I Said I'd Never Flip a House...Why I’m Starting in 2025

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 18 December 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dave said he’d never flip a house. He doesn’t have the handyman skills; he doesn’t like managing contractors, and he can’t design a floor plan. So why now, coming into 2025, has he decided to flip his first house? It’s simple—an opportunity was presented to him that he couldn’t pass up. Partnering with expert investor James Dainard, Dave is flipping this house with James acting as the operator and Dave as the investor. If you’ve ever wanted to get into house flipping but felt like Dave, this episode will show you how to start. If Dave isn’t managing contractors or handling permits, what role does he play? Today, Dave and James are walking through their unique house-flipping partnership, explaining why James made an offer on the property within hours of hearing about it, their rehab budget, renovation plan, potential profit, and some hiccups they could run into (asbestos!). James is even sharing his expert tips on how to know a property is worth buying for a flip and questions you must ask a flipper or lender BEFORE you start working with them. We’ll keep you updated on this flip’s progress so you can see exactly what goes right, what goes wrong, and how much money this property will make! In This Episode We Cover: How to invest in house flipping even if you have ZERO renovation/remodeling experience Finding the deal and why you need to have relationships with wholesalers How to spot a great potential house flip—and one HUGE red flag to avoid at all costs Two ways to raise money for your house flips (debt vs. equity) and the pros and cons of both Picking a real estate investing partner and questions you must ask before you work together And So Much More! Links from the Show Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Ask Your Question on the BiggerPockets Forums BiggerPockets YouTube Hear Dave and James on On the Market Grab James’ New Book, “The House Flipping Framework” Find Investor-Friendly Lenders Flipping Houses: How to Get Started and Everything You Should Know Connect with James Connect with Dave (00:00) Intro (02:23) Finding the Deal (03:30) Purchase Price, Rehab Costs, & Comps (08:16) Signs of a Good Flip (11:52) Permits, Plans, and...Asbestos! (13:50) How to Passively Invest in Flips (18:53) Picking a Partner (29:02) Ask THESE Questions (33:28) Follow the Flip Progress! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1058 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	I have never flipped a house. And if you've listened to this show for a while, you've
0:09.6	probably heard me say that I will never flip a house. But it turned out that wasn't true,
0:15.1	because now I am flipping a house and I'm doing it with the guy who literally wrote the book
0:20.7	on house flipping James Dainard. Today who literally wrote the book on house flipping,
0:21.8	James Dainard.
0:22.7	Today, James is joining me on the podcast to talk about our new Flip project in Seattle,
0:28.1	why I've decided now is the time to try this strategy I swore I would never do, and how
0:34.1	lots of you listening to the show can replicate our partnership and become a
0:38.6	flipper, even if heavy rehab projects seem super intimidating to you. So James, thanks for being here,
0:44.8	man. I'm excited. And I get to walk you through your first flip. I feel like this is your dream.
0:50.4	You genuinely just love teaching people how to flip, and I really want to learn. So I feel like
0:55.3	this is going to be a great partnership for us. Oh, and I love when I teach a long-term hold
1:00.6	and a passive investor how to flip, because they're like, why was I hating on this for so many years?
1:05.9	I feel like I'm going to have that revelation at the end of this. But actually, I should explain that we kind of already tease this out just to set this up.
1:16.5	Like, James and I co-host work together on the on the market podcast.
1:21.4	And on that show, we sort of did a bet earlier this year on who would have a more profitable
1:26.6	flip, Henry Washington or
1:28.7	James and Kathy Fecky bet on Henry. I bet on James. I wound up investing in that deal a little bit.
1:34.9	Ashley Care from The Rookie Show got in on it. It was kind of this fun thing that we did.
1:39.4	And James hit it out of the park. It was this massive success. And so it got me a little bit more interested in
1:46.4	doing it again because I saw that I could be relatively passive. And yes, I'm taking on risk,
1:52.6	but I could get in on the big substantial upside of flipping, even though I'm not great at
	...

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