You Wont Believe What Happened on My First Flip...
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The video is about a real estate investor who shares his experience of flipping properties. He owns $40 million worth of real estate and has flipped about 400 fixer-uppers in the past several years. The speaker believes he can help those who want to flip and fix houses by sharing his lessons learned from his first ten deals. He bought a burn house in a terrible condition with no electricity, plumbing, drywall, or flooring, and only a few windows. The speaker shares the story of buying a burn house that was in a good area but burned down due to tube lighting on the roof that sparked and caused a fire. Despite this, the speaker's business partner convinced him to buy the property for $82,000 and put $70,000 into it, with the goal of selling it for $220,000 and making a profit of $70,000. The speaker emphasizes the importance of factoring in all costs, including commissions, when calculating profits on a flip. The speaker also shares several additional lessons learned from their experience flipping properties. They advise that quick cosmetic rehabs are best for new and experienced investors, and they prefer to stick to rehab costs of $50,000 or less. The speaker encourages viewers to check out their other videos in the series and subscribe to the channel for future content.
The video is about a real estate investor who shares his experience of flipping properties. He owns