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Flipping Junkie - Danny Johnson - For Those Addicted to Flipping Houses

Flipping Junkie is a podcast for people addicted to flipping houses and real estate investing. Subscribe for weekly episodes with interviews from regular Joe house flippers that have become successful flipping houses as well as expert real estate investors sharing their best secrets on how to flip houses for big profits. Find out in detail, what is working today, to find great deals for flipping, how to properly analyze deals for flipping, renting and owner financing, determine repair costs, find contractors and manage rehab crews, what improvements to make and how to quickly sell your houses for big profits. Don’t worry, we won’t leave out the serious mistakes that you need to avoid when get starting and growing your real estate investing business. Join Danny Johnson to get the inside scoop on how to get started in this life changing business that has such huge potential to create financial freedom for you and your family.
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Flipping Junkie - Danny Johnson - For Those Addicted to Flipping Houses
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May 22, 2017

What are some of the things you do before putting the finished product on the market?

  • Re-run comps
  • Final walk through
  • Staging - where get staging stuff from

 

How to work with our Realtor Laura to get the property on the market?

  • Docusign docs
  • Take pics and upload - what kind of camera and lens?
  • Agent sets up showing and feedback notifications

 

With the real estate market still going strong here, how fast have the houses been selling?

  • The fastest closing was up on the market on Thursday night, by Sunday it had 42 showings and 13 offers.
  • Not every property is like this. The sweet spot is between $140 - $165 for San Antonio properties that fly off the market.

 

How do you handle when we get multiple offers?

  • Use spreadsheets with all of the details of the properties, locations, contracts, and people offering.
  • Separate each thing that’s a negotiation point for when you come to the contract phase.

 

I know we’ve accepted offers before in the past only to find out the buyers couldn’t qualify.  How do we now avoid this problem?

  • Look for how someone is paying for the house. Melissa prefers cash for the house. Conventional financing is ok, and FHA would be the last one to look for only because FHA tends to have more hoops to jump through.
  • Ask for a proof of funds if the buyer is paying cash.
  • Who’s the lender? Melissa has a “black list” of lenders that are a no-go for the final sale.
  • Look for a lender letter attached to the contract.

 

So a common situation is where a buyer will get an inspection and ask for tons of repairs.  What is our procedure for handling which repairs we’ll agree to do and which we won’t?

  • Anything electrical (especially in the attic) should be taken care of before buyers even get an inspection.
  • Having a good agent will help the buyers not to be worried if you have an inspector that’s freaking them out by nit picking.
  • Always double check your punch list!

 

On FlippingJunkie we get the question all the time about the FHA 90 day rule.  What is that and how do we deal with it?

  • “Payment terms need to be conventional or cash”.
  • Between 90 - 180 days you will need 2 appraisals, or if the resale price is over %100 of the purchase price.  

 

What do you do after acceptance of an offer to make sure all is on track to close?

  • Start doing property updates with your title company twice a week.
  • Set up a schedule for the updates so that everyone is on the same track and staying focused.
  • Property updates every Monday from our realtor to the lenders to make sure everything is still on track to close.

 

What’s your top tip for being more efficient in this part of the house flip process?

  • Add a special touch when you’re selling a home to a buyer. Melissa puts little gift baskets for the new buyers to have.
  • Always work with your realtor and title companies to make sure things are moving smoothly.
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