Good episode fellas! i learned some landlording tips. I have a rental property that I leased out on Feb 1st and yes trying to turn a property over Nov-January sucks. I just proposed a 6 month lease to my tenants tonight.
22:09 Take the property's ARV, subtract expenses (closing costs + holding costs + commissions), then subtract the desired profit. That will be your maximum allowable offer. Closing costs are around 5K to 10K. Holding costs are around 1K to 2K per month, times the number of months it will take to do the flip. Desired profit is usually the same amount paid for the rehab.
Guys, denying a loan to first time flippers is hypocritical, how is anyone going to have experience if everyone denies them an opportunity! my humble opinion,
I've been saving for a first time flip for a very long time. It's a years-long uphill battle but I am determined to get there! I wouldn't want to borrow private money at this time because I know I'm risky.
I think maybe this is why BP has gone down hill. I take offense to the stupidity of making a general statement that if you are doing your first flip, and using private money you must be bad with money. My first flip was private money, and I had money to pay cash. Why do that when you can leverage. using private money is a smart strategy. If the guy put more comments like he has no money to do the flip and you didn't share that with us I get it, but to assume because you raise capital and newer means bad with funds common man. This is why I stopped using certain lenders or agents, they just don't know how to look at big picture, they assume they know everything because they been doing it for so long. If I was that guy who made the comment and didn't say I was purely out of money and thats why I am doing this, I would be upset. When I hear people like this make terrible assumptions, I always think they secretly have an agenda.
That’s been a solid episode guys! Definitely you 2 should I more of them together, Henry is very knowledgeable indeed.
Good episode fellas! i learned some landlording tips. I have a rental property that I leased out on Feb 1st and yes trying to turn a property over Nov-January sucks. I just proposed a 6 month lease to my tenants tonight.
11:52 Price, condition, and marketing... absolutely. But also location.
22:09 Take the property's ARV, subtract expenses (closing costs + holding costs + commissions), then subtract the desired profit. That will be your maximum allowable offer.
Closing costs are around 5K to 10K.
Holding costs are around 1K to 2K per month, times the number of months it will take to do the flip.
Desired profit is usually the same amount paid for the rehab.
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Enjoyed this one
Great insights as always! Keep the valuable advice coming!
"9 out of 9"... I'm going to start using that! Lol
Thanks for the answers and the chat as always. I appreciate you sharing your knowledge.
Is it just me or did you never answer "if the deal goes bad" part? The rest of the video was excellent!
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#1. I have the money but I want leverage. Make money with other peoples money.....
Comment of the century! ⬅️
Did u permanently move to Europe?
Guys, denying a loan to first time flippers is hypocritical, how is anyone going to have experience if everyone denies them an opportunity! my humble opinion,
I've been saving for a first time flip for a very long time. It's a years-long uphill battle but I am determined to get there! I wouldn't want to borrow private money at this time because I know I'm risky.
I’m struggling with that now if think if you partner up with someone that will count towards experience
Would you lend money to someone who had no experience flipping?
@@chriseddie2245 Not unless they were family or very close friends... Even then I don't like mixing business and family.
I think maybe this is why BP has gone down hill. I take offense to the stupidity of making a general statement that if you are doing your first flip, and using private money you must be bad with money. My first flip was private money, and I had money to pay cash. Why do that when you can leverage. using private money is a smart strategy. If the guy put more comments like he has no money to do the flip and you didn't share that with us I get it, but to assume because you raise capital and newer means bad with funds common man. This is why I stopped using certain lenders or agents, they just don't know how to look at big picture, they assume they know everything because they been doing it for so long. If I was that guy who made the comment and didn't say I was purely out of money and thats why I am doing this, I would be upset. When I hear people like this make terrible assumptions, I always think they secretly have an agenda.
Comment of the millennium! 🎉
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First comment !
Second comment!
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