387: The Step-by-Step Guide to Flipping Houses and High-ROI Home Renovations w/James Dainard

Real Estate Rookie

BiggerPockets

Business, Education, How To, Entrepreneurship, Investing

4.7 • 1.8K Ratings

🗓️ 1 April 2024

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to begin flipping houses in 2024? With this popular investing strategy, you could build a lucrative and flexible real estate business. All any rookie needs to get started is a few skills and a little know-how, and there’s no better person to get you up to speed than today’s special guest! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by James Dainard, investor, master house flipper, and co-host of the On the Market podcast. James has flipped over 3,000 homes to date, and in this episode, he’s going to show you how to flip your first house, step by step, from start to finish. From creating an accurate budget (and sticking to it!) to choosing home renovation projects that deliver the highest return on investment (ROI), this masterclass has everything you need to make your first flip a successful one. You’ll learn how to find the best contractors for your rehab, strategies to keep your project on track, and why you should involve your real estate agent throughout the entire project—not just when it comes time to list your property for sale. James even shares his own flipping horror story that cost him hundreds of thousands of dollars and the biggest lessons learned from that experience! In This Episode We Cover: How to ensure that your BRRRR property will cash flow before AND after refinancing Creative financing solutions to use when hard money becomes due What you NEED to know before getting into commercial real estate investing How to fully furnish your short-term rentals on a tight budget Addressing rent increases and maintenance issues with difficult tenants And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard Rookie Reply: Estimating Rehab Costs, Finding “Hard Money,” & Tax Planning Watch James on the “On The Market” YouTube Channel Hear James on the “On The Market” Podcast Wherever You Listen to Podcasts Connect with James James' BiggerPockets Profile James' Instagram James' Website James' YouTube Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-387 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is a real estate rookie episode
0:03.0	387.
0:05.0	So you want to tackle your first flip,
0:07.6	but you're not sure if you're doing it right.
0:09.4	Stay tuned.
0:10.3	I'm Tony J Robinson, your host for today's episode,
0:13.4	and welcome to the Real Estate Ricky podcast
0:15.5	where every week, three times a week,
0:17.6	we've been you the inspiration, motivation, and stories
0:20.7	you need to hear to kick out your investing journey.
0:22.9	Now look, we've had so many rookies who've had their first flip,
0:26.0	completely fail, or best break even,
0:28.7	which is why today we are speaking with none other than James Dainard.
0:32.8	James has done over 3,000, yes, 3,000 flips.
0:37.0	And we'll be sharing with us today
0:38.4	how to plan your first flip for success.
0:40.8	So Jimmy D, welcome to the real estate Ricky show brother, excited to have you on,
0:44.1	man. Oh, I'm excited to be on, this is my favorite topic.
0:46.7	Yeah, and obviously you're the king of doing this the right way. You learn a lot of lessons along the way.
0:51.6	And what we're, I think the goal of today's
0:53.4	episode James is to talk about the ROI on on the renovations right because
0:58.4	there's a time in place where maybe certain things make sense and certain things don't make sense.
	...

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