How I Lost $50K - House Flip Fail - Before and After, All the Numbers, Mistakes
HTML-код
- Опубликовано: 30 июл 2024
- How I lost $50k - House Flip Fail - Before and After, All the Numbers, Mistakes
This was my first and so far only house flipping loss. It's a painful experience to lose money flipping houses because of all the work and money that's invested in the house flip. This house flip before and after 2020 shows you how I got the house flip, before and after home remodel, house flip numbers, and house flipping mistakes to avoid. This house flip gone wrong video will tell you how to avoid house flipping risks and how not to lose money flip house.
~~~~~~~~~~~~~~~
Join my program, Transform Flipper Academy, to learn to flip houses the right way. As a house flipper of 6 years, I've flipped over 50 houses with a six-figure profit on average. I hope to teach more people about the ins and outs of house flipping so they can get out of the rat race and achieve financial freedom like I did. Apply here:
www.transformflipperacademy.com
You can also purchase my book Flipping Houses Quickstart Guide on amazon:
amazon.com/dp/1636100309/?tag...
~~~~~~~~~~~~~~~
If you are a house flipping beginner interested in fix and flip houses, this before and after house renovation will give you a good idea on how house flip numbers work, and how to avoid house flipping mistakes, so you can master house flipping in real life and not lose money flipping houses.
#houseflippingloss #realestatecoach #houseflipping
Watch next: House Flip Before and After - $300K Profit - House Renovation & Garage Conversion with Numbers
• House Flip Before and ...
🔔 SUBSCRIBE for more House Flipping Tips & Strategies:
ruclips.net/user/transformrealestate?s...
❤️ SHARE this video with a friend:
• How I Lost $50K - Hous...
✅ RECOMMENDED videos:
- House Flip Before and After 2020 - $80K LOSS?! - All the Numbers & Mistakes
• House Flip Before and ...
- Why House Flippers Fail - Top House Flipping Mistakes to Avoid
• Why House Flippers Fai...
CONNECT WITH ME ONLINE
IG: transformrealestate
FB: transformrealestate
www.transformrealestate.com/
Watch Next: House Flip Before and After 2020 - $300K Profit - House Renovation & Garage Conversion with Numbers
ruclips.net/video/BGwlfGNcRro/видео.html
I like this so much more than HGTV. Everything I love about house flipping shows without the artificial drama and scripted nonsense.
Awww, thank you so much for the kind words! You made my day! You are right, house flipping is fun even without any artificial drama 😀
I agree! She is a great speaker, gets to the point, keeps videos short and sweet, and isn’t cheesy... all while giving good info
Im 34 and my brother 42 weve been house flipping for 11 yrs oh we also own 4 paid out rentals. What ive learned over the years.
1- cheap labor can turn out to be expensive.
2- dont be afraid to get your hands dirty
3- make sure you have a contractor lined up because time is Money if you are getting a loan.
4- make sure you have EXTRA CASH!!
Now my brother and i do 80% of labor and we still have our fulltime job oh i almost forgot dont be afraid to lowball because when you sell people are also going to low ball you
Another idea is to get a real estate license. You can then access the mls database and get a jump on other flippers.
It is not easy to share this kind of story, I applause you for your courage and transparency. Please keep up your good work :)
Thank you so much for the encouragement, Michelle! It was difficult to lose money, but it made me stronger :)
The problem with house flipping is that its become a trend . There's to many people at house auctions bidding up the price for a junk house . 10+ years ago it was fairly lucrative . I'm a carpenter / painter I often end up making more money in the same amount of time than the flipper .
Also 90% of Flippers have no clue what they are doing .
Thanks for the "Flip" transparency - Similarly, I lost 60k on my first flip by being too optimistic - the inside walls don't lie 😢 Mistakes are the best teachers!
I like how she explains herself she’s not giving you all glory she’s giving you the dirt as well
I appreciate when people share the good and the bad of the business. Successes and losses go hand in hand in every industry. But online now a day you rarely hear people tell their loss.
Thanks Hoan! It's not easy to share losses and be vulnerable, but like you said, successes and losses go hand in hand and losses are the best teacher. Let me know if you'd like to see anything else in particular on my channel :)
@@TransformRealEstate your team! Who's all the people on your team, who joined first, how did you find the rest!
This whole story was told beautifully and the lessons were very well explained! Thank you for sharing this. I'm 24 and trying to learn as much as I can before I purchase my first rental property and your videos have been super valuable for me.
Thank you for sharing this! It was extremely informational and very humbling. I actually bought my current home in March/April 2018 and it JUST got back to its original value.
My pleasure! Glad to hear you found it helpful! Not sure where you are located, but the Bay Area market definitely took a dive in 2018. Glad your home went back to the original value - home prices always go up in the long run ☺️
That’s a big loss, but awesome that you are being transparent and helping others to avoid this.
Thanks! I hope others can learn from my mistakes. Losing money is like paying tuition and it helps me get better at the game. :)
The rehab and staging is beautiful. Thanks for sharing this and your mistakes. It sounds like you're still extremely successful.
I've started watching and learning and I love that you share your lessons and are honest and vulnerable about it. Thank you very much! :)
Aww, thank you so much for your kind words! I'm so happy that you found it helpful :)
Excellent video and absolutely love your renovation style. I highly recommend you hire a licensed real estate salesperson to be on your team. There is no reason why you should be paying 6% in selling costs when you are flipping 8+ homes a year. Find a decent agent (not the best and not the worst) pay them a salary of 80k a year and have them handle all your sell stuff. This will save you tons and is why all the big developers have in house sales teams. They make less per deal but get lots of deals. Win win for both!
❤❤🎉
Thanks for being real, and brave and honest and for your heart for encouraging others to succeed ❤️
These loss videos are the most valuable gems on this channel.
I love all your videos, not trashy or vulgar or loud mouth, you are just so calm, classy, and simple in a good way.
Am no expert but sharing a buyer's opinion. I think one of the other mistakes or rather aspects that slowed down the sale is the front facade that isn't the actual house entrance. First impression is everything and it starts from the curb way and front facade here it's seriously lacking waww factor because the front door is hidden. As always great work and remodeling the house, am addicted to your videos
@br8541 I think that is wise insight about the location of the front door.
currently 17 and trying to soak up as much as I can but thanks for educating on the right and wrongs !❤️
ur so funny! you called the neighbors side yard ugly and said you wanted to hide it up, LMAOO... subscribed!
It's really nice that you are telling us about the failures too. Thanks for sharing!
I don’t usually leave comments on the RUclips but I really appreciate all the information you share! I have learned a lot. Thank you!
Thanks so much for sharing this. I needed to hear this today!
Omg! Love you and your show! You’re so inspiring! Hope you live in Boston so I can ask you to coach.
Sorry for your loss and thanks for sharing with us your experience.
Just found your channel, absolutely brilliant and this lessons learnt is so valuable
I appreciate the transparency! I learned so much from this video.
Great video on flipping. I'm watching all your videos
Thank you! Glad you liked it! Let me know if you'd like to see any specific topics on my channel 😊
I love watching your channel. The transformations are amazing. From dust to diamonds.
Thank you for having the courage to share this. It helps!!
My pleasure! I hope my lessons can help others :)
Great content! Thank you.
I'm impressed by your design skills as much as anything else.
Wow! The market is crazy there! Before the remodel, you could have bought that house for 100,000 where I live.
I know! The Bay Area market is very unique and expensive. The upside is margins are much higher than other areas too.
Your videos are wonderful and it's so refreshing to see you admit your challenges and learn from them. I'm learning too :o)! Thank you!
Thank you for sharing. Helpful
At least you tell the truth 💯 I like this channel ✌🏽
Thank youI I appreciate your support :)
I love your videos!!!
I love all your videos, they are so honest and sincere
Aww, thank you so much! I'm so happy to hear that!
You are a great spokesperson plus a great house flipper. Love your videos.
Appreciate the honest video
I plan to watch all your videos as I work towards my first flip, very good research and presentation.
Thank you! I'm glad you found my videos helpful! Let me know if you are interested in seeing videos on specific topics.
⭐️Thanks for this ⭐️
This video is amazing!! I’m a newly licensed agent and this is my main goal to be able to house flip!! Such awesome feedback!!
WOW! Hard to believe that's the same house. BEAUTIFUL! I'd love to see the repairs being done.
Thanks for that. I feel for you that it would not be nice to go through that. But thank you for your lesson as I had no idea about the 3 lesson you learned. Thankfully I can learn from them also 😊
@TransformRealEstate thank you for sharing openly the truth on this deal. So informative. I feel this house had many challenges with the front yard, the interior, and the backyard all needing lots of attention. You had a lot to manage with this house! I'm sorry this deal did not go so well. So far I really enjoy your channel. Thank you for sharing your journey with us.
Good video!!!
The realtor was the one who made out like a bandit. Great video. I wish you all the best.
Thank you for being honest. :)
My pleasure! People have to see the good and the bad to be cautious with this business :)
I bet if you had relocated the front door to the front of the house, it would have sold quicker and closer to asking price. Plus, you would have avoided the cost of the fence on the side. Who has a main entrance at the side of the house?
Relocate the door to the front of the house, what are you talking about? Look @2:26 and let us know where you suggest the new door should have gone. The fence on the side needed to be done since there was clearly something there before. You have to fix the obvious things.
how honest and helpful of u. even though its totally not relevant for me (cause i live in Israel) i watched it to the end, not skipping a word. Great lessons
Aww, I'm so glad you liked my video! I imagine interior design would be very different over there?
In Texas you could buy a mansion with that amount of money. Better off investing in the stock market with 12% return at least. Or buy multi family and rent out..
Nice remodel. Sorry you lost money! Go lessons learned though.
Thanks John! It was tough at the time, but I’m grateful for the lessons, and they helped me prevent future losses ☺️
Never lost money on the two dozen plus flips I’ve done. Over 3 million in net profits.
Why did you not rent it till market looked better?? Just wondering why management wasn't on your option nd buy out the brokers10% would your loss be more??
How can you predict a market decline and do you have a video explaining the forumla you use?
No you can't. A decent renovation will take months, even without delays, and what looked like a sure thing when you started, can have disappeared by the time you get through.
I feel like the market is turning slightly just like in this story. I’ve been seeing obvious flips that were bought earlier this year and they’re trying to sell for a huge profit and those are starting to sit on the market for 60-90+ days.
There you go, admit it and learn from it. 👍
Crazy so see how much people will pay for a house at a decent neighborhood that looks like a 350k home.
for this 97k budged for repare you can buy full 4 story house in Croatia
Too expensive. You can buy that house for around 200k here in Illinois!
Are the furnitures included in the selling price? I always watch HGTV and wonder if the furnitures are inlcuded hehe
I really enjoyed your video ☺️
@Carol thank youuu ☺️
Those HGTV shows always stage the house, but it can be a distraction since you need to be able to see your own furniture in the empty rooms. In addition, often small furniture is used to fool the eye.
I have a question. Couldn't you wait for 6 moths or a year for market to get high? Because if you wait and get good price and a good profit than it is worth waiting.
If I waited, there’s no guarantee that the market would go up. And hard money loan is expensive.
How do you address unpermitted additions? How much does it cost? Is it difficult to get it permitted?
We just left it alone, and because it was built a while ago, the city allows it to be grandfathered in.
@@TransformRealEstate: that was a break because that is not always the case.
That home would be worth 250 here in Michigan !
Where do you get the Reno money from?
I usually use my own money for the rehab.
The commission is where you lost big... It's ridiculous the amount realtors make off doing nothing. I love my realtor, but I just sold my house, he literally had nothing to do but fill out forms... I thin Ryan Pineda says something about getting a realtor to take a fix amount or percent since your doing so many a year.
The selling fees in North America are CRAZY. In the UK where I live, the maximum is/was 2.5% of the asking price. There are a lot of online agencies with a package that includes floor plans, photos and a liaison agent for an all in fee of under £1,000. The downside of online agencies, however, is that you have to conduct all the viewings yourself and lone women may be nervous about this.
Thanks for sharing my friend, I really need to know if you have training class or looking for a partner
I flipped one house in Sunnyvale at this time and I break even, the market dropped 14% the time I sold the house
Thanks for sharing your experience! Yeah, the market really took a big hit. Glad that you broke even though!
Way too high asking price, but beautiful flip.
👍✊
ohhh the partner would be mad
This was a flipper's nightmare. I probably would have lost even more money than you did.
How do you compete with flippers that have all cash, seven days closing no contingencies.
Hi there! That are the terms I offer too and you can easily do that with a hard money loan. Check out this video about Hard money: ruclips.net/video/mfDvIp8OhPo/видео.html
@@TransformRealEstate: a hard money loan is punishing. The monthly interest is several thousand a month. That's enough to frighten off most people.
You don't mention the Covid pandemic in 2020. If your flip was done during this time, the US pretty much shut down. People were afraid to buy a house, jobs were in jeopardy.
👍👍🌹🌹
Tooooo much grey…..
how can thid old house cost more than 1 million dollars?
just tear it down and build a new stone house
Building from stone or brick is far more expensive than wood framing and plaster board.
Should have just kept it as a rental
You're cute.
winner winner chicken dinner .
That doesn’t look like $2,000 in fencing.
Not sure where you are located, but labor and material costs are higher here in the bay than most of the country.
Never, do not ever buy a flipped house.
All you're buying is a lot of problems covered with fresh paint
That is simply not true. I flip houses and always use high quality craftsmen and materials. My houses aren’t the cheapest but you are getting quality. It’s pretty obvious when you are looking at a remodel if it has been done right.
@@conniesisco6468 Perhaps you do, but every fly-by-night flipper will make the same claims. Quality workmanship & materials cost money & takes time. That interferes with profit. The financial incentive for the flipper is to slap on some paint, & neglect to disclose any problems. A lot of faults & problems are not obvious to the novice home purchaser. The buyer is at a complete disadvantage. It's much safer for buyers to buy directly from an original owner, and make any necessary repairs themselves.
@@rhynosouris710: a novice buyer would be stupid not to do all the investigations beforehand. A home inspector can spot anything untoward. Not doing your homework is the biggest mistake a buyer might be about to make.