Follow These Steps BEFORE You Start Flipping Houses in 2024

Flipping houses can make you a TON of money—arguably more money than most other real estate investments. You can make a 40% to 50% return in just six months, but you can also lose a LOT more than that by buying the wrong deal, doing the wrong fix and flip, or looking at the wrong numbers. And if you want to start house flipping, losing all your money on the first deal isn’t the best way to begin, so follow James Dainard’s advice instead.

James has been flipping for two decades. He’s had good flips, bad flips, stinky flips, flips that have fallen over, and everything in between. Today, he’s going to unveil the EXACT steps he follows to analyze any potential fix and flip BEFORE he buys it. If you’re a rookie real estate investor, WATCH THIS VIDEO, or you could get burnt (badly) on your next house flip.

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[aherna]

My plan moving forward in 2024 is buying at the right price, will not buy any lemons or houses with tenants inside or staying post close. I will Focus on flips that could be done within 3-6 months. Also, I will never buy sight unseen ever again. Good luck friends!

[josiahamaze]

16:52 Id love a detailed video about securing a construction loan or at least getting started

[ryanraines]

Just proves James is a Boss. If he’s getting that kind of return with flipping in this market 🤩

[youtubecarspottersguide]

take a close look at drainage, lot size, parking

[lailaatallah]

FANTASTIC video, James!! I’d love to see many more like this. Forgive my ignorance, but what do you mean by the fact that you could add in a “primary bath?”

[josiahamaze]

Love the videos but that stuff isnt garbage. That's someone's life's possessions. We can never forget our humanity in this industry. Love the content!

[VictorOyoluRealtor]

Thank you James! This was an excellent video. Very informative! 🎉

[SuperDavidgrace]

Appreciate it for deep dive into the details.

[kwannp]

Thank you! This was an excellent presentation!

[Eric_In_SF]

Here’s another little trick I found for Street view. Look at the parking spaces in front of the houses, good neighborhoods have nice clean parking areas from parking off street, having nice cars that are well-maintained. Bad neighborhoods will usually have tons of grease stains everywhere from crappy cars and poorly maintain cars.

Go ahead and test this out in your city and you’ll see see what I mean.

[dhowto]

Thank you!

All the best with this Flip!

[HondasandHotSauce]

Great video! So you like to use $90-100/sqft for full renovations. For cheaper and less intensive projects, do you have any other rules of thumb like that for estimating the rehab cost?

As a new flipper just trying to get my feet wet, I've considered just using a full renovation estimate in analyzing my first few deals to cover my butt, but I'm afraid that level of conservatism will seriously delay my entry into the business...

[michaeljdoud]

What about competition. Being that conservative isn’t helping me get deals. Any suggestions?😊

[nicholasallen]

Im curious about how to evaluate the deal if there is a "deal breaker" like a busy road or other multi family houses around it (meaning theirs tenants for neighbors and not homeowners).. would you walk away or would you reduce your offer price? How do you factor those things in, if at all?

[primetimepropertysolutions]

How much do you factor in per sqft, for rehab? $200 a sq ft??

[LifeWisdomTV]

Do u have to be in the area? I kept getting made fun of saying you need to be in the area to keep contractors in check

[LandLord]

Hello!
Can anyone recommend a course to learn new information about property management and facilities management?

[TheSimLash]

Thanks. I need to add ARR instead of just ROI to my calculator

[nagyee]

i never wanted to do flips but after watching his videos I'm kinda into it and seems reasonable

[daltonremodelingconsultant]

What is the software called for the calculations/projections? Sorry if I missed it