Why House Flippers Fail - Top House Flipping Mistakes to Avoid

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Why House Flippers Fail - Top House Flipping Mistakes to Avoid
Most people see house flipping as a path to 'get rich quick', but house flipping is a tricky business and many things can go wrong. I've made a lot of money by flipping houses and I've also had a lot headaches and lost money. The reasons why house flippers fail are more interesting and educational than the success stories because the top house flipping mistakes teach us house flipping in real life and help house flipping beginners grow. The house flip mistakes I've made over the years really shaped up my business and helped me avoid house flipping risks. This video shows you how to avoid house flipping mistakes and how not to fail house flip. The house flipping mistakes can benefit both house flipping beginners and house flipping experts.
In this video, I summed up the 7 top mistakes that house flippers make (drawing from a lot of my personal house flip fail), I hope you can learn from my lessons and be smarter with your own investments. If you are a house flipping beginner ready to flip houses for the first time, watch this video to learn house flipping basics and learn how to avoid house flipping mistakes. The tips for new house flippers will also benefit advanced house flippers in their house flip business.
#fliphouses #realestatecoach #houseflipping
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Опубликовано:

23 июл 2020

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Комментарии : 62

@TransformRealEstate 3 года назад

Watch Next: House Flip Before and After 2020 - $80K LOSS?! - All the Numbers & Mistakes ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ihnAoBcLxVA.html

@jordyvillalta8488 3 года назад

1. Not analyzing the deal correctly 2. Project turnaround is too slow , try to keep it down to 3/mo-4/mo 3. Flipping houses that require higher resale prices than median sale price in the area 4. Not budgeting for unexpected costs, budget at least 10% on the rehab budget 5. Too big, too fast 6. Over improve, or under improve 7. Not having a vision

@djgb1980 Год назад

You are very informative. Just starting out with house flipping and SCARED TO DEATH. I'm in Maryland.

@shiranpour7 Год назад

Awesome. Thanks for sharing.

@ThefirstrobloxCEO989 3 года назад

I really appreciate all the mistakes and successes that you share.

@cishicike 2 года назад

Love your content!

@pawool 3 года назад

Awesome information thank you! These tips could possibly save a fortune! One request, is that sometimes you mention things in imperial and in Australia we use metric. We used imperial when my parents were young and they can quickly understand it. For me it's a little challenging as I need to stop the video and do calculations and come back to it. I am really enjoying your videos, it's amazing to be able to learn from other's mistakes, although I'm sure I'll come up with new ones to make lol

@ericjcowan 3 года назад

Great advice! Im just getting into real estate investing. Its really hard finding good deals in my city (Portland). Im hoping you have or do a video on the topic.

@amberreneeco.7412 Год назад

Love watching your videos ❤️ do you have a video on your data analyzer sheet?

@sonsofthunder007 Год назад

I am reading your book right now and subscribing to your RU-vid account. My business partner and I went through these pains with a contractor. But the lesson was good, and now I have a contracts that keep them on a tight leash.

@robertkim1777 3 года назад

Great video Elisa! I especially found the part about keeping price and square footage close to the medians in that neighborhood to be insightful! I almost made that mistake and bought a home that would have been both bigger and more expensive than the medians in that neighborhood. Whew!

@TransformRealEstate 3 года назад

Thanks Robert! Yeah, it's pretty tricky. I'm glad you didn't make that mistake! Are you a house flipper? Where are you located?

@naoh619 3 года назад

Another valueable piece of content. Keep up the good work.

@TransformRealEstate 3 года назад

Thank you Hoan! Glad you found it helpful!

@heroesofsalonika3205 3 месяца назад

Your video was very good. Many valuable lessons from your experiences. Thank you!

@TransformRealEstate 3 месяца назад

Glad you found the video helpful!

@amazingeducationquestionsa1367 Год назад

Thanks !

@comstar8291 3 года назад

Found you on AHN and glad I did. I too live in SF. We own our condo and one in LA but want to get into 1031 and flips. SUBSCRIBED!

@TransformRealEstate 3 года назад

Hi John, nice to meet you! My first home was a condo in SF. I looked into 1031 exchange too when I was selling, but didn't find anything where the numbers make sense. If you live there for 2 out of the last 5 years, you'll have $250k (or $500k for married couple) capital gain that's tax exempted, so you may not have to resort to 1031. Just FYI :)

@mikegutierrez2621 2 года назад

What kind llc should i look into? Getting into flipping

@jackieyang9419 3 года назад

Loved this episode! Thanks for sharing your lessons with us.

@TransformRealEstate 3 года назад

So happy to hear that! My pleasure! Let me know what else you'd like to see on my channel :)

@kathyjang7739 3 года назад

Such great lessons that only experience can teach! Thank you so much for the thoughtful compilation of lessons learned - sounds like you have really assessed and used the mistakes to grow from them. What a champ! I love how you have leveraged the wisdom of more experienced investors in the past, and are now paying it forward by educating less experienced investors now.

@TransformRealEstate 3 года назад

Thank you Kathy for the kind and encouraging words! So glad that you find my lessons helpful! Each mistake/failure is like a badge of honor - they pave the road to future successes. So many people helped me generously when I was starting out, and I hope to do the same for others and help the real estate investing community grow :)

@Isleskye Год назад

Well said! Elisia is an great presenter and is extremely gracious to share her tips, tricks, skills and experiences good and bad with us! She is a class act, bright as a newly minted silver dollar with a mighty big heart to match her energy and intellect. Can't help but think her parents must be very proud of her.

@samwong6770 3 года назад

How do you find the under market price house? The market is too hot today, it very hard to find the qualify flip property.

@hakeemanderson3928 10 месяцев назад

I love your teachings. Im looking to get involved in the house flipping business and have no knowledge of it. 😅. Im definitely looking for a mentor and your tutorials.

@TransformRealEstate 7 месяцев назад

Thank you! I actually just launched my coaching program, Transform Flipper Academy, to teach people to flip houses the right way. If interested, apply here: transformflipperacademy.com

@AndreArze1 3 года назад

I swear when she talks I understand her more clearly than Morgan Freeman 🤣 . Every blogger should prepare as she does.

@heroesofsalonika3205 3 месяца назад

Question. Is there a service in America that can check your comps and all the components you spoke about to advise you if a flip is worthwhile?

@susanrosegale6646 Год назад

This is great advice and aged well, here it is 2023 and everything you say about a downward market is happening now....great advice! Factoring in 15% downward market contingency is wise, but right now may be too optimistic. 2 years ago it was a built in bonus...not anymore.

@janeho2808 12 дней назад

I just wondering if build 15% downward factor in, that will make the initial purchase offer 15% lower, than the other investor who didn’t do this…how can you still get the house..

@hamidn.y.c7081 2 года назад

Thanks you very informative video Do I have to make an LLC first before start flipping houses?

@TransformRealEstate 2 года назад

No you don’t have to, but it’s recommended

@BustedCribs 3 года назад

So true! We've learned a lot of different tricks on our many flipping adventures here in Tampa! It's a LOT more complicated than you might think and there's more to it than just making houses look pretty. Good luck to anyone getting started!

@TransformRealEstate 3 года назад

Great to meet fellow flippers like you! Yeah, a lot of things can go wrong, and mistakes can cost a lot. How's the market in Tampa right now?

@justinjones695 3 года назад

@@TransformRealEstate market is on fire. Absorption rate all time high and no inventory.

@arthurchan2016 3 года назад

Would you please add captions in this video? I would greatly appreciate it!

@janeho2808 12 дней назад

I just wondering if build 15% downward factor in, that will make the initial purchase offer 15% lower, than the other investor who didn’t do this…how can you still get the house..

@andrestepanian9927 2 года назад

Hi there, this is Andre from LA. I would like to start my first flip and I need I need hard loan money with no down payment or covers 90% of house purchase cost. I need some tips and help for my first flip.

@belight5646 3 года назад

Thank you!! I did not catch your name. I am on my first flip, the contractors had been teeth pulling issues.

@TransformRealEstate 3 года назад

Sorry to hear that you are having issues with your contractor. I had nightmare situation with my first contractor too. I hope it works out for you!

@belight5646 3 года назад

@@TransformRealEstate thank you!! what area are you from? Are you a full time investor now?

@klarion 2 года назад

flippers think that markets will always keep going up...

@mscherry4165 2 года назад

Why is it hard to fire the contractors?

@iamcherreymaiya 3 года назад

How much do you allocate for bonuses in the whole duration of the project?

@TransformRealEstate 3 года назад

It depends on how fast the project is done. I give bonus based on how many days sooner the project is done. Sometimes I also offer bonus if the sale goes well.

@iamcherreymaiya 3 года назад

Transform Real Estate thank you for the response.

@AR-me9jy 3 года назад

Every man needs a smart woman That’s my biggest lesson From this video

@cristianraro1387 3 года назад

down bad

@nijub.s.1165 3 года назад

You clearly do

@AR-me9jy 3 года назад

Yes you are correct

@AR-me9jy 3 года назад

Real bad can you help me out

@Piecenotwar Год назад

Claiming to be a “House flipper” sounds like someone out to make a quick buck, fix it up as quickly and cheaply as possible for maximum profit, done for the lowest price instead of a reasonable or high standard and quality. Property developer sounds much more professional.

@avantemail2570 3 года назад

Wow almost -80k on a flip

@franksuhuang6 2 года назад

👍👍🌹🌹

@sithrage 3 года назад

Don't bother calling agents with pending sales asking for contract price. We won't reveal it until closing date.

@TransformRealEstate 3 года назад

I’ve done it many times with success. Even if they don’t tell you the exact price, a range can help too.

@nashornadouglas8787 2 года назад

You won't but others will

@cesarsamaniego9804 3 года назад

I wich you could raise the tone of voice a little more, sorry but for that reason I won't subscribe....

@nashornadouglas8787 2 года назад

Look here sah, if you don't want to subscribe to the lady channel, all you have to do is move right along. Nobody nah force you to subscribe. Kmt. Damn Bad mind. Coo pon you too. Kmt.