Episode 58 - What to Do If You Lose $75K on a ‘Fix N Flip’
A wise person learns from the mistakes of others. Be that wise person and listen to this wound-licking episode of The FasterFreedom Show. Sam and Lucas are the ones licking their wounds on a ‘fix n flip’ that is likely to cost them $75K. It’s not all rainbows and butterflies in real estate – and today, the guys are discussing a pretty big loss on a ‘fix n flip.’
There are lessons to be learned from evaluating your holding costs and not rushing the rehab. Letting a house sit on the market for nine months is enough time to have a baby (as Sam points out). So what’s their plan going forward? Listen in and learn — there are always alternatives to minimize the damage.
There’s also a giveaway worth $25K. And a dog in the studio that’s not behaving itself. And the ‘Net Worth Game.’ It’s classic Sam and Lucas — being honest, authentic, and transparent about what’s working for them in the real estate game. Come and get it!
Here is the giveaway link! https://upvir.al/142510/lp142510
“Rushing it, and cutting corners, and doing things like that, usually doesn’t help. Especially in a market that’s not crazy, crazy, crazy hot.” - Sam Primm
“Our initial budget on this house was $60K. When we listed the house, we ended up spending $75K. In the last two years, you could get away with that, but when this market shifted, that’s not something you can get away with. You’ve got to be really dialed in on your estimate to actuals — and have those be as close as possible.” - Lucas Walls
WHAT’s IN THIS EPISODE?
- Why you should NOT rush a rehab
- The cons of trying to do work on a listed house
- Making first impressions count when you do list
- “You don’t want some stank on your house!”
- Listing your house too high
- Evaluating your holding costs
- What do you do if your property sits on the market for nine months?
- The $25K giveaway — explained and hyped up!
- How much are Robert Downey Jr. and Chris Pratt worth?
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I founded FasterFreedom to teach people just like me to take ownership of their freedom. There is a reason why real estate creates 90% of millionaires in this country.
It's an incredible vehicle for leverage, cash flow, appreciation and the sheer practicality of it… Everyone (and I mean everyone) has the opportunity to benefit from Real Estate.
Real Estate can be overwhelming at times which is part of the reason why we don’t see more people taking advantage of the incredible wealth creating opportunities it provides.
I launched FasterFreedom to do just that… we provide the foundation and grooved path for individuals wanting to achieve freedom and financial independence through Real Estate Investing.
I pride myself in practicing what I preach, meaning all of my lessons and tips are constantly updated and based on the real investing that I do right now- so you only learn what works and not through theory or outdated practices!
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