How to Rehab on a Budget and make huge profits in 2020 (Flipping a house fast... for a profit!)
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In this YouTube video, Lucas and his company, Faster Freedom, showcase their latest renovation project in a great neighborhood in St. Louis. They have a flipping company that has bought over 175 houses last year and over a thousand houses in the last ten years. They also own a rental portfolio worth over twenty-three million dollars and grosses about 200 grand a month in gross rents.
The house they renovated has a simple exterior with a nice, bigger, simple back patio. The inside of the house has a nice open floor plan, and they did a cosmetic pretty basic rehab. The kitchen is the highlight of the house, and they did it on a budget. They painted the cabinets, added a nice subway tile backsplash with gray grout, stainless steel appliances, new hardware, and granite countertops.
Lucas and his team aim to make their houses stand out from the competition by adding unique features such as an exhaust hood over the stove, a nice trim piece on the backside of the island, and new crown molding on top of all the upper cabinets. They also emphasize doing everything on a budget and making cosmetic repairs.
They discuss the importance of pricing and timing when listing a property. They advise against having a house sit on the market for too long and suggest dropping the price if necessary. They also emphasize the need to know the finishes of comparable sales in the area and to match or slightly exceed them.
Lucas shares that they bought the house for $137,000 and put $23,000 worth of rehab into it, bringing their total investment to around $165,000 to $170,000 with holding costs. They listed it for $224,900 and received an offer for $223,000 with a few thousand dollars in closing costs. They expect to bring home a net profit of $35,000 to $40,000 when the house closes at the end of the month.
In this YouTube video, Lucas and his company, Faster Freedom, showcase their latest renovation proje