Check out the construction process when we had torn this house completely apart: https://youtu.be/A_Cyu_TBIMc
Check out the final product (it turned out AMAZING!!): https://youtu.be/crLgc1GsdXw
I’m a professional “house flipper” and real estate developer in San Antonio, TX. Here’s my experience rehabbing one of the scariest homes I had ever seen!
I started in real estate by getting my real estate license to learn more about the “mechanics of real estate” and hopefully crack the code on how you can make millions buying, selling, or flipping real estate.
After a few projects I moved almost exclusively to doing downtown infill flips and new construction.
Here’s the house flipping series of one of those projects! This house was on the city demolition list and probably one of the nastiest structures I’ve ever been inside!
Yes, it smelled SUPER BAD! (I think the smell was the worst part)
In this episode we all walk through this house for the first time! HGTV makes everything look pretty but this is the nitty gritty on how to analyze house flip deals.
Some of the things you must consider before purchasing a flip deal are:
1. Location and whether the home will sell fast once you get the rehab completed. Time is money and you will be paying taxes, insurance, and lender fees (unless you purchase the home cash) but then you’re not benefitting from properly used leverage. For this home, I knew it was in a rougher neighborhood but we were VERY close to the middle of downtown.
2. Cost of Repairs. You must have a plan and a way to quickly estimate how much a project will cost. Thankfully this home I knew would need everything so I didn’t have to make any crazy calculations. All I would save is a few walls, some siding, and the roof structure. We replaced everything.
3. Timeline on the Project. As I mentioned before, time is very much money when investing in real estate. Can you complete the project fast enough to get it sold and make a profit?
On the next episode we are in the middle of the rehab, and man its come a long way!
Learn how to analyze rehab deals on this episode of #DeconstructingTheHomeShow! Come check out a totally messed up house with me on the near Eastside of downtown San Antonio.
Watch how real estate investing really works in today’s market; and what HGTV isn’t telling you about flipping houses!
Learn more about real estate investing and how to rehab properties: http://www.chrisfgill.com