1. Not analyzing the deal correctly 2. Project turnaround is too slow , try to keep it down to 3/mo-4/mo 3. Flipping houses that require higher resale prices than median sale price in the area 4. Not budgeting for unexpected costs, budget at least 10% on the rehab budget 5. Too big, too fast 6. Over improve, or under improve 7. Not having a vision
This is great advice and aged well, here it is 2023 and everything you say about a downward market is happening now....great advice! Factoring in 15% downward market contingency is wise, but right now may be too optimistic. 2 years ago it was a built in bonus...not anymore.
I just wondering if build 15% downward factor in, that will make the initial purchase offer 15% lower, than the other investor who didn’t do this…how can you still get the house..
Great video Elisa! I especially found the part about keeping price and square footage close to the medians in that neighborhood to be insightful! I almost made that mistake and bought a home that would have been both bigger and more expensive than the medians in that neighborhood. Whew!
Such great lessons that only experience can teach! Thank you so much for the thoughtful compilation of lessons learned - sounds like you have really assessed and used the mistakes to grow from them. What a champ! I love how you have leveraged the wisdom of more experienced investors in the past, and are now paying it forward by educating less experienced investors now.
Thank you Kathy for the kind and encouraging words! So glad that you find my lessons helpful! Each mistake/failure is like a badge of honor - they pave the road to future successes. So many people helped me generously when I was starting out, and I hope to do the same for others and help the real estate investing community grow :)
Well said! Elisia is an great presenter and is extremely gracious to share her tips, tricks, skills and experiences good and bad with us! She is a class act, bright as a newly minted silver dollar with a mighty big heart to match her energy and intellect. Can't help but think her parents must be very proud of her.
I am reading your book right now and subscribing to your TH-cam account. My business partner and I went through these pains with a contractor. But the lesson was good, and now I have a contracts that keep them on a tight leash.
Great advice! Im just getting into real estate investing. Its really hard finding good deals in my city (Portland). Im hoping you have or do a video on the topic.
Awesome information thank you! These tips could possibly save a fortune! One request, is that sometimes you mention things in imperial and in Australia we use metric. We used imperial when my parents were young and they can quickly understand it. For me it's a little challenging as I need to stop the video and do calculations and come back to it. I am really enjoying your videos, it's amazing to be able to learn from other's mistakes, although I'm sure I'll come up with new ones to make lol
I love your teachings. Im looking to get involved in the house flipping business and have no knowledge of it. 😅. Im definitely looking for a mentor and your tutorials.
Thank you! I actually just launched my coaching program, Transform Flipper Academy, to teach people to flip houses the right way. If interested, apply here: transformflipperacademy.com
Hi John, nice to meet you! My first home was a condo in SF. I looked into 1031 exchange too when I was selling, but didn't find anything where the numbers make sense. If you live there for 2 out of the last 5 years, you'll have $250k (or $500k for married couple) capital gain that's tax exempted, so you may not have to resort to 1031. Just FYI :)
Claiming to be a “House flipper” sounds like someone out to make a quick buck, fix it up as quickly and cheaply as possible for maximum profit, done for the lowest price instead of a reasonable or high standard and quality. Property developer sounds much more professional.
So true! We've learned a lot of different tricks on our many flipping adventures here in Tampa! It's a LOT more complicated than you might think and there's more to it than just making houses look pretty. Good luck to anyone getting started!
I just wondering if build 15% downward factor in, that will make the initial purchase offer 15% lower, than the other investor who didn’t do this…how can you still get the house..
Hi there, this is Andre from LA. I would like to start my first flip and I need I need hard loan money with no down payment or covers 90% of house purchase cost. I need some tips and help for my first flip.
It depends on how fast the project is done. I give bonus based on how many days sooner the project is done. Sometimes I also offer bonus if the sale goes well.
Look here sah, if you don't want to subscribe to the lady channel, all you have to do is move right along. Nobody nah force you to subscribe. Kmt. Damn Bad mind. Coo pon you too. Kmt.
Watch Next: House Flip Before and After 2020 - $80K LOSS?! - All the Numbers & Mistakes
th-cam.com/video/ihnAoBcLxVA/w-d-xo.html
1. Not analyzing the deal correctly
2. Project turnaround is too slow , try to keep it down to 3/mo-4/mo
3. Flipping houses that require higher resale prices than median sale price in the area
4. Not budgeting for unexpected costs, budget at least 10% on the rehab budget
5. Too big, too fast
6. Over improve, or under improve
7. Not having a vision
Awesome. Thanks for sharing.
This is great advice and aged well, here it is 2023 and everything you say about a downward market is happening now....great advice! Factoring in 15% downward market contingency is wise, but right now may be too optimistic. 2 years ago it was a built in bonus...not anymore.
I just wondering if build 15% downward factor in, that will make the initial purchase offer 15% lower, than the other investor who didn’t do this…how can you still get the house..
You are very informative. Just starting out with house flipping and SCARED TO DEATH. I'm in Maryland.
Great video Elisa! I especially found the part about keeping price and square footage close to the medians in that neighborhood to be insightful! I almost made that mistake and bought a home that would have been both bigger and more expensive than the medians in that neighborhood. Whew!
Thanks Robert! Yeah, it's pretty tricky. I'm glad you didn't make that mistake! Are you a house flipper? Where are you located?
Such great lessons that only experience can teach! Thank you so much for the thoughtful compilation of lessons learned - sounds like you have really assessed and used the mistakes to grow from them. What a champ! I love how you have leveraged the wisdom of more experienced investors in the past, and are now paying it forward by educating less experienced investors now.
Thank you Kathy for the kind and encouraging words! So glad that you find my lessons helpful! Each mistake/failure is like a badge of honor - they pave the road to future successes. So many people helped me generously when I was starting out, and I hope to do the same for others and help the real estate investing community grow :)
Well said! Elisia is an great presenter and is extremely gracious to share her tips, tricks, skills and experiences good and bad with us! She is a class act, bright as a newly minted silver dollar with a mighty big heart to match her energy and intellect. Can't help but think her parents must be very proud of her.
I am reading your book right now and subscribing to your TH-cam account. My business partner and I went through these pains with a contractor. But the lesson was good, and now I have a contracts that keep them on a tight leash.
How do you find the under market price house? The market is too hot today, it very hard to find the qualify flip property.
What kind llc should i look into? Getting into flipping
Great advice! Im just getting into real estate investing. Its really hard finding good deals in my city (Portland). Im hoping you have or do a video on the topic.
Your video was very good. Many valuable lessons from your experiences. Thank you!
Glad you found the video helpful!
Awesome information thank you! These tips could possibly save a fortune! One request, is that sometimes you mention things in imperial and in Australia we use metric. We used imperial when my parents were young and they can quickly understand it. For me it's a little challenging as I need to stop the video and do calculations and come back to it. I am really enjoying your videos, it's amazing to be able to learn from other's mistakes, although I'm sure I'll come up with new ones to make lol
Love watching your videos ❤️ do you have a video on your data analyzer sheet?
I love your teachings. Im looking to get involved in the house flipping business and have no knowledge of it. 😅. Im definitely looking for a mentor and your tutorials.
Thank you! I actually just launched my coaching program, Transform Flipper Academy, to teach people to flip houses the right way. If interested, apply here: transformflipperacademy.com
Thanks you very informative video Do I have to make an LLC first before start flipping houses?
No you don’t have to, but it’s recommended
Loved this episode! Thanks for sharing your lessons with us.
So happy to hear that! My pleasure! Let me know what else you'd like to see on my channel :)
Question. Is there a service in America that can check your comps and all the components you spoke about to advise you if a flip is worthwhile?
I really appreciate all the mistakes and successes that you share.
Found you on AHN and glad I did. I too live in SF. We own our condo and one in LA but want to get into 1031 and flips. SUBSCRIBED!
Hi John, nice to meet you! My first home was a condo in SF. I looked into 1031 exchange too when I was selling, but didn't find anything where the numbers make sense. If you live there for 2 out of the last 5 years, you'll have $250k (or $500k for married couple) capital gain that's tax exempted, so you may not have to resort to 1031. Just FYI :)
I swear when she talks I understand her more clearly than Morgan Freeman 🤣 . Every blogger should prepare as she does.
Claiming to be a “House flipper” sounds like someone out to make a quick buck, fix it up as quickly and cheaply as possible for maximum profit, done for the lowest price instead of a reasonable or high standard and quality.
Property developer sounds much more professional.
Love your content!
Another valueable piece of content. Keep up the good work.
Thank you Hoan! Glad you found it helpful!
So true! We've learned a lot of different tricks on our many flipping adventures here in Tampa! It's a LOT more complicated than you might think and there's more to it than just making houses look pretty. Good luck to anyone getting started!
Great to meet fellow flippers like you! Yeah, a lot of things can go wrong, and mistakes can cost a lot. How's the market in Tampa right now?
@@TransformRealEstate market is on fire. Absorption rate all time high and no inventory.
Thanks !
Why is it hard to fire the contractors?
I just wondering if build 15% downward factor in, that will make the initial purchase offer 15% lower, than the other investor who didn’t do this…how can you still get the house..
flippers think that markets will always keep going up...
Thank you!! I did not catch your name. I am on my first flip, the contractors had been teeth pulling issues.
Sorry to hear that you are having issues with your contractor. I had nightmare situation with my first contractor too. I hope it works out for you!
@@TransformRealEstate thank you!!
what area are you from? Are you a full time investor now?
Would you please add captions in this video? I would greatly appreciate it!
Hi there, this is Andre from LA. I would like to start my first flip and I need I need hard loan money with no down payment or covers 90% of house purchase cost.
I need some tips and help for my first flip.
Every man needs a smart woman That’s my biggest lesson From this video
down bad
You clearly do
Yes you are correct
Real bad can you help me out
How much do you allocate for bonuses in the whole duration of the project?
It depends on how fast the project is done. I give bonus based on how many days sooner the project is done. Sometimes I also offer bonus if the sale goes well.
Transform Real Estate thank you for the response.
Don't bother calling agents with pending sales asking for contract price. We won't reveal it until closing date.
I’ve done it many times with success. Even if they don’t tell you the exact price, a range can help too.
You won't but others will
👍👍🌹🌹
I wich you could raise the tone of voice a little more, sorry but for that reason I won't subscribe....
Look here sah, if you don't want to subscribe to the lady channel, all you have to do is move right along. Nobody nah force you to subscribe. Kmt. Damn Bad mind. Coo pon you too. Kmt.
Hi is there any way I can contact you through another platform whether that be through email or any others?