House Flip Before and After - $80K LOSS?! - All the Numbers & Mistakes
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- เผยแพร่เมื่อ 8 ก.ค. 2020
- House Flip Before and After - $80K LOSS?! - All the Numbers & Mistakes
House flipping is not always rainbows and butterflies. Actually, there's a lot of risks involved if you don't know what you are doing, especially when you are doing million dollar house flip.
This house flip before and after shows you how the house flip gone wrong and house flipping mistakes to avoid. Watch the video to see the house remodeling before and after and the house flip numbers. This million dollar house flip didn't go as planned, and I almost lost $80k after making several house flipping mistakes. In the video, you'll find out what happened to this house flip fail and why I had to do a home remodel to the neighbor's house for FREE.
It was definitely a stressful experience, but now I can look back and share this interesting house flip gone wrong and the valuable house flip mistakes that I learned from. What doesn't kill you makes you stronger, and this house flip fail paved the road to the many 6-figure house flips after. If you are trying to learn house flipping for beginners, house flipping risk and how not to lose money flipping houses, watch this video to learn my house flipping loss, and learn from my house flipping mistakes so you don't have to make them yourself.
This channel teaches flipping houses for beginners. If you are interested in flipping houses, I'd love to be your house flipping coach, and help you turbo charge your house flipping career!
#houseflip #houseflippingrisk #houseflipbeforeandafter
Watch next: House Flip Before and After - $300K Profit - House Renovation & Garage Conversion with Numbers
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Dear Elisa, which video is for finding off-market deals? Thanks
same question
Not "the neighborhood crack house" lmao.
It’s incredible how much your neighbors can affect you!!
So true!
Haven't watched TV in over 20 years, never watched netflix etc. Found you yesterday and I'm binge watching for the first time. :-) Please don't change your style. Clear, concise, thorough, well presented, authentic, no crappy background music, and when your off camera personality sneaks in something hilarious, like the neighborhood crackhouse or, on another episode, there was an addition like a tumor, it's even better.
I thought I was an anomaly, except I get Netflix dvds...Groucho Marx said tv is very educational, every time someone turns it on, he goes and reads a book...
When she said that room looked like a tumor I started busting up!! Hahaha 🤣😂😂😂
The neighbors and school proximity were big negatives. Your house reno was excellent. Your idea to improve the neighbor's house was a bold but effective decision. You made several compelling points on mistakes all flippers can learn from.
Yes totally agree . Also Pls share with me the deal analyzer you used . Thanks 😊
I was one of your earlier subscribers. I’ve followed you for well over a year and have been so grateful for your advice. My favorite story is when you first started and had lots of deals but no money to do them all. It taught me that if you have the will to do something, you will do it. So, I changed my will. I have now done four flips and just quit my full time job. I am loving it. Thank you for all of the incredible, vulnerable, and helpful advice.
Great success story! Congratulations!
@@SachsRealty thanks! I just sold another one this week! I’m so grateful for awesome people on TH-cam who got me started :)
What a chess move! Pure brilliance. Great job.
Instead of give 3 months of rent back, is it better to offer 3 months of rent free in any apartment complex around the area ? That way you could proceed with the rehab right after closing . Great video 👏😎
i think this was one of the most informative and useful video i've watched on real estate. really enjoy watching. keep the great videos coming!
Thank you so much Tuan for the kind words! I'm so happy to hear that! Let me know what else you'd like to see on my channel and I'll work on that!
@@TransformRealEstate and I like you minnie mouse inspired top, where'd u get it from 😍
"Painting old cabinets is like putting lipstick on a pig" haha! 🤣🤣 I've been binge watching since last night!
I learned a lot on this video. Do not overlook the quality for an easy profit.
It is so important that you share your mistakes and triumphs, both are valuable lessons.
Wow this was definitely a roller coaster ride! So glad you were able to break even and I’ll keep in mind your lessons!
It’s so frustrating that the neighbors weren’t grateful, I would love for someone to give my house a free facelift!
I adore your videos and style, you know for some reason I find your channel so soothing and relaxing
These are such amazing videos and are so valuable! I am learning so much, thank you for all your work!
@12:29. If the neighbor’s house looks like the neighborhood crack house…🤣😂😅. Absolutely love this! She’s not wrong! Who wants to live next door to people who do not care for their house, let alone it’s appearance. Thank you for this video and the information being shared. ❤️
Hello, just want to say thank you for all the videos you've posted on TH-cam. I am learning every day from you. I also bought your book last night. Keep on posting more videos
Very thoughtful content! Thank you for being so open about the good and humble and courageous enough to share the bad. There are so many incredible lessons here!
Thank you so much Kathy! It's the bad and the ugly that teach us the most. I actually love that I have a good story to tell now lol
Thank you so much for sharing your knowledge and experience !!!
My pleasure!
Thank you so much for sharing this! I really enjoy learning from you and I am so proud of you :)
Michelle!!! Nice to hear from you! Thank you so much! How have you been?
Thank you soooo much for sharing this experience. Very unique admit errors in the Buisness. Not a lot here do that. Appreciate this a lot. Good Luck for Future Flips.
Facinating story!
Oh thank you soooo much for sharing this experience, you are an angel
You are so welcome! I'm happy you found it helpful!
Hey Whatsup! This story was so insane and it's always crazy to hear how it all went down. I'm glad you were able to recover and come out of this unscathed!
Yeah, it was quite a roller coaster ride and I was lucky to be able to break even! That's also why flipping is fun - every house is different and you never know what to expect lol
Great info!
I love your videos! Thanks for the great content and lessons!
Thanks so much! If you'd like to see anything else, let me know!
Thank you for sharing!! Keep up the good work.
Thank you so much! Will do!
Thank you for posting! I appreciate you sharing the ups and downs of flipping houses!
Thanks Natalie! Many people see that house flipping is lucrative, but don't realize the risks. I want to be real and help people see both sides.
@@TransformRealEstate Agreed! :) Can you also send me the deal analyzer? my email is natalieflorawong@gmail.com
Thank you for another informative video!
Thanks Jason!
Thank you so much 😊
Your a true rockstar thank you so much for sharing these amazing videos
Thank you so much! I really appreciate it!
Hey I love you videos! I am trying to start my house flipping business in Texas and you’re channel has been very helpful. Can you make a video in how to get started?
Thanks 🏡
Awesome video Elisa!!
Thank you!!
i like your videos vey much
I would love a copy of your analyzer. Thanks for explaining things so clearly and to the point.
Great videos Elisa! Just curious, you said to check out "this video" to find out how to get off market deals and then pointed to the upper right corner of the screen but there was no link. Do you have this video available somewhere?
I’m a big fan of your videos now! Now I know that you’re from the Bay Area. “Neighborhood crack house” 😂
Your side comments are hilarious 😂
Great content im learning a lot from watching your videos
So glad to hear that!
Great content
Thank you so much!
great video. it can be even better if you line item each improvement cost at the end or on-screen when covering the list of improvements.
Sorry I'm new here. I'm interested if your project all applied permit ? Is permit must to have ? I'm asking because my house seems renovated long time ago without permit, but the house size is the same. I don't know if renovating it would trigger inspector to ask to remove all the exist floor plan. Thanks for your sharing
Thanks for your video! I learned a couple of those lessons myself (bought a house next to a crappy house). Great job on the rehab!
Tip I learned: don't buy in front of a school due to heavy traffic.
Thanks! Glad you learned something from the video! Yeah, people like to be close to schools that their kids go to so it's convenient, but they don't necessarily like the school right in front or the traffic or noise.
This NEEDS to be on HGTV!!!
Haha, thanks Zach. There might be just the enough amount of drama :D
Hi Elisa, love your videos and how detailed you are. Can you advise if you put your houses under a LLC or do you use personal?
I can guarantee she uses an LLC. Everyone should.
Hi, How to figure out the housing market in the future (next 3 to 6 months) ? Would appreciate to input. Thanks
Hello. Can you tell me when you remove a wall to open up the the kitchen with the living room , do you have to make a architectural drawing to the city to get the permits? If you do, how long does it take for the permit? Thanks.
Live and learn. The neighbors back yard looks like my parents neighbor’ back yard. They were the nicest people but major hoarders.
Take me for live training . I will work for free just to get the experience 😄 need to practice
I wish you luck in your future transactions :)
Aww, thank you! I've been having better luck since lol
1:08 "check out this video". But there's no video there 😂
how about those furniture coming from? after you sell the house, how do you deal with them?
even though you didn't make money, you made the world a better place
That’s true! And I learned so much from the deal too ☺️
8:46 ouch...
Hi again. When you write "commission" cost on your analysis, is this a listing commission for the agent to listing it for sale or commission to agent who got you the deal?
Hi! The commission is for the listing agent who is also the agent who brought me the deal (that’s how agents are incentivized to work with me) and the commission for the buyers agent. The seller is responsible to pay commission to both the sellers agent and the buyers agent.
OK I'll subscribe bc u called it like it is, those dirty folks' place is like a crackhouse.
Love your videos Elisa! Do you still have this deal analyzer? I’d love to meet with you virtually or in person one day as I’m in the Bay Area as well and taking on real estate investing in addition to my 9-5.
Thank you Nicole, glad you like the videos! I’ve been a little swamped with projects and I’m also going to have a baby in less than 2 months. There’s a lot to do. Maybe in a few months when things settle down. Best of luck to you!
@@TransformRealEstate Absolutely, I'll reach back out at a later point to see if your schedule is opened up a bit more. Congrats on the new baby!
when you say rent back, you are giving the existing owner free rent for a couple months, is that correct?
Yes, with the free rent back, the seller can stay in the home after he sold the home to me so he didn't have to move to a temporary place while using the sale proceeds to buy a new home
A generous video, some valuable lessons thank you. I love videos of mistakes as there are so many with big cost outcomes! Is there a way of sending a private message for the tool as I’m not keen to show my email publicly. Thank you 🙏🏻
Thanks for the kind words! Glad you enjoyed the video. I understand. I'm not sure how I can get your email, but I'll try to figure out a way to make the analyzer available another way.
@@TransformRealEstate awesome thank you!
1:08 where is this video?
If the market declined, all flip bets would be off. Bay Area house costs did have big correction around 2009-2012
It boggles my mind that a house like this goes for around $1,000 a square foot in California.
We just sold our beautiful, custom built 4100 sq. ft. house on a 1/4 acre lot (the minimum size allowed per building code) for $600, 000 which we were really excited about because the house had appreciated $180, 000 in 4 years. That makes it under $150 a sq. ft. The house was in a nice neighborhood at the base of the foothills of the Rocky Mountains with spectacular views.
A small, rundown house like the one in this video would sell for around $180,000 (in a different local neighborhood).
You are such a graceful, beautiful woman. I get a kick out of it when you say, "As dirty as H...." in your delicate, soft voice.
So when u do this, do u have like a whole team, of 20 people or less or more, how does that work?
Learned a few good lessons here, but how much did you spend rehabbing the neighbors house? Why was this cost overlooked? Didn't this put you in the negative if you just broke even on your subject home?
How you highlight the due analysis aspect of residential real estate investing in these videos, beats seating in a lecture lesson, period.
I’m so glad to hear that! Thank you so much!
Hi I will like the money sheet please
Hello Elisa , I had a question for these remodels do you get city permits ?
Yes, I get permits for my flips.
Please send me your Deal Analyzer excel formula, thank you.
Awesome Glenn.
Hi! Where would you like the analyzer sent to?
@@TransformRealEstate hello. Can you also send it to me ? Ksep21@gmail.com
Thank you and you are amazing .
what is financing cost ?
and why not become a relator and sell your own houses and save that 50-60k ?
This house is one of the better houses you had when you bot them. The kitchen wasn't that bad, neither the family room.
5:02
Hi just wondering why you are paying for financing costs every flip around 30k-40k why don't you just deal with cash and save an extra 30k-40k each flip?? Sorry if this is a stupid question.....Thank you
Also, why don't you sell by owner to save the commission?
How dare them make demands on free work. Fucking entitlement smh
It's the darn neighbhor ugly house's fault