Fix and Flip Case Study Interview | Fixing and Flipping Houses
#fixandflip #fixandflipcasestudy #fixingandflippinghouses
In this video I am interviewing my student Marcos who recently completed and listed his first fix and flip.
He purchased this property from a wholesaler (my student as well) and since he is my coaching student, I gave him the loan to purchase the property.
Marcos purchased this fix and flip (which is located in Lehigh Acres Florida) for $115,000. He put down $10,000 and I loaned him the $105,000 balance as a hard money loan. His repairs were around $45,000 putting his cost at $160,000 and he recently listed the property for $214,900. He is planning to net $25,000 to $30,000 on his first fix and flip (after taking into consideration all fees, interest, points, holding costs, commissions etc). While he was rehabbing this property his son got his real estate license so that he could list the property and save the 3% commission.
In this interview we discuss his first fix and flip, and his first year in real estate in general. We also talk about the lessons learned completing his first fix and flip and some of the issues that he experienced including having to switch contractors mid job and taking longer than expected to complete the rehab.
The best way to learn is by doing. For those of you that have paralysis analysis you will only really learn once you get started doing instead of just watching.
Watching from the sidelines is not the same as jumping in and buying your first property. One of the biggest pushes I give my coaching student is getting them into their first deal as quickly as possibly. Learning how to deal with contractors, estimating rehab costs, holding costs, materials and labor costs is how you learn.
Your first rehab project will always be the most difficult. But once you have completed your first fix and flip you will also learn from the mistakes that you made what to do better on your next rehab project. You will learn how to wait until you find the perfect fixer upper at the right price that makes sense for you. For most of my students having a real estate mentor or coach really helps them overcome their fear because I help them find the house and I loan them the money to do their first deal.
If you are interested in Fixing and Flipping Houses I have a webinar on fixing and flipping at this link: http://www.lexlevinrad.com/fixandflip...
If you are brand new to real estate and want to learn more about wholesaling real estate and how to wholesale and flip houses, then please register for the free wholesaling real estate training at this link below:
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