Real Estate Investing: How To Fix and Flip Houses, 5 of 5

[leafyutube]

Very nice videos. If the costs are not exaggerated toward the low end, it's a pretty good gig.

[officeaddict33]

@ 3:50  - nice job on the exterior ...and interior, of course.

[MrMarv1985]

As an alternative, he could have purchased this house for $80,000, 'wholesaled' it or 'flipped' it to another rehabber within 1-2 weeks, and made a quick $10,000 profit without so much as lifitng a hammer or a paintbrush. If that rehabber had rehabbed it as Steve did, he or she would have still made $40,000 or thereabouts within two months.

[officeaddict33]

@MrMarv1985 - $10 k after taxes or before? Don't forget about the tax bite.

[MrMarv1985]

$80,000 in profit for a one or two month rehab job is nothing to sneeze at, and as the old saying goes, you make money in real estate when you BUY property, so when you buy a house for $80,000 in a neighborhood of $200,000+ houses, making a nice profit is pretty easy.

TV shows such as Flip This House & Flipping Vegas, which air Saturday mornings on A&E are chock-full of episodes such as this, and very educational.

[zyler24]

bullshit! day and a half siding, sofit ,fascia gutters....? takes time to setup/prep no way it was done that fast

[AviRay1]

Here are the real numbers for those who want to know realistically what happened in the end

They bought it for $80,000 in April 2005 and sold it in December 2005 for $214,900. Figure if he said the rehab was around $50,000, it was probably a little more. It was a nice deal, and they seem to know what they are doing.

Great Work Steve!

[fixitsecrets]

Loved this series. Very interesting and informative

[Shoppingbag69]

What happen with the basement with the water? Do you have any pictures of basement before and after?

[epdisme]

Can someone tell me what other expenses incur in flipping a house. He bought the for 80K put 50K in repairs, holding costs or insurance (2 months) ($1600?) depends how long it took to repair the home plus real estate agent commission - 6% = $13,500. Total investment roughly? = $71,600 . $80K + $72K = $152K.  $235 - $152= $83K - $80K profit.

I am a beginner. Ball park. Is this correct?

[themagicofcoupons]

How long did it take to complete?

[GFWMOMOF2]

love the segments, also would like to know the question, that laconia24 asked.

[BigRayBonz]

Bottom line it for me...How did u start? Starting is a big thing. Do you do staging to sell your homes?

[BrownBiz]

did anyone ever buy that house?

[FlippingHomes]

Yes, it was sold for around $225k I believe.

[dudewtf06]

Wow thats impressive what area was that house located, and what book do you recommend for new investor that want to flip houses ?

[krusier11]

In the previous vids, they said they had it under contract for 235k. I am a new investor my self but to me, you need much, much more of a book to do this property. You need to find a really good contractor and you need cash, in this case, 130k (80 for the property, and 50 for the repairs)

[LyubomirMironenko]

@krusier11 actually you don't need the cash. Just ask the bank to put your down payment into an escrow for repairs, instead of the down payment. If they won't do it, find a bank that will. I bought a property for 50,000, put down 15,000 into the escrow for repairs; it cost me a total of 20,000 to fix up and now it is under contract for 90,000. Mean while, the future buyers are renting it for 500 a month. It works, believe me. I recommend reading Robert Kiyosaki.

[laconia04]

hey just a question...once you sell the house.the money that you earn do you use some of it to pay off the remaining amount of mortgage?

[mark7996]

good videos!