HOUSE FLIP | Before & After (COST BREAKDOWN)

HOUSE FLIP | Before & After (COST BREAKDOWN)
Flipping



I break down the ACTUAL costs associated with flipping a house and also the before and after from start to finish! Enjoy.

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If you’ve watched shows on HGTV like Fixer Upper, Love It or List It, etc. you know what the Fix and Flip method of real estate investing is. Fix & Flip investors buy property that needs work either through wholesalers or finding deals that are on the market. They buy these deals at a discount which then allows them to have enough of a gap to make up for repair costs. The investors then fix the property, update it to current living standards and then list it. Fixing up a property is a lot of fun and you learn a lot about real estate throughout the process. However, there is a lot of risk and room for error if you don’t buy the property at the right price, underestimate repairs, or you overpay your contractors, etc.

In this video, I am going to show you before and after of our project and explain all the different costs associated with each renovation we did. It’s important to remember that there are more expenses involved in a renovation than just the cost of the material. There are holding costs, interest, labor, material, project manager costs, etc.

I purchased this condo at discounted price of $202,000 because the Seller was in a situation where a cash offer made sense. We paid for repairs to the property through a short hard money loan, also referred to as private funding. The main items we updated were the kitchen, bathrooms, floor, and fixtures. It is important to update the items that Buyers are looking for when walking through properties. If you’re looking in median priced home, Buyers probably aren’t expecting top grade luxury appliances. Buyers tend to like the repairs they can see which is why floors, fixtures, and kitchen/bathrooms are the most common repairs. Since this property is a condo, we don’t have to worry about AC units, roof repair, etc because that is covered by the homeowners association. All in, this project ended up costing around $30,000.

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DISCLAIMER: Austin Zaback and guests of his videos are not financial advisors. All strategies, tips, suggestions, warnings, and recommendations included in the videos are from personal experience and are intended for educational purposes only. Austin Zaback and guests of his videos do not guarantee any particular results and, as with any investment, risk should still be considered. It is essential for viewers to perform their own due diligence and/or seek the counsel of a financial advisor.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.

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