House Flipping 101 -- 3 Steps For Beginners (Step by Step Guide) | Flipping Mastery Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 12 November 2023
⏱️ 14 minutes
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Summary
Today on the Wholesale Hotline Podcast (Flipping Mastery Edition) Jerry breaks down exactly what you should do when doing your first flip.
Show notes -- in this episode we'll cover:
- The 3 things you should do before buying a house to flip.
- Why 30 days should be your flip timeline.
- How to decide a minimum flip profit.
- What to avoid when flipping.
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☎️ Welcome to Wholesale Hotline & Flipping Mastery Breakout! ☎️
Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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Transcript
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| 0:00.0 | Hey, it's Jerry Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout. |
| 0:08.0 | We want to know how we're doing, so please leave a comment and give us a rating. |
| 0:17.7 | Flipping a house consists of one, buying a distressed property at a discount, two, fixing it up to current market standards, and three, reselling to a retail homeowner at top price for a profit. |
| 0:29.6 | Having flipped hundreds of households over the past 20 years, house flipping can be very rewarding and extremely lucrative, but you have to know the fundamentals |
| 0:39.0 | and follow best practices. I'm going to break it down for you step by step. Now before you ever |
| 0:44.6 | buy a house to flip, there are three things to make sure that you do first. Let's discuss each |
| 0:50.2 | one in detail. First, you want to choose an area where flipping houses is prevalent. |
| 0:55.0 | If others are actively flipping houses, that tells us that there is a market demand for |
| 1:00.0 | renovated homes. Now this is relatively easy to figure out. Search on Zillow or Redfin for |
| 1:05.0 | sold homes in your area during the past six months and look at the highest price homes and see how many were renovated. |
| 1:13.6 | You can tell a home has been renovated by a flipper, not just because everything is new and updated, |
| 1:18.6 | but it's vacant, meaning no one is living in it, and oftentimes it's staged. |
| 1:23.6 | This will give you a good idea of what kind of flipping activity is going on in that area. |
| 1:28.3 | If there isn't any flipping happening, then it's probably not a good area to flip. |
| 1:33.3 | After finding an area that's ideal to flip houses and it's time to start looking for opportunities, |
| 1:37.3 | the second thing to consider is how long it will take from start to finish to flip the house. |
| 1:43.3 | Now with house flipping, time is money. |
| 1:46.3 | The more extensive the rehab, the longer it takes to renovate and sell it. And the longer the money |
| 1:50.7 | is tied up in the house, the longer it takes to realize a profit. So you want to pay close attention |
| 1:55.6 | to how extensive the rehab will be. Now, I look at the condition of a distressed property in one |
| 2:00.6 | of three categories or levels. |
| 2:03.5 | Level one is a light rehab. |
... |
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