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Real Estate Rookie

438: House Flipping 101: How to Find Deals, Vet Contractors, & Manage a Rehab w/Sean & Ann Wayne

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 29 July 2024

⏱️ 49 minutes

🧾️ Download transcript

Summary

Every real estate deal is hard work, whether your investing strategy is house flipping, buy and hold, or even wholesaling. If your goal is to not only get a great deal under contract but also make money after closing, you won’t want to miss this episode! Welcome back to the Real Estate Rookie podcast! When we last spoke with husband-and-wife investing duo Sean and Ann Wayne, they had completed twelve deals—an impressive feat for any new investor. But over the last three years, they have discovered all kinds of tips, tricks, and strategies that have helped them triple their output in that time. How did they do it? In today’s episode, they’re going to update you on their investing journey and share their findings with you! Tune in as Sean and Ann teach you about flipping houses and home renovations. Along the way, you’ll learn about the importance of design proposals—your secret weapon for organizing rehab projects, managing your timeline, and keeping your budget in check. You’ll also learn how to save money on materials, the biggest dos and don’ts when working with contractors, and some of the biggest rookie mistakes to avoid on any project! In This Episode We Cover What you must know before starting your own house flipping business Why crafting a design proposal is crucial before kicking off a rehab project The number one mistake rookies make between contract and closing Why it’s so important to define roles within your real estate business How to find and keep a good contractor (and the dos and don’ts of managing them) Why you can’t afford NOT to have a survey done before a house flip And So Much More! (00:00) Intro (00:44) Current Portfolio & Strategy (05:55) How to Find Deals (09:30) Working with the City (15:24) Design Proposals 101 (17:52) Saving Money on Materials (26:11) Getting Creative with Design (30:41) KEY Advice for Rookies Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-438 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

My name is Ashley Kerr and I'm here with Tony J Robinson.

0:04.3

And welcome to the real estate rookie podcast where every week three times a week

0:08.4

we're bringing you the inspiration, motivation, and stories you need to hear to

0:12.0

kick start your investing journey and we are

0:14.0

having back on the show Sean and Ann Wain. He episode 63. That's right episode 63

0:20.2

which was recorded over three years ago.

0:22.6

Now, Sean and Ann decided to ditch their corporate jobs

0:26.0

and dive into flipping properties full of time.

0:28.2

So today, we're going to learn,

0:30.1

do you need a design proposal for your flip? How to select the absolute best contractors and the do's and don't

0:36.2

of working with contractors that nobody talks about? So Sean and welcome back to the real estate

0:41.3

rookie podcast. Hi, thanks.

0:43.0

Thanks for having us guys.

0:44.0

So it's been three years since we last talked to you guys.

0:47.0

You had done 12 deals at the time.

0:50.0

What has happened since then?

0:51.0

What does your portfolio look like now?

0:53.3

Yeah, so we've since then we've probably done like 18 or 20 more flips.

0:57.9

I was actually looking back at where we were, episode 64, like in our investing journey.

1:04.8

We didn't have any rental properties yet.

1:06.9

So since then, we've added four long-term rentals. This past year we just added our first pretty mega

1:15.8

Air B&B and then other than that I think just contracting I'm a

...

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