How to Do Your FIRST House Flip in 2024: Budgets, Renovations, and Loans

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 30 October 2024

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to know how to flip a house in 2024? We brought on a rookie with a real-life deal to walk through every beginner step of flipping houses so you can go out and make money, too! We know Rene Hosman as our community manager here at BiggerPockets, but she’s also a brand new house flipper! She just got her first house flip under contract, so we’ll be bringing her on the show to share her progress and teach YOU how to do it today. In part one, Rene describes how she found this deal in the pricey and competitive Denver, Colorado, area. Next, when she wanted to make an offer on the property, she realized it HAD to be made in cash, but she didn’t have the funds. What did she do? She found a lender who lent her the money in just around twenty-four hours! Don’t think it’s possible? Rene shares exactly how she found this lender, how much they charge, and why she went with them. Next, how do you estimate rehab costs for a home renovation? Rene brings her ACTUAL house flipping budget to show off in today’s episode, plus where she’s finding materials and how much of a financial “buffer” she’s giving herself (in case something goes wrong). In This Episode We Cover: How to flip your first house in 2024 by following Rene’s basic steps Flipping a condo and how already owning in the building can be a HUGE advantage Private money lenders and how to fund your first flip in just twenty-four hours! How to estimate rehab costs and why you MUST give yourself a “buffer” The exact costs Rene will pay to fund this $190,000 flip And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Start with Strategy House Flipping Investing Calculator Rehab Cost Estimate Calculator Follow Rene’s ACTUAL House Flipping Budget Learn How to Flip Houses with “The House Flipping Framework” Find Investor-Friendly Lenders Flipping Houses: How to Get Started and Everything You Should Know Connect with Rene (00:00) Intro (02:49) Buy the Whole Building? (07:14) Making a QUICK Offer (10:37) Finding $190K in 24 Hours (17:20) Private Money Lending Numbers (21:03) Renovation Budgeting (25:49) Renovation Timeline and Plans Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-477 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	Hey rookies, normally investors who come on the podcast share their personal journey of real estate investing,
0:05.9	but it's usually after they've experienced their highs and lows, which is still incredibly valuable,
0:12.0	but what if we learn together in real time?
0:15.1	Today we're bringing on Renee Haasman, the community manager, and Ricky real estate
0:19.8	investor here at Bigger Pockets who just purchased her first flip and will be in real time coming
0:26.2	on the podcast to share her experiences throughout the process.
0:30.9	Today is just step one. We're going to learn about how she found and closed on her
0:35.0	flip. Keep listening if this is a strategy you've been interested in diving
0:39.0	into. This is the Real Estate Rookie Podcast. I'm Ashley Care and I'm here with Tony J Robinson.
0:46.7	And welcome to the podcast where every week, three times a week, we bring you the inspiration, motivation,
0:51.9	and stories you need to hear
0:53.4	to kick start your investing journey.
0:54.7	So welcome to the show.
0:56.2	Renee, we're super excited to have you.
0:57.9	Thanks for having me, guys.
0:59.3	No, of course.
1:00.0	So what we're going to get into today.
1:01.3	We're going to talk about what to look for in a flip in this market,
1:04.9	how to build out your rehab estimate,
1:06.8	which I know a lot of Ricky's get stuck on,
1:08.8	is how do I know how much these rehab's costs?
1:10.6	And then we'll talk about how Renee was able to close on this property with the help of a whole
	...

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