How I Missed Out on a $300,000 Deal
Sometimes in the house flipping business things don't always work out as planned. Just today I missed out on a deal that could have potentially been worth $300,000. To say I was bummed would have been a big understatement.
The property was a single family home in Fairhaven, Massachusetts. It was a decent size colonial style house, right around 1600 square feet. After renovation I estimated the after repair value to have been right around $300,000.
How to Handle Deals that Fall Apart at the Closing
John: Hello, I’m John Fossetti, here with Michael LaCava, from House Flipping School. We just got done talking about the property in Middleborough, and the disappointment you had there. Are there any other disappointments you have encountered in the real estate investing world?
[SNEAK PEEK VIDEO] How to Buy Investment Properties Through Wholesalers
When you're buying investment properties, can you use real estate wholesalers?
Real estate wholesaling is a great way to get house flip deals...
But how about when you’re buying investment properties...should you use a wholesaler, then too?
We've talked about wholesaling so many times here as one of the best ways to find houses to flip.
At House Flipping School, we actually took on a full time wholesaler (as well as a property acquisition manager who does wholesaling) as a way to continue our deal flow for our house flips.
THAT is how important wholesaling is to our house flipping business.
But what about when you’re buying investment properties? Do you still use wholesalers the same way you would if you were doing house flips? Continue reading
How I Broke the 70% Rule and Still Made $50,000
Once the new HFS website is launched one week from now, I will be focusing a lot more on sharing with you specific deals I have going on. I think this will further help you see and learn what the house flipping business is all about.
One of the many deals we will analyze together is a property I recently flipped and closed on in Massachusetts. This Massachusetts property is of particular interest to me, because while putting this deal together, I broke one of my most important house flipping rules.
Middleborough Part 3 | SOLD
Hey, guys it’s Mike with House Flipping School here, and welcome to this week's whiteboard lesson. You heard me talk about the Middleborough deal, and breaking that down. We are now at the stage where we have the property under contract.
Middleborough Part 2 | Cost of Repairs
Hey, guys. It's Mike, with House Flipping School, back for the second video of the Middleborough property. In this video, we're going to breakdown what we were projecting for our rehab costs. If you remember in the previous video, we talked about the cost of repairs, we estimated it was at about $25,000, and deducted that from our 70% formula, which bought us to $120,000.