Why House Flippers Fail - Top House Flipping Mistakes to Avoid

Why House Flippers Fail - Top House Flipping Mistakes to Avoid

Most people see house flipping as a path to 'get rich quick', but house flipping is a tricky business and many things can go wrong. I've made a lot of money by flipping houses and I've also had a lot headaches and lost money. The reasons why house flippers fail are more interesting and educational than the success stories because the top house flipping mistakes teach us house flipping in real life and help house flipping beginners grow. The house flip mistakes I've made over the years really shaped up my business and helped me avoid house flipping risks. This video shows you how to avoid house flipping mistakes and how not to fail house flip. The house flipping mistakes can benefit both house flipping beginners and house flipping experts.

In this video, I summed up the 7 top mistakes that house flippers make (drawing from a lot of my personal house flip fail), I hope you can learn from my lessons and be smarter with your own investments. If you are a house flipping beginner ready to flip houses for the first time, watch this video to learn house flipping basics and learn how to avoid house flipping mistakes. The tips for new house flippers will also benefit advanced house flippers in their house flip business.
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[TransformRealEstate]

Watch Next: House Flip Before and After 2020 - $80K LOSS?! - All the Numbers & Mistakes

[jordyvillalta]

1. Not analyzing the deal correctly
2. Project turnaround is too slow, try to keep it down to 3/mo-4/mo
3. Flipping houses that require higher resale prices than median sale price in the area
4. Not budgeting for unexpected costs, budget at least 10% on the rehab budget
5. Too big, too fast
6. Over improve, or under improve
7. Not having a vision

[susanrosegale]

This is great advice and aged well, here it is 2023 and everything you say about a downward market is happening now....great advice! Factoring in 15% downward market contingency is wise, but right now may be too optimistic. 2 years ago it was a built in bonus...not anymore.

[djgb]

You are very informative. Just starting out with house flipping and SCARED TO DEATH. I'm in Maryland.

[robertkim]

Great video Elisa! I especially found the part about keeping price and square footage close to the medians in that neighborhood to be insightful! I almost made that mistake and bought a home that would have been both bigger and more expensive than the medians in that neighborhood. Whew!

[sonsofthunder]

I am reading your book right now and subscribing to your YouTube account. My business partner and I went through these pains with a contractor. But the lesson was good, and now I have a contracts that keep them on a tight leash.

[kathyjang]

Such great lessons that only experience can teach! Thank you so much for the thoughtful compilation of lessons learned - sounds like you have really assessed and used the mistakes to grow from them. What a champ! I love how you have leveraged the wisdom of more experienced investors in the past, and are now paying it forward by educating less experienced investors now.

[pawool]

Awesome information thank you! These tips could possibly save a fortune! One request, is that sometimes you mention things in imperial and in Australia we use metric. We used imperial when my parents were young and they can quickly understand it. For me it's a little challenging as I need to stop the video and do calculations and come back to it. I am really enjoying your videos, it's amazing to be able to learn from other's mistakes, although I'm sure I'll come up with new ones to make lol

[ericjcowan]

Great advice! Im just getting into real estate investing. Its really hard finding good deals in my city (Portland). Im hoping you have or do a video on the topic.

[samwong]

How do you find the under market price house? The market is too hot today, it very hard to find the qualify flip property.

[BustedCribs]

So true! We've learned a lot of different tricks on our many flipping adventures here in Tampa! It's a LOT more complicated than you might think and there's more to it than just making houses look pretty. Good luck to anyone getting started!

[hakeemanderson]

I love your teachings. Im looking to get involved in the house flipping business and have no knowledge of it. 😅. Im definitely looking for a mentor and your tutorials.

[heroesofsalonika]

Your video was very good. Many valuable lessons from your experiences. Thank you!

[mikegutierrez]

What kind llc should i look into? Getting into flipping

[amberreneeco.]

Love watching your videos ❤️ do you have a video on your data analyzer sheet?

[jackieyang]

Loved this episode! Thanks for sharing your lessons with us.

[ThefirstrobloxCEO]

I really appreciate all the mistakes and successes that you share.

[comstar]

Found you on AHN and glad I did. I too live in SF. We own our condo and one in LA but want to get into 1031 and flips. SUBSCRIBED!

[hamidn.y.c]

Thanks you very informative video Do I have to make an LLC first before start flipping houses?

[heroesofsalonika]

Question. Is there a service in America that can check your comps and all the components you spoke about to advise you if a flip is worthwhile?