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How I make money flipping junk houses | In The Life 118


(upbeat music) – 65, that’s a profit of 51,200, and it took about a month and a half, and I’ve only been here
a handful of times. So, $51,900. (energetic music) Dude, look at this wide hallway. Does this house check
all the boxes, yes or no? – [Man] It is very wide.
(steady rhythmic music) – It’s wide! – [Man] It’s very wide. – This house checks a lot of boxes. – [Man] It does. – Seriously, that’s a nice scene for that master Vidal, you’re right man. Okay guys, this bathroom did not exist. You’re still hanging a few
more things, Mark, in here? – [Mark] Well, I’m waiting
so topping it for me, towel bar, towel bar, I’m gonna hang that up there if he doesn’t. – But, from nothing, to
having a master with this? You tell me. Is that not high value? I mean, honestly. – [Man] Why is this not working? – Oh yeah, we need a
light, this fucking guy. Sergi, is he smoking fucking dope? Look at that! Look at
how dark it is in there! Yeah he needs a waterproof can in there. – [Man] Can we have it now? – He’s gonna, he’s gonna go in the attic. I mean the place is mint minus a couple quick things I’m looking at. But it’s turning out really nice. Beautiful. Yeah, very nice, let’s go to the basement and then we’re done. Jim, you got a few more
things to do up here hey? – Yep. – Do you know where they are?
– Yup. – Including the bathroom
wood paneling thing? – Yeah. – You know what I’m talking about, like that half wall in the bathroom? – Somebody chipped it or something? – Yeah, yeah, so you got that. And then what about the
cabinets for the putty, like the nail holes? – You can let that touch the floor. – Okay what about the nail
holes in the cabinets Jim? Do you putty and paint those? Oh this is turning out perfect, good. – The walls desperately
needed to be done– – Yeah, very nice and, very nice. – So we’ll give ’em another coat. – Yup very nice and clean, thank you. – And you got all the
cracks out of the walls? Everything’s filled? – Oh yeah.
– Okay. – There’s a few spots on the floor. – Yeah, so what was that,
but no, the cabinets, you know where the nail
holes are, do you putty and paint those in the end or what? – In what? – The cabinets, in the kitchen, literally, the like nail holes with
the nail gun, I’ll show you. Okay? Here, just make it good.
– Oh I see. – Just do what you need to do, okay? You’re out of the first
floor today though right? – Oh I just have like a, another cut in. – When’s the last mopping? – I mean, – Oh no, she’s coming on Thursday. – Thursday morning? – Yeah okay, she’ll come Thursday morning. – What do you think? – Five minutes, not even. – So you’re doing that? – [Jim] That’s it, that’s all that’s left. – Pull up your tape, yeah
okay good, thank you. A Vogel two, and you just
remember that, I do need a shower, you’ll see, go in there, it’s super dark. Alright, thank you Sergi, okay, bye. Though you know what? You modify things a little
here, a little there, a couple of small tweaks, there you go. You’ll be in to put that
in, not project’s perfect, there’s no way in a house
with all these decisions, it’s flawless in the end,
but the good news is, they’re all small little tweaks. Now with iPhones, you take a
couple of pic pic pic pic pics, send it off to the right people, boom, tomorrow it’s all done. So, the main thing is you
have to find a good stager. And I have not found one yet. I gotta deal with this shit. (man laughing) He’s right over there. (laughing) I love this staging. So that’s my only issue in business, I’m trying to find a good stager, no. You guys love the staging! And look it’s the same
shit every time, right? This particular house, I bought this place for 104, okay? I put 55 in it. So that brings me up to 159? 159, yup, and then just about five grand in miscellaneous money
costs, closing costs, all that miscellaneous stuff,
that brings me up to 164, and let’s just round up to
an even 165, there might be an extra thousand, just worst case. 165, I’m gonna list it for 234,9 okay? So 234,9, let’s say I get 230. Alright, I think I’ll get
more, but let’s worst case it. 230 minus a real estate commission
and closing costs there. That’s 216,2 minus 165, that’s a profit of
51,200 and it took about a month and a half,
and I’ve only been here a handful of times, so $51,900. Those are the numbers, I
know everyone’s hyped up, give me the numbers! Give me the real numbers Nick! Give me the real numbers! Well that’s what it is. So, yeah, that’s that. Pretty nice project. It was a very, very positive conversation, and it looks like I’m probably
gonna end up getting it. And things are gonna be beautiful. I knew it was probably walking in, and build some good rapport,
and it’s probably gonna happen. We’re going to look at a deal right now. Got contacted from a
motivated seller who kind of, you know, checks all the boxes of a deal that I’d like to do. It’s probably gonna be a deal
that I’m gonna hold on to, based on location and things like that. You know, people always say hey Nick, how do you know which
one you’re gonna hold? How do you know which
one you’re gonna flip? Or you know wholesale, how do you know which one you’re gonna rehab and sell? And the reality is, you
know it’s multiple factors. It starts at the micro-level of the house, where is it? That kind of thing. Then it sometimes can expand into my global picture of the whole business. How many deals do I have going
on right now? How busy am I? Or I might wanna wholesale this one or you know, that kind of thing. So there’s multiple factors but it’s not genius work, you know. The bottom line is, if you’re
buying from a motivated seller at a deep enough discount, you can do almost anything with it. You can wholesale it, you
can rehab and sell it, or you can keep it. This particular area
is a good rental area, it’s preformed really well for me. So I think I’m gonna probably end up buying this one and keeping it. If I get it, which again,
you know at this point in the game, we’re very,
if I’m going to look at a deal, I’ve prescreened
and made sure all the boxes are checked to a point where
it’s a probable situation. In the beginning, you’re gonna
look at a lot more deals, than ones that are just probable. You’re learning, you’re
immersed in the game, but as you do more and more deals, you’ll know how to decipher
which ones are worth looking at. So anyways this one is pretty probable. On a different note,
a rehab project I have just got shut down! Just got shut down. Do I have the paper here? I’ll black off the address but, it just got shut down, no permits. I thought I could get
in-and-out of this real fast, this was taped on the front door. You know? It’s called a stop order. If you do jobs without
permits, that’s what happens. That’s life, you continue moving forward, don’t overthink it. Like yes, you’re gonna run into stuff. You just solve it, you know. So many people are obsessed with this, what do I do next psychology, right? Nick, I put ads up, now what do I do? Nick, I did this, what do I do next? Just keep moving man! You know? Listen, pretty soon it’s
just a beautiful combination and you start becoming a
frickin’ business-building, profit-producing, entrepreneurial machine.

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