Fix and Flip Bought from a FSBO on 9/29/2017 Before the Repairs
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- เผยแพร่เมื่อ 5 ก.ย. 2024
- You can find much more information on how to flip houses in my book Fix and Flip Your Way to Financial Freedom. The book goes over all the details on how find, finance, repair, and sell house flips. It is available as an audiobook, paperback, or eBook on Amazon here: amzn.to/2Bi8v0O
More information on how to flip houses here: investfourmore...
I bought this house from a Zillow for sale by owner (FSBO) for $157,500. The house needs some work including paint, a roof, a kitchen, and flooring. I hope to get everything done for $25,000. My carrying costs, selling costs, and financing costs will be around $15,000. I hope to sell the house for $225,000 or maybe a little more. I am starting work on the house right away since one of my contractors just finished work on another flip I have. I hope to get everything done in less than one month.
Here is the after video: • Fix and Flip After the...
I like the unusual front of the house
I’m loving this channel just found you and am having a great time watching all these before and afters. Keep fix and flipping for my entertainment lol.
Will do!
That house looks big and nice on the inside but a box on the outside
True
Nice looking home I would add a garage extension on the side straight into the living room and save the windows. As for the upstairs put in a spiral staircase.
Love the unique look of the place from the street. Though that rail leave something to be desired
You have a great format for your videos. Your taping and commentary is really top quality. Thank you for showing us your houses.
Thank you!
Your "before & afters" are very instructive and interesting. As I've said before, you clearly know your values. One of things that has become clear is that this may very well NOT work everywhere. You're pretty confident and cavalier about throwing $30K at a flip project. No doubt you've earned that experience and knowledge through example and I'm not dissing you in any way. You know what you're doing and you earn your money. But you *could not* do this in Indianapolis, for example, buying a trasher for $20K and putting $30K into it and then selling it for $60K. A tiny mistake would smoke you. The high values of these homes you work with are in the end an important part of how you work. Negotiating an extra 5% off the price could cover half or more of your rehab. Negotiating a 5% add'l discount off a $20K property isn't spit. Really enjoying your videos!
I used to flip houses when our median value was $110,000 as well. I have bought many houses for $50,000 back in the day. It is all about the numbers. No way the situation you mentioned would work, but what if you buy for $50,000, spend $30,000 and sell for $130,000? I know flippers all over the country in every price range.
Who cares if the cabinets are old as long as they're in good condition? I don't see anything wrong with them. They just look like they could use a new paint job. I'm also not sure what makes them "boring." I wasn't aware that doors and cabinets were supposed to be exciting. I guess they're not ornate enough for your tastes, but these are modest homes. They're not meant to look like a Beverly Hills mansion. IMO, some people go overboard trying to make older homes look like the typical modern mcmansion.
Watching in 2020. Is there an after video for this property? I like the unusual looking front of the house.
yes
It looks clean and will look great .
Hey Mark I just wanted to bring to attention that the After video in the description links back to this same video.
Fixed!
Never RIP out good hardwood cabinets. It's cheaper and easier to just buy new doors if they are boring.
Why would you change the wood floor when it looks completely fine?
We just refinished it
The house has potential but this is food for thought never put carpet where there will be water in a laundry room or kitchen or bathroom.
We don't have carpet in those rooms
Yea I have seen that you did really good on the house I like it, I am just a bit late seeing the video.
Would be nicer for the viewers to have before and after clips in the same video.
With all the flips I am doing and other stuff, I do not have time to edit the videos. Plus I would have to wait until the houses are done to post one video.
I do not understand why owner want to sell this...They can keep this as rental...
Not good cash flow here
@@investfourmore But Mark, they can just wait and considering how crazy value appreciated in N. Colorado...They should not sell this especially housing is in pretty good shape..
Oh cute!!!! Love this one! ❤️❤️
Thank you
Its better to fix up a house and live in it. It saves money. And the new houses are expensive and feel cheap as fuck.
AS long as you get a good deal
Thank you for sharing your expertise. How did you finance your first deal?
Partner
Hey Mark,
I been watching your videos for a while now and I just recently started investing. How are you getting deals like this. (Laughs) I've done mailing, putting up signs, even door knocking and I can't get 1 deal. I've been doing this for about 6 months and I feel like I'm wasting money I don't have. How are you attracting and finding motivated sellers?
TrealSwagg keep hanging in there. I remember it took me 6 months to do my first deal n I felt exactly the same. I know exactly how u feel. But don't quit keep pushing and stick with it and I promise you'll make it happen.
Check out these 2 sites. You can connect with others investors in your area and network with them. This is a great channel to follow.
Facebook: wholesaling House Full Time
Biggerpockets.com
Good Luck 🍀👍
investfourmore.com/2017/08/14/case-study-fix-flip-bought-direct-marketing/
TrealSwagg I found houses at the bank also ask the county you live in for tax defaulted houses.
not a bad house.
Un escorpión en la pared 😬
What is the rule of thumb for carrying costs and selling costs and all of the final payments and basically all the fees involved...?
investfourmore.com/2014/06/10/costs-involved-fix-flipping-home/
Mark Ferguson - InvestFourMore thank you :) great info. I guess a safe estimation on an avg home is 10-20-30 k? Thats the avg? I think after those fees it still makes sense to do that.
Yeah, a lot depends on if you are an agent, your financing, etc. I like to write out all the costs on each deal
Mark Ferguson - InvestFourMore depending on what you like. I personally usually try to avoid the grave system like i call it. When you do these on credit and other peoples money. I do my business with my own money. Just depends on your risk levels. By the way- why dont you buy from alibaba. You can order in bulk and its super cheap. Because you can squeeze a few grand this way. Flooring and so on
Because I can do 19 at a time with bank money and private money where I could only do 4 or 5 at at time without it. The credit costs me $5,000 a deal where I made $30,000 a deal on profit above that. It is all a numbers game.
19 rehabs at one time? How are you getting funding? Just asking because I’m looking for private money. I have three going on now. Just asking. Thanks.
I use private money, hard money, bank money and my own money. investfourmore.com/2014/03/19/finance-fix-flips-hard-money-private-money-portfolio-loans/
"Second bedroom upstairs" 2:49 what you talking about upstairs? eh?
it has a basement so technically there is an upstairs
It would be different if you were in the basement when you said it. Must be a different mode of grammar than from where I'm from. Just sounds odd to me. Don't mind me as I'm just a pedantic teacher. :D
Here is Mark again with another crooked $40,000 house. Hope to sell for $275,000
You don't understand real estate markets do you?
Sorry to say but this property would cost no more than $60,000. Before the rehab you mentioned you had bought it from a wholesaler. After the rehab you mentioned you had purchased from Zillow. ???????????????????????
Where you live maybe. No, if I said that I made a mistake,. It was bought from Zillow FSBO
Doesnt look that bad.
Would love to know what this area has to offer that drives real estate prices so high. I have a feeling this is a joke. I have a new name for your company call it The Least I Could Do Homes by Mark Ferguson. Buyer beware..... Get a really good inspection.
Research Colorado home prices. I think just about every house we sell the buyers get an inspection and almost always comes out great. Thank you very much. I guess electrical, plumbing, roofs, kitchens, baths, are all cosmetic right?
Yuk it's an ugly house. Kitchen too small, bedrooms to small, closets too small, and only 1 bath.