Mike Hambright is a Real Estate Entrepreneur. He’s purchased hundreds of houses over the past few years, along with his wife, Lindsay.
Mike is a professional rehabber, wholesaler, and owns a single family rental portfolio. He is also a mentor and coach.
Some of you may know Mike as the founder of FlipNerd.com, the leading social platform for real estate investors where investors find and market wholesale deals, find and build a vendor team, build community with other investors, and much more…. a super cool site.
He and his wife were in the corporate world before getting into real estate and he came to the realization that he needed to be in control of his income. That’s when he got into real estate investing.
In this episode, we delve deep into how to determine repairs costs for typical rehabs. This is something many of you out there are struggling with and definitely something I struggled with early on.
If you can accurately determine repair costs for a rehab, you could lose money on a flip. Not good.
You’re going to get to hear some great rules of thumb for determine the most common repair costs.
Learn what domino effect to avoid when doing repairs to a house and hear how to determine just how far you should take a rehab and how to know the level of fixtures and finishes to use.
You will also hear how to make a decent guesstimate for an unknown so that you can go ahead with your calculations and make an offer quickly.
We covered a lot of repair estimate rules of thumb in this episode while virtually walking through a house.
Justin Williams has been a full-time investor for over 8 years. He’s flipped over 500 houses. He considers himself a house flipping machinist. What he means by that is that he is all about building systems so that he could scale quickly and do more with his time.
Here’s what you will learn in this episode:
I was busy doing most of the work in my flipping business and had a talk on the phone with Justin.
His excitement and approach to flipping through systems really inspired, so much so that I asked if he’d mind if I flew to California to hang out with him for a day to learn more. This was out of the blue, mind you and he still accepted.
I immediately booked a flight and spent a day of crash course learning from him.
Geremy Heath is the owner and founder of Texas All Cash Home Buyers. Texas all Cash is a residential redevelopment that turns around distressed properties for profit in the both the San Antonio and Austin areas. Since starting the company in 2009 Geremy has successfully completed over 150 rehab projects.
Geremy came to the US from Australia in 2006 and met his wife a couple months later. While at the airport to leave for their honeymoon, he purchased a book about real estate investing. Much to his bride’s dislike he burned through the book during their trip.
The fire was lit and he became passionate about leaving the rat race and working his way to financial freedom through real estate investing.
In this episode Geremy tells us how he developed the right mindset to be able to become a success with house flipping.
You have to expect to achieve the outcome you want. You have to believe you are going to make it.
Find out how to get the proper mindset in this episode so that your odds of success are greatly improved.
Brandon, house flipper, landlord, senior editor at Bigger Pockets, all around real estate investor shares what he feels is the best way to get started in house flipping.
He recommends people start with a live-in flip. The strategy involves buying a house that needs work and living in it while you fix it up and then selling it, either right away or several years later.
I completely agree with Brandon that this is an awesome way to get in the business and learn the ropes.
The benefits he describes makes this insanely obvious. Those benefits include:
* Getting a much cheaper loan than hard money
* Learning how to properly fix up houses
* Avoiding capital gains taxes when you sell the house (if you live in it for more than 2 out of the last five years - reference link here)
You can also get first dibs on HUD foreclosures as they usually give a 10+ day window where only homeowners can buy their houses. During that period, investors cannot bid on them. How awesome is that?!
Hello! Welcome to the brand new Flipping Junkie podcast!
This podcast was started to allow you to learn how to flip houses so that you can become your own boss and take control of your life. Don't you want to be able to take vacations whenever and for as long as you want? Don't you want to be able to take your kids to school, pick them up and make it to every single function they have? Don't you want to ditch that life-draining job?
I wanted all of those things and flipping houses has allowed me to attain them.
Now, my mission is to help you do the same with the awesome business of real estate investing. Thanks for listening!
* How my father inspired me to start flipping houses, which led to my wife and I flipping over 200 houses and changing our lives forever
* You’re going to learn the simple house buying rule that will make sure every deal you do will make you money
* Also, find out what major problem arouse when trying to buy 30 houses within 30 days…and it wasn’t buying bad deals
* He also shares his thoughts on what separates the people that make it in this business from the ones that don’t
Who is Frank Johnson? Frank Johnson has been flipping houses in south central Texas for over 18 years. He also happens to be my father.
He was my first mentor in this business and still helps me through tough situations and reminds me of things that I’ve forgotten…like always making an offer no matter what. If you go and see a house, even if it’s the last house you would ever want to buy…you should make an offer.