow style homes in the area. Now may be a good time to pick up a few.

[@yawnahkay7362]

Is that a telluride?

[@Trapperjohn1000]

I do a lot of construction. People buy these tear downs and are dead set on trying to renovate them

[@nathanthompson7326]

Should've been a tear down and rebuild new. 😬

[@malindaproperties]

She drastically overpaid and seems like she did little to no due diligence prior to purchase. If I can get a lender discount and private money to be flexible for balance take the 90k and move on. I know a person in my area that does their own work, and he could handle something like this. That would save a fortune and would be a great option if she knows someone like that. I think if that doesn't work, she'll have to eat the difference. Good luck to her.

[@1AEROSOL.1PUFF]

I CAN SEE OUTSIDE 👀, I WOULD HAVE DID THE EXTERIOR FIRST BEFORE I DID THE INTERIOR.

[@1AEROSOL.1PUFF]

I WOULD NEVER HAVE BOUGHT THAT HOUSE, NO BRICK HOMES IN NEWPORT ?

[@fields1336]

Dee Dee can't hear the question when she know her answer is going to be absurdity

[@flashspeedy22]

Deedee trippin. She never should had got that house. The problem is she’s not going to get someone to lend her the money. She needs to take that offer for 90k and flip another house that’s worth it. She won’t make a profit but she won’t be in debt.

[@chris67oldie48]

Sell Sell Sell

[@fritzpascal2737]

I don’t like to take someone else’s project. I’d have to pass. She should take that 90K deal and simply chalk it to a learning lesson. We all have this moment s as investors.

[@kingshakeem]

I don't like houses with too much work anyway so I don't see how she paid $75,000!! at best $20,000 that's it 🙅🏿‍♂️

[@krishaskins]

Yes, u may have a point. When it comes to downtown properties, most investors buy them super cheap because of the amount of work it’s gonna take to bring them back to life. The work is so extreme, we must get a steep discount because if the life energy it takes to bring the job to completion. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48

[@richardfabery4765]

She's a contractor? 40k In the work thats there. Someone got screwed. Bet not her.

[@fields1336]

Have a junkie fall asleep with a lit cigarette.

[@fields1336]

Money pit

[@peacefulblessed2114]

I will be honest that house is dilapidated . That house is not worth 75k. If she would have purchased the house for 10k she probably would have profit more, maybe. I was thinking about investing before in the US. I changed my mind, everything here is over price. The materials are cheap and overly priced. Inflation is happening everywhere worldwide. However,if you have decent funds,you can still live comfortably outside of America. I am building a home now, from the foundation to the roof, including the windows and doors. The plastering the two plots of land the house sits on . I haven’t reached 30k yet. I am blessed I travel to see America or the US is getting over a lot of homebuyers and investors. I see now overspending is normal here in the US. That house should have been priced at 10k maybe less.

[@Chutney1luv]

They should have gone in that building with masks on. Breathing in all that fallen plaster air; isn't safe! I'd pass on this one! Thanks for the explanation and tour!

[@emiliomejia5331]

Hire somebody from the neighborhood and torch it? Get the insurance money. I’m obviously joking, but she needs to get out of that ASAP.

[@fields1336]

I hope she only paid 5 grand for that house

[@southeastoriginal5668]

Did you even read watch the video? She clearly said how much she paid and spent smh y’all so short sided online 😂😂