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.
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.
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.
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.
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.
Great insights as always! Keep the valuable advice coming!
Enjoyed this one
"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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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.
First comment !
Second comment!
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