On this podcast episode, I talk about the key components that you need in order to learn how to get started fixing and flipping houses. To listen to this podcast episode please scroll to the bottom of this page and click on the white triangle in the black bar.
1. Finding A House To Fix & Flip
2. Estimating After Repair Value
3. Estimating Repairs & Materials
4. Calculating Your Profit Margin
5. Finding a Private or Hard Money Lender
6. Having a Contractor To Fix The House
On this podcast episode, I dig deeper into some of these key fixing and flipping topics and show you why the most important basic foundation for fixing and flipping is to understand what the house will sell for (After Repair Value). The other key component is what it will cost to repair the house (labor and materials).
If you know the answer to the After Repair Value, and you know the Repair Estimate, then it is relatively easy for you to plug those two variables into a calculator and figure out your potential profit on the fix and flip. It is very important that you know how much to offer on property when you are fixing and flipping houses since you need to know your profit potential when you buy (not when you sell).
Here is a free Rehab Calculator Tool that I created for my students to use to estimate the profit margin on fix and flips:
You can also download the Rehab Property Calculator as an App for your phone in the Google Play and iTunes App store for free by searching for “Rehab Property Calculator”. Use this tool every time you are analyzing a fix and flip property.
For the types of materials that I personally use on my fix and flips you can visit this link to get the materials and components that we use for some of our fix and flips. This is what we call the brown theme which is brown and neutral colors that we use on many of our fix and flips. These are the actual component materials that we use and we give this list to our contractors. You can go to the link below to see the Home Depot product info along with the SKU numbers for each product.
To listen to this podcast episode please click on the white triangle in the black bar below.