Big of you admitting you messed a deal up. Real integrity move Mark. You'll never see this new breed of fake real estate gurus say something like that. And thanks again for not showing the stuff you sell down our throats.
I love that you're so incredibly honest. For anyone wanting to get into this business or anyone wanting to get better at it they NEED to watch your videos. You're giving away so much valuable information for free. I hate that you lost on this flip but the house is so much better because of you. I know it doesn't pay the bills but that's such a great thing for a neighborhood.
Thank you Mark for NOT becoming a CORONAVIRUS Reporter during the Pandemic. Every other Flipper has suddenly become a News Reporter and an EXPERT on Stimulus Checks. Not You, (Or Me) we have stayed true to our channel purpose. Thank you for that!
This is refreshing to see someone sharing the bad side of flipping. I'm sick of HGTV acting as if the flippers they feature just figure out a way to make money every single time. Plus, they never share all of the costs. That's one aspect of those shows that I've always been annoyed by.
Hi Mark, wow, so much work! The house looks very, very nice, like all your flips, and not only that, you make the homes over right. Anyone moving into one of your flips should be confident that your company did the work necessary to make their investment solid. As always, thumbs up!
We bought a house with an inground pool, turns out it has two water meters. There's an additional water meter on the garden water line (to the pool). The city deducts the water usage for the pool from the sewer bill (as clearly the water is not returning to the sewer system when it's going into the pool). First time I've seen this, thought it was cool.
Thanks for the full disclosure, people need to see this. My family is in commercial construction and there are a lot of costs that a lay person does not know.
Unfortunately I've had nothing but problems with section 8 people. You can make maybe an extra $100 or $200 per month from the subsidies, but when they move out, they cost you an extra $5,000 in repairs.
Mark i watched entire video waiting for the haircut reveal... i hand it to you with all the content on your page. We've only shot 4 episodes of Busted Cribs and it's a ton of work. Thank you for being a pioneer in rei video. I get a lot out of you sharing your costs/ numbers.. Justin
Thank You for the video, the experience was awesome. Makes me realize to look for the positive. I am going to join your Investfourmore. I appreciate the honesty.
What I get from this: Avoid buying houses that have tenants, especially section 8. Always get an inspection to catch large expenditures like the roof, the plumbing *& the foundation.* (maybe a separate inspection) Avoid, at all cost, carrying a property for a long period of time. I am sure most of this would have been better managed if you were flipping a smaller number of houses all at once. Having more projects at once is harder to manage & things will inevitably fall through the cracks but having more projects going at once also brings in alot more capital. Required for growth. You may need another project manager, if you had one you could also maybe double your flips or even open up to a new market. Just spit balling a bit.
What a nightmare!! I guess you found the disappearing contractor once he filed for unemployment. What nerve. House looks good, didn't get to see the back porch, but glad it finally sold.
For being section 8 tenants, those people had valuable stuff. Look at all the vehicles, tires, wheels, etc. They had money for what was important to them and it wasnt rent.
God bless you...that hurt in so many ways. But that is the 'tax' you pay sometimes...just sorry that it happened to you. Yes, go with flips from higher value properties - might avoid Section 8 that way, although, as you said, good and bad at all levels. I just shake my head at some people and wonder what they are thinking.
It sure does. Strange looking place. If you owned it and had money. It would be an easy fix. Adding more room, and patio/decking undercover, double garage, fencing etc.
Why didn't you try renting the property to recoup some of your money? Thanks for sharing I'm learning a lot. I'm really interested in real estate investing, but it's hard to convince the wife to take the risk. What do you think is a better investment, renting or flipping properties?
Thanks for the great video. Amazing job despite all the nightmares. Too bad about the loss, but I guess that's the risk with the types and volumes or properties you buy. I would love to get into this business, having a background in construction and accounting I think I'm well suited. However, I'm young and don't have much capital and the cheapest detached home in my area is $450K. How did you first get into this business?
Hey Mark these people are financially unable to probably move all their stuff out that's why they needed rental assistance and depending on how decent a guy you are some tenants might not want to leave you with a mess not everybody can afford fancy cars. Mark a couple dollars all you have to do is buy the foam pipe insulation the ones with the slit in them would have saved you thousands of dollars
Why didn't your insurance pay for the flooding cost? I would have expected it to pay. Isn't there some kind of flippers insurance that would cover for these totally unexpected serious problems?
Not to mention the risk of a new tenant damaging the property, costs involved with a future eviction, etc. I feel bad for people holding rental properties these days. They have no rights compared to tenants. My in-laws just sold all of their rentals because it wasn't worth it anymore. Which makes it even harder for young folks just starting out to find an apartment.
That house could be bought for $45,000 in my part of the country. You are crazy in my eyes. Just crazy. Why do you put so much out? You could make $100k here on that.
Because its Colorado. 5 years ago it would have been worth that. But thanks to some changes and incoming corporations, Colorado has skyrocketed in home and rent prices. It is now in the 10 most expensive places to live in the US.
@@investfourmore Thank you for responding. 95% of my questions to other sites never get answered. Thanks.... I learning a lot. I have the skills to do the work just need to figure out the $$ side. I lost out on a super flip last year I could have made $125,000 profit. With little work. Because I didn't have the financing in place & I'm a single women.
Not all sec 8 people are bad I have a few and they are very good tenants but I have had some that where bad that is whenI started checking on there back ground..
Why didn’t your insurance cover the flooding repairs from the burst pipe? I had one in a rental a year and a half ago and they covered 30k worth of damage plus lost revenue.
You talk more about difficult flips. As a result, we have a bias thinking that almost all your flips are nightmare. Can you show some statistics: usual flips/flips with some problems/nightmares
23:35 Where the green(ish) pick up truck is in the window to the right, and the end table is in the corner with a picture hanging on the wall above that table, and there's like a plant underneath that window in the living room ............... that would have been the perfect place to put / hang a TV (at an angle in the corner), as the new owners. The living room and the kitchen and even the room at 23:41 - 23:42 would have a good view of the TV. So, the lenders are the ones who require insurance on the house. I remember once asking if the state of Colorado was the one who required that. I remember this house because of the foundation part. I suspect that the next real estate agent will have better luck selling and profiting on this house, now that everything that happened already happened. It's unfortunate that you are not the next one. I guess timing is also a factor at whether an agent makes a profit. Because, if another agent had been the one to buy this house when you did, THAT agent would have gone through what you did with this house, instead of you. Then maybe you would have been that "next" agent after that.
With how much money you've made over the past few years, why not self finance your flips? 9% is a decent return in this market, shame to give it away if you dont have to.
