Meet the two seasoned house flippers who turn messy homes into profitable sales.
STOP FUCKING BUYING HOUSES JUST TO FLIP THEM AND SELLING IT FOR MORE! FUCKING GREEDY MOTHER FUCKERS
05:29 Did she say what I think she said? #HowFlippersRoll
Always buy a flip house at MAO (maximum allowable offer) formula. MAO= ARV (after renovated value) X .7 – cost of repairs. So if it was 200K renovated and it needed 50K in work you should offer 90K.
they are first timer and making 11k USD out of nowhere.
greater fool theory in practice. What if 2007 returns with a stock crash in 2017-19? Then they will have a house worth 50K and still can't sell it for decades. Fact: Florida keys 2001: $800K asking price at the Bubbles Top then in 2009 $130K asking with no buyers! Florida Keys crash "It's an Island they aren't building more land…." That's how this always ends. Best to own one house at the "mean" value. Assume you are the "greater fool" is the best concept. These shows are the warning. Excellent location houses in Wash, D.C. have not gone up in 5 years – and the jobs are Federal Jobs! The only place that survived in 1932. Something's just not in the new lexicon "The New Normal" zero interest rates and growth of 1 percent GDP?
One of those gals has indecent clothing.
Is renting out houses more expensive in US? I smell long-term profit on house-renting, especially if your property is nearby an University or Tourist Area.
It's funny how everyone happens to be an expert in the comments
I looked it up and i see the 313 Mcdonald property bought for $240k sold for $950, but looks like it took 4 years. But thats GREAT profit. even if they put in another $260k thats 500k so $450k profit. Minus fees and taxes.. YOU do the math. Even if its only $50k a year, thats SWEET profits. I'd love to do this in Minneapolis if I had a great contractor to do the repair work.
Smart people NEVER use their own money. They find investors.
This is a big risk, but there are plenty of people doing this and doing it successfully!
Shit, the first mistake they made is buying a house listed on the MLS . Why fight with competition then end up over paying. Then doing the work them self ! On paper they made a profit however if they value time they lost. It's simple , they lost ! Find off market deals with enough spread to hire the work out. Buy directly from the seller
The problem is flippers come in and just do the cosmetics and in the long run fuck over the buyer. Buyers need to be aware of this. Paint makes anything look good, along with those cheap ikea products. The dont give a shit about roof, plumbing, foundation. Not all for the most part.
It sounds like the three women are just doing this as a learning experience. If they can't sell the property right away they should consider turning it into a rental, that's where the real money is.
Oh brother! This stuff is easy. You buy the house I'll take care of the work and we will both make money, simple. Why does the news always make a big deal out of little things?
That isn't a good business plan. 11k between 3 people in 3-4 months??? If u want to make money pick a house, live in it and renovate it. Then sell it in two years…avoiding taxes.
27k-11k earnings for about 3-5 months of rehab work what a fucking waste. I understand people want to be near other rich people but folks the average American isn't buying any of this shit. It don't matter about location and this is so discouraging to invest beginners.
Sounds like the bankers and home suppliers are making the real money! Not these so-called House Flippers.
Get in get out quick that's the secret… Markets change daily get in and instead of doing the addition to it just do floors walls and ceilings paint new kitchen…basicly the cosmetics.. Esp in the kitchen and master bedroom and then cheap lawn Maintence curb appeal then bam ur done… Go for the cheaper outcome instead of additions and gutting everything then u go into problems and if it sits u have to rent it out..
The good thing is that there are a lot of investors filling homes and people are buying them up, people that can’t afford to make the payment. It’s just a matter of time before buyers start losing them gain and it causes a repel effect, including investors will lose out. Just get ready for the next wave of foreclosure comes in 2016 or if not sooner, we just need to get back to the 2000.00 dollar payments for this to work.