Escape Bad Deals: Tips for Wholesaling, Flipping & Renting
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In this YouTube video, real estate investor Sam Prim shares his insights on various aspects of real estate investing. He emphasizes the importance of avoiding bad deals, which can lead to losses of money, time, or missed opportunities. To avoid bad deals, he suggests keeping an eye on the after repair value (ARV), rehab budget, and holding costs. He also advises tracking repair costs and monitoring the market to ensure profitability. If a project is not profitable, he suggests considering alternative exit strategies, such as turning the property into a rental or short-term rental, wholesaling it, or getting it done as quickly as possible.
Prim also discusses the option of wholesaling a property and how to protect yourself from losing money. He suggests using a contingency clause in the contract and being upfront with the home seller about the contingency. He also suggests using the 10 to 14 days before closing to shop around and find a buyer who is willing to pay more for the property. If wholesaling doesn't work, he suggests considering other exit strategies, such as fixing and flipping the property yourself or turning it into a rental property.
Finally, Prim notes the importance of having multiple strategies and being able to make the right decision at the right time. He recommends setting up an LLC and using Prime Corp Services to help with the process to protect your business and personal assets. Ultimately, he emphasizes that you are the only one who knows when it's right to pull the plug on a bad deal, but he is available to provide his opinion if needed.
In this YouTube video, real estate investor Sam Prim shares his insights on various aspects of real