Just offered 95k under asking with $7500 seller concessions and bought my first house. Biggest mistake I almost made was listening to the crowd saying I should wait to buy
As long as you are OK with it going g 20 to30% lower over the next year. Sounds like a great deal as the market is going down. When it does do down know thar you still got it for a pretty good deal than last year.
These types of posts can be very misleading without additional info. A 95k reduction in price on a house that was overpriced by 75k would not be a good deal. Include additional info next time or just don't post
I agree, too. As an agent with two years and a half years, l don't get it seeing my agent friend doesn't own real estate investment property and they are a top producer. My first deal was helping a new investor, and we both were unknown in the business l did know how to do comps cause l had practiced for three months how to comps on a home. I told my mentor at KW only works with investors everyone laughed at me. To make the story short, l have investment properties cause, l buy homes with my Commission. And the top agent don't have investment properties 😊
Not all flips work as brrrr because some properties are just flat out too expensive to try to rent. Imagine trying to rent a 1.5 million arv house you buy for 800k. Great flip, extremely hard brrrr
Here in my market in Pasadena, California three bed one bath 1200 square-foot built in 1905 one car garage market value after fixed up 1.1 million market rent $3700! Good luck keeping that as a rental.
Y’all are awesome! Shoutout from South Alabama! Question, you touched on the BRRR method in commercial. Can you do an episode on that and tips/tricks of how to get started. Orrrr a commercial flip? I live in a small town where home construction is BOOMING and the demand for commercial is insanely high. The community is begging for more retail & restaurants. I want to get involved in bringing it to this market but I don’t know where to start!
Wait, so we should focus on doing a BRRR rather than buy & hold? Does this apply when you're first getting started? The learning curve on BRRR seems much steeper.
@@daineinnerarity8529 Buy, Rehab, Rent, Refi, Repeat. Buy a property (under market value), rehab the property, rent the property, refi the property using the current rental income (getting cash out to get the principal back), and repeat.
In my area of South Florida, sellers are just being totally ridiculous when first pricing and listing homes. They are pricing gutted homes in flood zones at full price. Of course, they drop their prices over time once reality sets in.
Thanks for your videos mate,I have learned in recent months is to remain calm, especially when it comes to investments in cryptocurrencies. Learn not to sell in a panic when everything goes down and not to buy in euphoria when everything goes up.
Unfortunately, we are moving to a market that is obscenely overpriced, there are no long term rentals because short term rentals do so good. Anything decent gets sold as soon as it hits the market. I sold some property for 10% over asking in my current area.
“Bounce Back” Sounds like a book title….anyone hearing me? :) Thanks for the wonderful insight and sharing. It makes a big difference for this freshly hatched agent who is wanting to do something good with my career and opportunity.
Just offered 95k under asking with $7500 seller concessions and bought my first house. Biggest mistake I almost made was listening to the crowd saying I should wait to buy
95k on a 500k house?
As long as you are OK with it going g 20 to30% lower over the next year. Sounds like a great deal as the market is going down. When it does do down know thar you still got it for a pretty good deal than last year.
We need context brother, what was the asking price? 500k vs 1.5MM is a big difference
Where was this amazing deal located?
These types of posts can be very misleading without additional info. A 95k reduction in price on a house that was overpriced by 75k would not be a good deal. Include additional info next time or just don't post
We offered $30k lower than the asking price plus some furnitures and it got accepted!
Buyers market for brrrr properties for real. I’ve been low balling like crazy and having friends lowball all getting in the planned middle ground
That’s awesome, congrats!
I agree, too. As an agent with two years and a half years, l don't get it seeing my agent friend doesn't own real estate investment property and they are a top producer. My first deal was helping a new investor, and we both were unknown in the business l did know how to do comps cause l had practiced for three months how to comps on a home. I told my mentor at KW only works with investors everyone laughed at me.
To make the story short, l have investment properties cause, l buy homes with my Commission.
And the top agent don't have investment properties 😊
Congrats, now good luck with the home not going under on the loan.
30k lower on how high of a house
Not all flips work as brrrr because some properties are just flat out too expensive to try to rent. Imagine trying to rent a 1.5 million arv house you buy for 800k. Great flip, extremely hard brrrr
Here in my market in Pasadena, California three bed one bath 1200 square-foot built in 1905 one car garage market value after fixed up 1.1 million market rent $3700! Good luck keeping that as a rental.
@freestyleobsessed Same in Rohnert Park CA
True - depends on the market. A $1.5 - $2mil flip in Bellevue can hit $8k-$10k +++ a month depending on location
@@freeestyleobsessedthat actually pencils doesn't it?
i dont know, something doesnt seem right here
Y’all are awesome! Shoutout from South Alabama! Question, you touched on the BRRR method in commercial. Can you do an episode on that and tips/tricks of how to get started. Orrrr a commercial flip? I live in a small town where home construction is BOOMING and the demand for commercial is insanely high. The community is begging for more retail & restaurants. I want to get involved in bringing it to this market but I don’t know where to start!
Wait, so we should focus on doing a BRRR rather than buy & hold? Does this apply when you're first getting started? The learning curve on BRRR seems much steeper.
It is, far more work and knowledge needed for brrrr
Remember that a few months ago they were saying BRRR was bad. These guys talk out of 2 sides of their mouths.
Could someone enlighten me on what is meant by Brrr?
@@daineinnerarity8529 Buy, Rehab, Rent, Refi, Repeat.
Buy a property (under market value), rehab the property, rent the property, refi the property using the current rental income (getting cash out to get the principal back), and repeat.
If your getting all these showings, why would there be all these price drops? The two don't go hand in hand.
In my area of South Florida, sellers are just being totally ridiculous when first pricing and listing homes. They are pricing gutted homes in flood zones at full price. Of course, they drop their prices over time once reality sets in.
We’re not seeing price drops on accurately priced homes. We sold 5 this weekend all with multiples. Starting price is 🔑
Gotta lead the deer and let the market price the property
I love @biggerpockets so much. I just wish there was an episode or two for people not living in the US - like Austria, like myself haha
Jesse and James....TEAM ROCKET!!!!!
🚀 🚀
Wow incredible episode!
Awesome show with a Ton of nuggets! Thanks for having Jesse on the show.
Great episode, very inspiring. David Green knows how to ask q questions. Thank you guys for bringing value..🙏🏽
What a fantastic episode.
We’re on the verge of buying our first property. Interest rates got me having cold feet.
Nipawin Saskatchewan Canada a hot market too
one of the best shows centering around flips Im a agent in NY hopefully i get the similar results
Thanks!
Boston market is very hot. Most properties over asking
Get some!
Seattle is scorching and still selling under 7 days
Thanks for your videos mate,I have learned in recent months is to remain calm, especially when it comes to investments in cryptocurrencies. Learn not to sell in a panic when everything goes down and not to buy in euphoria when everything goes up.
Guys, this has been one of the most helpful episodes in a long time! Thanks for the content.
I have been trying to flip a brand new home and the result is hard ...
Unfortunately, we are moving to a market that is obscenely overpriced, there are no long term rentals because short term rentals do so good.
Anything decent gets sold as soon as it hits the market. I sold some property for 10% over asking in my current area.
They ought to ban Airbnb
Miami?
Anyone that trades stocks knows that you still get peaks even in a downward trend, no difference in real estate.
Is this a show for flippers ?
“Bounce Back” Sounds like a book title….anyone hearing me? :) Thanks for the wonderful insight and sharing. It makes a big difference for this freshly hatched agent who is wanting to do something good with my career and opportunity.
There always is a over correction period…
This was an amazing video! So much good information!
🙏🏻
Thanks!!!
What is difficult is the “Refinance” part of the BRRR… lenders are getting a little nutty at the last minute before closing. 😢😮
It has to do with debt coverage… they want to make sure the property can pay for itself plus some…
Offered 30k less plus 12k closing cost on a turn key 2unit
Did you get it?
What city?
Next month they will say to get out.
😂😂😂...just go with the flow
@kingalainc1 lol their flow is like a roiling boil
Comment just so I can check back in in 6 months
You have a million subs and no watchers
Just an idea, you could try to send them an NDA to try to get the Pending listings amount. Wait until it closes, then use it.
First!
These guys don't know what they are talking about. In order to know the future you have to understand the international economic.
IT'S A FLIPPER EPISODE.
not useful to me. Need a buy and hold episode.