Is Right Now A Good Time To Start Flipping Houses?
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- Опубликовано: 20 сен 2024
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Oh lawd the amount I agree with his sentiment of not liking dealing with people. It’s a broad statement and hard to quantify. But the feeling is there.
Yep, at the top of a hyperbubble is a great time to start flipping.
Please explain further 👍 when will we be close to the top of that bubble?
We're not on a hyperbubble. We certainly have created a bubble due to biden's inflation but the demand for housing "shortage" and rental property is going to help us get through it fairly smoothly in my opinion. There will be a drop in employment and there will certainly be a minor recession but nothing major especially nothing as bad as 2008.
@@discoveryoutdoorskcfishing236 I agree. It is likely that people with money to buy now but choose to wait will find their money worth less and the cost of the home worth more due to inflation.
Poor guys like this lose their shirt
I used to be a people person, but people ruined that for me.
😂😂 if that ain’t the truth!
We just got OUT of house flipping, cost of the buy and the supplies are outrageous, now isn't the time to get into it. Wait for costs to go down, if they ever do.
So he will never go into flipping house.
Even with prices right now. He can still make a profit if he does it right.
Sounds like you were doing it wrong. You got to purchase at the price that you need to make your money and if someone won't accept it move on.
@@discoveryoutdoorskcfishing236 Sounds great and all. Problem is every deal is a move on.
@@discoveryoutdoorskcfishing236 You're so right, we hadn't been doing it right for decades and hundreds of properties later... Wish I would have thought of it... It's not like anything has changed, everything's fine. There aren't global shortages or production delays, pricing of lumber, copper, plumbing, drywall prices haven't increased up to 400%, housing prices and foreclosures aren't up 30% or scarce... everything's just fine and just the same, profits are perfect! So you get right to flipping, let me know how it turns out for you. lol
Yes, for flipping, rate doesn’t matter nearly as much as cost.
I quit my job to flip houses. I worked as an acquisition agent for a large company. Dave is right, it’s all in the buy. Knowing how to get deals is way more important than the construction knowledge.
U think ?
💯
I think there are a lot of people who jump into this business because they think it looks easy on tv. It looks incredibly difficult and risky during the best of times but add in shortages, labor, and inflation and I don't see how the numbers add up.
Both are important.
Is it still a good time to flip?
Almost everyone who starts flipping houses loses money. It is not the "get rich quick" way that the TV shows make it look.
Someone once said I know a lot of guys making a lot of money teaching other people how to do it this is a great example of one of those things
Lol right, my mom is trying to get into it because my community college drop out brothers have been pressuring her to do it. She knows NOTHING about it. She just wants to throw her ,only away and just expects a return, like that’s not how it works lol. She’s also been falling for the NFT scams bs. I’ve tried my best to ATLEAST give her some type of info on it.
I didn't even listen. NO! Right now with lead times you will be sitting on these properties many months longer. It will take 4-6 months for doors, windows ect. This guy better have a lot of money in reserves
It's super tough to find materials right now, at least at good prices. This should be accounted for. I work with contractors all the time and they are constantly struggling to find materials. At least in the commercial industry. Residential shouldn't be as bad.
"I love people, but about 2percent of them should be instatutionalized. . .." The unfortunate thing is that the ones that are crazy often make up for the other 98percent.
He should just deliver pizza where you just leave it on the porch...
Doordash in a nutshell
😂
"I hate people" What a way to start the interview Cody! Hahahahaha 😂😂😂😂
As someone who works in finance, I find it amazing folks like this get into the high-risk game of flipping homes. I get he has the experience to fix a lot of the issues with a house, but realistically, the initial valuation is everything in this business….also hard money lenders ain’t cheap.
Unless you weren’t paying attention. It’s CASH buys, CASH renovations, and financing his own way. That’s what was instructed here. Finance games with a lender are not on the table.
@@derrickhyman872 the guy said he had $100K to work with…..he’s definitely leveraging that because he has to. You ain’t buying and flipping a house for $100K…
@@will9134 You can in KY prices are high but there's still deals
Dave: “you mean you don’t like clients nitpicking your work”
What the caller wanted to say: “nah, well, I just don’t like dealing with people professionally”
Too relatable
If you flip houses you NEED to have the house paid off and you NEED to have LOTS of cash in case something happens. You also need to realize you might end up losing everything you put into the house.
I am a newly retired 67 year old man looking to diversify part of my reserves say $250k into real estate but I hear it is not a good time to invest in Real estate. Can i get any idea on other options?
As with any big financial decision, it’s important to keep your guard up for economic risks. However, smart planning, time management and seeking advice from a financial adviser can help keep you and your money safe.
How can one find a competent and verifiable financial Planner? I buy the idea of employing the services of a Financial..Advisor because finding that balance between saving and living requires counsel.
@@codeblue11 After my divorce, I needed a good boost to help my business stay afloat. With the help of a Diana Claire Lougen i grew my reserve x3 '(€650k}' of what it used to be in a short-time.
It’s bad here in Canada. Vancouver and Toronto especially. people buying 100year old houses for $900k-1.1mil. boggles my mind. Due to desperation, some are waiving the inspection contingency.
Go all cash until the next recession, then invest.
If the caller doesn't want to deal with people, he should be a subcontractor dealing only with the primary contractor who deals with "people".
There are literally hundreds of homes in my city that are empty, boarded up and falling into ruin. Some flippers would be as welcome as rain in the desert. God bless you guys.
@@JuancoPRoFlow Detroit
This is one of the few Ramsey episodes I actually agree with most of what he’s saying.
I think he's looking for a way to make money and not deal with people vs wanting to flip houses. His passion isn't flipping houses, his drive is to avoid personal interaction with others.
Well he’s in the wrong industry then
He should get an accounting degree
@@lancastro2268 I've heard there are accounting gigs with a lot of interaction. I only deal with the people in my department.
@@adoe2305 Or remote IT
@@adamseidel9780 another good option. I couldn't do IT. I have brain for numbers not coding but that's just me.
I am a contractor, why on earth would this man want to flip, when he can make more money with less work and risk as a contractor.
I do "live-in" flips on the side. It offers some pretty significant advantages over quick flips. You should look into it. I think you would enjoy it being that you are a contractor like me.
I didn’t listen yet. My guess on Dave’s response is “As long as you have cash to pay for it.”
Right when interest rates go up...brilliant plan.
@@saulgoodman2018 Depends on the house some you find issues and it turns into holding house much longer than a few months. I don't think prices will go down but they likely slow down. Plus construction cost are way up. Just seems like. A very stupid time to flip homes unless you are getting an amazing deal which isnt likely. I'd pass now. Maybe in a few years it makes sense.
When interest rates go up housing goes down so it's not going to affect him.
Good luck competing with Wall Street.
He's not wrong about hating people you know haha
"Circling waiting on something to die😂" I can relate 🤑🏡
Yes. This is a great time flip houses. Definitely. Have a nice day.
Bud I think you’re in the wrong business if you don’t want to deal with people. No matter what you’re going to have to deal with some of them at one point or another
Flipping houses deals with people a lot.
Look at 200 deals to buy 1. Thanks for teaching us about patience, Dave 🙏🏻!
I think he's greatly exaggerating. Do you realize how much time and money is involved in inspecting houses? It's not possible unless he was just looking at houses online instead of viewing them in person.
Not in my town..no deals.
You must be living in Anytown, USA : )
Long term investing is much more stable. Flipping houses is like day trading plus the added dirty work.
flipping houses is just a job.
Huh! I was a general contractor/cabinet-maker and I'd nit-pick my work *before* my clients did. Most of 'em were unable to find a flaw in my work. I wonder if it's a case of sloppy workmanship, and not fussy people.
@@saulgoodman2018 NO. They don't. And they didn't (unless it was to say that it was done too well?).
Gotta be some other factor. I mean, if it's done precisely as ordered, what possibly can be complained about?
@@siegfriedbraun5447 huh... so when the plumber comes in to do their trim out and their wrench slips and puts a tiny ding in your perfect cabinet... that client could never have something to complain about? If you've never had a client complain about your work.. I'd say, you werent/arnt doing enough work. I'm also a contractor with great reviews on all social media and web pages. The reason for that is not because people never complain about the work.. its because we make sure their complaints are fully cared for and corrected. There are certainly clients that will complain, if not about quality, then about the time line or the new bathfan being to noisy, etc..
@@emtb5094 Brother, you JUST articulated an actual reason for a complaint! If the plumber is so careless, as to not protect against such an event, he not only deserves a resounding gripe, he needs to arrange to repair the thing ASAP!!
What fool WOULDN'T complain about this silly *actual* mistake?
@@siegfriedbraun5447 totally agree. So, your statement above,"what could there possibly be to complain about" is just not reasonable. If you are doing any real quantity of projects. Complaints are part of the business, as things/mistakes happen. Even if not by your own self.
@@emtb5094 I guess he found his unreasonable nit picker in you. It is possible to do such a great job that even a nit picker cannot complain. I'm a nit picker and I always say that I have magnifying glasses on my eyes. I will see that one pixel dot from six feet away when no one else in the world does. Since I'm like that, everything I do is done perfectly and no one complains about that.
People don't tell you about losing money in reastate.
Great point Ken!
Yes, you can't get a deal, but right now it's so hot that any house doubles in price in a year. If things crash even the best deal is gonna get killed.
Buy places listed on auctions, foreclosures
This video is both educational and entertaining. Appreciate the information.
Realtors are saying they won’t work with you if you are not willing to offer 10k over
Heh, we’ve been offering around 15k or more over asking, for the past year we’ve been looking for a home. Lost every single bid.
Paid 30 over 😞
@@rdbeaz I am honestly asking and not trying to insult, but why in the world would you pay 30 grand more than what something is worth? Do you have more money than you want? Why not rent for a while with your fingers crossed? The gamble may be worth quite a large chunk of change.
House flippers don't work with realtors for the most part because they are useless.
@@rdbeaz I know it may seem like you paid an extra 30k but if you paid what it took to get the property, you paid what it was worth and will get back every penny when you sell one day. You paid the going rate and no longer have to worry about finding a place to live. Turn that frown upside down : )
She’s absolutely struggling. I make more than she does and 2k for rent would kill me
Great advice😊
4:15 sounds good Dave I will buy with debt👍
My first view of Terre Haute, IN
It's all good in Terre 'Hood
Absolutely NOT lol
Lord lord I pray for you. One at a time , do not over leverage.
It is tough to find a deal buy it is easy to sell it or wholesale it it or wholetail it
Nice sweater Ken.
Ken and Dave really dropped the ball here. Since the caller “hates people” the career he really needs is to be a Reverse Firefighter. That’s when you put people into the burning buildings. It’s a new and expanding field. “If you do what you love you never work a day in your life” or something idk
Fire counselor? He will faciliate peacefull coexistance of people and burning house
Just be a mostly peaceful protester, its basically the same thing.
This was popular in the 30s-40s Germany. Didn’t pan out well.
Caller is too late to the game.
Get into real estate in addition to GC. Once real estate exceeds GC you switch
GC? General Contracting?
There’s never a good time to start using debt with balloon payments.
Hahaha 🤣 one word... No! Lol
What about the interest rates going up?
Paying with cash baby
Lol I've never heard a single person who made money flipping houses. It's kinda one of those high turnover professions. Like working as an Amazon warehouse. Always meat for the grinder
Ryan Pineda enters the multi million dollar profit chat
This was interesting
We making lots of money here flipping
Upvote
👍
Proof?
Did he say he "hate people?" When you are a owner of Real Estate lol
No he's a general contractor
Ken really F's with RAMARSE all the time ?
If he doesnt want to deal with people then he should just be a subcontractor. That way you just deal with the GC. As a GC you always have to deal with people.
Did Ramsey go lay out by a pool with gloves on?
My guess is he wears gloves to water ski.
Buy cheap, ? must be kidding, Dave
Lol 😆
He good for people who can’t manage 40k a year
Being a general contractor is the worst
Wrong. I'm a contractor and I love it.
@@AK-47ISTHEWAY until you don’t
Vulture 😂
Imagine thinking it’s a good idea to call Dave Ramsey for real estate advice.
I know, right?! 🤣 That's like asking a sumo wrestler for weight loss advice.
Ramsey has no clue what he’s talking about.
Yes, that's why he is so wealthy.
@Jim Rr Dave built most of his wealth by selling books and classes. When he first got involved in real estate he went bankrupt because he did not know what he was doing and he still doesn't know what he's doing when it comes to investing. He's a salesman that's it.
first
Nice
Here's your reward 🏆