Watch Next: House Flip Before and After 2020 - $80K LOSS?! - All the Numbers & Mistakes kzread.info/dash/bejne/m5yio9F7k6_ehqQ.html

1. Not analyzing the deal correctly 2. Project turnaround is too slow , try to keep it down to 3/mo-4/mo 3. Flipping houses that require higher resale prices than median sale price in the area 4. Not budgeting for unexpected costs, budget at least 10% on the rehab budget 5. Too big, too fast 6. Over improve, or under improve 7. Not having a vision

You are very informative. Just starting out with house flipping and SCARED TO DEATH. I'm in Maryland.

Awesome. Thanks for sharing.

I really appreciate all the mistakes and successes that you share.

Awesome information thank you! These tips could possibly save a fortune! One request, is that sometimes you mention things in imperial and in Australia we use metric. We used imperial when my parents were young and they can quickly understand it. For me it's a little challenging as I need to stop the video and do calculations and come back to it. I am really enjoying your videos, it's amazing to be able to learn from other's mistakes, although I'm sure I'll come up with new ones to make lol

Love your content!

Great video Elisa! I especially found the part about keeping price and square footage close to the medians in that neighborhood to be insightful! I almost made that mistake and bought a home that would have been both bigger and more expensive than the medians in that neighborhood. Whew!

@TransformRealEstate

3 жыл бұрын

Thanks Robert! Yeah, it's pretty tricky. I'm glad you didn't make that mistake! Are you a house flipper? Where are you located?

Love watching your videos ❤️ do you have a video on your data analyzer sheet?

I am reading your book right now and subscribing to your KZread account. My business partner and I went through these pains with a contractor. But the lesson was good, and now I have a contracts that keep them on a tight leash.

Your video was very good. Many valuable lessons from your experiences. Thank you!

@TransformRealEstate

3 ай бұрын

Glad you found the video helpful!

Great advice! Im just getting into real estate investing. Its really hard finding good deals in my city (Portland). Im hoping you have or do a video on the topic.

Another valueable piece of content. Keep up the good work.

@TransformRealEstate

4 жыл бұрын

Thank you Hoan! Glad you found it helpful!

Found you on AHN and glad I did. I too live in SF. We own our condo and one in LA but want to get into 1031 and flips. SUBSCRIBED!

@TransformRealEstate

4 жыл бұрын

Hi John, nice to meet you! My first home was a condo in SF. I looked into 1031 exchange too when I was selling, but didn't find anything where the numbers make sense. If you live there for 2 out of the last 5 years, you'll have $250k (or $500k for married couple) capital gain that's tax exempted, so you may not have to resort to 1031. Just FYI :)

Such great lessons that only experience can teach! Thank you so much for the thoughtful compilation of lessons learned - sounds like you have really assessed and used the mistakes to grow from them. What a champ! I love how you have leveraged the wisdom of more experienced investors in the past, and are now paying it forward by educating less experienced investors now.

@TransformRealEstate

4 жыл бұрын

Thank you Kathy for the kind and encouraging words! So glad that you find my lessons helpful! Each mistake/failure is like a badge of honor - they pave the road to future successes. So many people helped me generously when I was starting out, and I hope to do the same for others and help the real estate investing community grow :)

@Isleskye

Жыл бұрын

Well said! Elisia is an great presenter and is extremely gracious to share her tips, tricks, skills and experiences good and bad with us! She is a class act, bright as a newly minted silver dollar with a mighty big heart to match her energy and intellect. Can't help but think her parents must be very proud of her.

Thanks !

I love your teachings. Im looking to get involved in the house flipping business and have no knowledge of it. 😅. Im definitely looking for a mentor and your tutorials.

@TransformRealEstate

7 ай бұрын

Thank you! I actually just launched my coaching program, Transform Flipper Academy, to teach people to flip houses the right way. If interested, apply here: transformflipperacademy.com

This is great advice and aged well, here it is 2023 and everything you say about a downward market is happening now....great advice! Factoring in 15% downward market contingency is wise, but right now may be too optimistic. 2 years ago it was a built in bonus...not anymore.

@janeho2808

21 күн бұрын

I just wondering if build 15% downward factor in, that will make the initial purchase offer 15% lower, than the other investor who didn’t do this…how can you still get the house..

Loved this episode! Thanks for sharing your lessons with us.

@TransformRealEstate

3 жыл бұрын

So happy to hear that! My pleasure! Let me know what else you'd like to see on my channel :)

What kind llc should i look into? Getting into flipping

I swear when she talks I understand her more clearly than Morgan Freeman 🤣 . Every blogger should prepare as she does.

So true! We've learned a lot of different tricks on our many flipping adventures here in Tampa! It's a LOT more complicated than you might think and there's more to it than just making houses look pretty. Good luck to anyone getting started!

@TransformRealEstate

3 жыл бұрын

Great to meet fellow flippers like you! Yeah, a lot of things can go wrong, and mistakes can cost a lot. How's the market in Tampa right now?

@justinjones695

3 жыл бұрын

@@TransformRealEstate market is on fire. Absorption rate all time high and no inventory.

How do you find the under market price house? The market is too hot today, it very hard to find the qualify flip property.

Thanks you very informative video Do I have to make an LLC first before start flipping houses?

@TransformRealEstate

2 жыл бұрын

No you don’t have to, but it’s recommended

Question. Is there a service in America that can check your comps and all the components you spoke about to advise you if a flip is worthwhile?

flippers think that markets will always keep going up...

Why is it hard to fire the contractors?

I just wondering if build 15% downward factor in, that will make the initial purchase offer 15% lower, than the other investor who didn’t do this…how can you still get the house..

Would you please add captions in this video? I would greatly appreciate it!

Thank you!! I did not catch your name. I am on my first flip, the contractors had been teeth pulling issues.

@TransformRealEstate

3 жыл бұрын

Sorry to hear that you are having issues with your contractor. I had nightmare situation with my first contractor too. I hope it works out for you!

@belight5646

3 жыл бұрын

@@TransformRealEstate thank you!! what area are you from? Are you a full time investor now?

Every man needs a smart woman That’s my biggest lesson From this video

@cristianraro1387

3 жыл бұрын

down bad

@nijub.s.1165

3 жыл бұрын

You clearly do

@AR-me9jy

3 жыл бұрын

Yes you are correct

@AR-me9jy

3 жыл бұрын

Real bad can you help me out

Hi there, this is Andre from LA. I would like to start my first flip and I need I need hard loan money with no down payment or covers 90% of house purchase cost. I need some tips and help for my first flip.

👍👍🌹🌹

How much do you allocate for bonuses in the whole duration of the project?

@TransformRealEstate

3 жыл бұрын

It depends on how fast the project is done. I give bonus based on how many days sooner the project is done. Sometimes I also offer bonus if the sale goes well.

@iamcherreymaiya

3 жыл бұрын

Transform Real Estate thank you for the response.

Wow almost -80k on a flip

Claiming to be a “House flipper” sounds like someone out to make a quick buck, fix it up as quickly and cheaply as possible for maximum profit, done for the lowest price instead of a reasonable or high standard and quality. Property developer sounds much more professional.

Don't bother calling agents with pending sales asking for contract price. We won't reveal it until closing date.

@TransformRealEstate

3 жыл бұрын

I’ve done it many times with success. Even if they don’t tell you the exact price, a range can help too.

@nashornadouglas8787

2 жыл бұрын

You won't but others will

I wich you could raise the tone of voice a little more, sorry but for that reason I won't subscribe....

@nashornadouglas8787

2 жыл бұрын

Look here sah, if you don't want to subscribe to the lady channel, all you have to do is move right along. Nobody nah force you to subscribe. Kmt. Damn Bad mind. Coo pon you too. Kmt.

Hi is there any way I can contact you through another platform whether that be through email or any others?