Nice one Tari. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made. Great video! Thanks for sharing! Very inspiring! I love this
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
@@eadad4371 Alright so generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (REGINA LOUISE COLLARO) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her. She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy...So I’ll advise you do get a good Investment advisor for yourself.
@@skoopqueen. That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@eadad4371 look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnn. She can work with anyone irrespective of where their located
@@skoopqueen. I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
Tarl technical knowledge of home construction and his personality for completing projects is highly impressive. His comment of not getting upset and focusing on what is rather than what should have been was simply beautiful. I am still shocked that you can actually quickly remodel a 100 year old house in very rainey Washington state. You believe that the years of leaks, wood rot and mold would force him to tear these house down. Also wouldn't prefabrication homes, except for the permits, be faster and easier to construct? Also in most states home builders are liable for 10 years of construction warranty on defects after completion of a project.
So the reason I’m watching this video right now is because I have a flip going on and I’m over budget overtime and do not have the resources to finish. In your video, you touch briefly on the fact that you had to just pay more contractors. But that little piece there of you having to budget for More labor costs, material costs, etc. you didn’t really uncover how you did that. Maybe that’s because you have the money in the bank and you could just do that. I’m on my first flip and have no solution of how to pay to finish this job call it a lack of resourcefulness. I’m trying to currently figure this out which is why Im watching this video, hoping that I might figure something out.
I might've missed it. what was your ARV going into the deal. You mention the market went up and helped you sell at $425k. If values hadn't gone up, What price did you plan to list it at and hope to sell for list price? Great Video, Thanks for sharing great info. Hope to here from you.
I work in the remodeling business and I will give you an example of how we would do a bathroom remodel tile job to help you understand the process a bit better. We charge by the job which includes labor and all materials needed to complete the job EXCEPT for the tile, the tub or shower pan, and the shower doors. Also, any lighting and plumbing fixtures are to be purchased by the customers and this work is subcontracted out to electricians and plumbers who will bill the customers for any additional parts and materials they used plus labor costs to complete their work. The reason why we don't is because these things can cost next to nothing or thousands depending on what the customer chooses so if we told the customer that the bathroom remodel was X dollars and then they choose a fancy tile that costs 5x the amount of a normal tile then we are left with the "Well you told me it was this price" speech. Hope this helps you out in your flipping journey and good luck @TheGoswitzTeamRealtors :)
Look up the building code for your area, it's a good thing to start getting familiar with it and learn how to navigate it if you are in this business. If it's just a one time deal for your home you can just go to the city planning office and let them look it up for you. Basically how much you can build depends on the size of your lot but that ratio also varies from one neighborhood and even street to the next.
Quick question would it have benefited to hang onto it for one more month to drop capital gains tax or did you just 1031 it into another so didn’t really matter to you?
This is Tarl. Im not a CPA, but from my experience, if the property is a flip and was never a rental and never intended on being a rental, then it doesnt matter how long ive owned the property, it will be taxed as ordinary income. One of the downsides of flipping.
You can get in a much bigger headache down the road when you don't even want to think about a past project ! Like when the new owner's lawyer contacts you talking about Fraude because their insurance company found out the discrepancy on the square footage.
@@kkp4297 - I agree that buyers (smart ones anyway) will want permits when buying from a house flipper, but at least in my neighborhood in the SF Bay Area, many older homes do not have permits. Years or decades later when the home sells it's not a problem since it also so common.
Town code, ex contractor, learning investing guy weighing in here. Simple answer is yes. Not only do I tend to inspect the same house between ppl flip, but I also tend to know the permit history of a property. When renovations happen and I don't have permits for it, I have more than enough experience and info between my records and tax to know if work is performed without permits. Don't risk fines, stop work notices, and CO'S being held up (holding up your closing) for something pretty simple. The worst in my town is trying to negotiate about $200k, nobody will touch it because of the crazy fines from a stop work notice.
From the outside it looks like it might have been a Sears Roebuck kit home. They were common in the army 1900s, although not sure how common they were in Washington back then.
Do you go in with inspection when making a deal? Architects? I feel like here you couldn't determine much of the repair cost until you gut to the bones. How do you mitigate balance the known knowns vs unknown knowns when dealing with old homes?
when you flip houses at the end of the party you're asking for trouble. no one can precisely time the next recession but you're playing with fire flipping houses right now.
![ว้าว!ลุงบีมแบกทองมารับขวัญหลานกันยกบ้าน [cc] แดนแพทตี้ SS2 | EP.49 |](http://i.ytimg.com/vi/Osihq1OAs-4/mqdefault.jpg)
Nice one Tari. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made. Great video! Thanks for sharing!
Very inspiring! I love this
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
@@eadad4371 Alright so generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (REGINA LOUISE COLLARO) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her.
She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy...So I’ll advise you do get a good Investment advisor for yourself.
@@skoopqueen. That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@eadad4371 look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnn. She can work with anyone irrespective of where their located
@@skoopqueen. I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
Tarl technical knowledge of home construction and his personality for completing projects is highly impressive. His comment of not getting upset and focusing on what is rather than what should have been was simply beautiful.
I am still shocked that you can actually quickly remodel a 100 year old house in very rainey Washington state. You believe that the years of leaks, wood rot and mold would force him to tear these house down. Also wouldn't prefabrication homes, except for the permits, be faster and easier to construct? Also in most states home builders are liable for 10 years of construction warranty on defects after completion of a project.
This guy droppin wisdom bombs
Could you have added at least a half bath upstairs? 3 bedrooms and one bathroom is a issue
I've been flipping houses for years, and your attention to detail is truly impressive. It's the key to a successful flip!
Excellent content! Very much appreciated!
So the reason I’m watching this video right now is because I have a flip going on and I’m over budget overtime and do not have the resources to finish. In your video, you touch briefly on the fact that you had to just pay more contractors. But that little piece there of you having to budget for More labor costs, material costs, etc. you didn’t really uncover how you did that. Maybe that’s because you have the money in the bank and you could just do that. I’m on my first flip and have no solution of how to pay to finish this job call it a lack of resourcefulness. I’m trying to currently figure this out which is why Im watching this video, hoping that I might figure something out.
Could you just sell it as is?
How did this end up
You could get partner and split profit .
Did we find a solution 👀? Because I'm in the same 🛶😅.
I borrowed 20k from a Private money lender and got the house finished and then paid them back. Sold the house and made 75k profit.
Thanks, that was great.
Missing kick out flashing on the porch roof. That window is going to rot!
Would love to do a property walk through in Tacoma.
Man, this was a wonderful Monday surprise. Thank you!
Straight forward channel
Great Job as usual! How do you find contractors in all these different places that's a video I'd like to see :)
Great video and I've only seen the intro. A true leader and pro that passes his learning lessons from victories and trials and errors. Thank you!
Love the no sugarcoating anything type content. Thanks Tarl!
great information!! wondering how much did the painting contractor cost?
One the annoying thing with permit is plan, its not cheap
Did you hire Architect or engineer?
Great video and awesome information
The people living here must’ve had a really bad fight before moving out 😂
Looks like Hilltop. I can smell it from here ;)
I might've missed it. what was your ARV going into the deal. You mention the market went up and helped you sell at $425k. If values hadn't gone up, What price did you plan to list it at and hope to sell for list price?
Great Video, Thanks for sharing great info.
Hope to here from you.
Where I live, the money you spent to buy and renovate the house, are not even enough to cover the downpayment for a property like that.
Then move somewhere else to do a deal
What would you do in a situation where: you find more significant repairs AFTER the inspection period ended but PRIOR to closing?
Did you ever get a answer to that? That's a big one.
If i add a room and full bath in a 1000sq basement on a house with currently just 3300sq. Would that still yield 70c/ $1 roughly? Thanks
Love Tarly’s content
How do you know what permits to pull?
Great video man! Amazing job and love the transparency
Need more Tarl videos! Always a good watch.
When you find a contractor, do you pay for the materials or do you allow the contractor to pay for them?
I work in the remodeling business and I will give you an example of how we would do a bathroom remodel tile job to help you understand the process a bit better. We charge by the job which includes labor and all materials needed to complete the job EXCEPT for the tile, the tub or shower pan, and the shower doors.
Also, any lighting and plumbing fixtures are to be purchased by the customers and this work is subcontracted out to electricians and plumbers who will bill the customers for any additional parts and materials they used plus labor costs to complete their work.
The reason why we don't is because these things can cost next to nothing or thousands depending on what the customer chooses so if we told the customer that the bathroom remodel was X dollars and then they choose a fancy tile that costs 5x the amount of a normal tile then we are left with the "Well you told me it was this price" speech.
Hope this helps you out in your flipping journey and good luck @TheGoswitzTeamRealtors :)
The private money lender lended you the money to purchase the home AND to renovate ?
Yes
Bro you sound like a great salesman lol so much information in so little time.! Thank you for your time sir..!!😎👍
Thanks Tarl! How do you find out what your city allows as far as addition or area upgrade?
Look up the building code for your area, it's a good thing to start getting familiar with it and learn how to navigate it if you are in this business. If it's just a one time deal for your home you can just go to the city planning office and let them look it up for you.
Basically how much you can build depends on the size of your lot but that ratio also varies from one neighborhood and even street to the next.
Hey! from one Jiu Jitsu athlete to another!?
Quick question would it have benefited to hang onto it for one more month to drop capital gains tax or did you just 1031 it into another so didn’t really matter to you?
Since he's flipping and prob never intended to hold it he has to take it as ordinary income
This is Tarl. Im not a CPA, but from my experience, if the property is a flip and was never a rental and never intended on being a rental, then it doesnt matter how long ive owned the property, it will be taxed as ordinary income. One of the downsides of flipping.
I see the orgin (jocko) sweat shirt 👀
Tael Yarber is the man!
hahahah @ 17:54 how do you take a crap situation and... that was so cheesy but I love it
Wow the settling was way much!
What brand of LVP are you using?
175k for that? Holy shit the coasts are such a scam. Obviously poor people can’t leave by why would anyone middle class or above want to live there?
LOL - sitting on the john for the transition of "so how do you turn a crap situation like we had in this property..."
The permit issue is real interesting. What would have happened if you had simply gone ahead? Really, would they have noticed?
you would have a problem selling it. Buyers want to buy permitted homes.
You can get in a much bigger headache down the road when you don't even want to think about a past project ! Like when the new owner's lawyer contacts you talking about Fraude because their insurance company found out the discrepancy on the square footage.
@@kkp4297 - I agree that buyers (smart ones anyway) will want permits when buying from a house flipper, but at least in my neighborhood in the SF Bay Area, many older homes do not have permits. Years or decades later when the home sells it's not a problem since it also so common.
Town code, ex contractor, learning investing guy weighing in here. Simple answer is yes. Not only do I tend to inspect the same house between ppl flip, but I also tend to know the permit history of a property. When renovations happen and I don't have permits for it, I have more than enough experience and info between my records and tax to know if work is performed without permits.
Don't risk fines, stop work notices, and CO'S being held up (holding up your closing) for something pretty simple. The worst in my town is trying to negotiate about $200k, nobody will touch it because of the crazy fines from a stop work notice.
@@kkp4297 great, interesting
I just realized why I like watching your videos... You sound exactly like Khan academy
For someone who is brand new..what is the best way to determine what works fro the area?
If you sold it how are you able to do a walk through of it?
😀
Because it was under contract to sell and was scheduled to close to new buyers the following week we made this video.
I needed to hear this 🙌🏽
From the outside it looks like it might have been a Sears Roebuck kit home. They were common in the army 1900s, although not sure how common they were in Washington back then.
Beautiful! You are a great benefit to your community. Can you please share that interior paint color.
Talk way too fast
Do you go in with inspection when making a deal? Architects? I feel like here you couldn't determine much of the repair cost until you gut to the bones. How do you mitigate balance the known knowns vs unknown knowns when dealing with old homes?
I lost it at crap situation 😂 lol
🚀 🚀 🚀
when you flip houses at the end of the party you're asking for trouble. no one can precisely time the next recession but you're playing with fire flipping houses right now.
Houses are for living in. They aren't for flipping. Stop it! You are a monster!
😂
sound like amateurs.