Just offered 95k under asking with $7500 seller concessions and bought my first house. Biggest mistake I almost made was listening to the crowd saying I should wait to buy
As long as you are OK with it going g 20 to30% lower over the next year. Sounds like a great deal as the market is going down. When it does do down know thar you still got it for a pretty good deal than last year.
These types of posts can be very misleading without additional info. A 95k reduction in price on a house that was overpriced by 75k would not be a good deal. Include additional info next time or just don't post
I agree, too. As an agent with two years and a half years, l don't get it seeing my agent friend doesn't own real estate investment property and they are a top producer. My first deal was helping a new investor, and we both were unknown in the business l did know how to do comps cause l had practiced for three months how to comps on a home. I told my mentor at KW only works with investors everyone laughed at me. To make the story short, l have investment properties cause, l buy homes with my Commission. And the top agent don't have investment properties 😊
Not all flips work as brrrr because some properties are just flat out too expensive to try to rent. Imagine trying to rent a 1.5 million arv house you buy for 800k. Great flip, extremely hard brrrr
Here in my market in Pasadena, California three bed one bath 1200 square-foot built in 1905 one car garage market value after fixed up 1.1 million market rent $3700! Good luck keeping that as a rental.
Y’all are awesome! Shoutout from South Alabama! Question, you touched on the BRRR method in commercial. Can you do an episode on that and tips/tricks of how to get started. Orrrr a commercial flip? I live in a small town where home construction is BOOMING and the demand for commercial is insanely high. The community is begging for more retail & restaurants. I want to get involved in bringing it to this market but I don’t know where to start!
In my area of South Florida, sellers are just being totally ridiculous when first pricing and listing homes. They are pricing gutted homes in flood zones at full price. Of course, they drop their prices over time once reality sets in.
Wait, so we should focus on doing a BRRR rather than buy & hold? Does this apply when you're first getting started? The learning curve on BRRR seems much steeper.
@@daineinnerarity8529 Buy, Rehab, Rent, Refi, Repeat. Buy a property (under market value), rehab the property, rent the property, refi the property using the current rental income (getting cash out to get the principal back), and repeat.
Thanks for your videos mate,I have learned in recent months is to remain calm, especially when it comes to investments in cryptocurrencies. Learn not to sell in a panic when everything goes down and not to buy in euphoria when everything goes up.
Unfortunately, we are moving to a market that is obscenely overpriced, there are no long term rentals because short term rentals do so good. Anything decent gets sold as soon as it hits the market. I sold some property for 10% over asking in my current area.
“Bounce Back” Sounds like a book title….anyone hearing me? :) Thanks for the wonderful insight and sharing. It makes a big difference for this freshly hatched agent who is wanting to do something good with my career and opportunity.
