I was in Disneyland last week and thanks to my great team was able to get a house listed and under contract while I was gone. This was a house I bought in January to flip. The house was fixed up by one of my employees, which makes it much cheaper than hiring a contractor.
I bought it for $192,000 from the MLS put about $30,000 into the repairs, $15,000 into other costs, and listed it for $279,900. Below you can see the before video.
Here is the after video.
https://investfourmore.com/2014/03/19/finance-fix-flips-hard-money-private-money-portfolio-loans/
Kudos to your team. What a great feeling that must have been.
They are awesome.
Congrats on your flip! I'm working a rehab right now that has taken me a few years, but I've been floating everything with cash. My plan is to have a series on my rehab that I'll post on my YouTube channel (much like what you've done here). While I am not a fan of the kitchen or tile job you did in the flip, the name of the game is to sell it after making it look tons better. Congrats on your profit and keep up the dream!
Thanks, it takes a while when you use cash for everything.
great job helping to reinflate the housing bubble
hopefully, you sold to a family and not some company to make profits on driving up rent
Do you understand how the housing market works?
I buy low, repair and sell higher. What I sell for is based on supply and demand, not some random number I make up. The number of houses available and the number of buyers are what drive prices. What I do would actually make houses more affordable because I am supplying more housing which increases supply.
Do you understand how rent works? It is the same concept. If a company bought it to rent it out it would actually provide more supply and therefore if enough houses were rentals it would lower the rents. If all families bought homes there would be less supply and prices would increase for rentals.
so no I'm not an expert on the housing market and i don't mean to come off as an asshole, but right now this is not a free market with such low manipulated interest rates
so if people go around buying up homes foreclosed on or below real market value, then dump 10k into it just to flip, and that is doing some bullshit minor upgrades and new paint without really doing repairs and then sell at the inflated market value which is in a bubble, because the definition of a bubble is when the market is priced outside of the average person affordability
that's why we see more homeless and more families cohabitating together longer
it's not a supply and demand market at all
more and more apartments are being rented at the rate for a 2bed being all most a whole month wage
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