003: Flipping Houses Like Hotcakes with J. Scott
House flipping is all the rage – with popular Toronto home renovations T.V. shows and other avenues of exposure, more and more people are eager to try their hand at property renovations for profit. The truth is, T.V. may make it seem a bit more glamorous and easy than it really is, but you CAN still make a good amount of income from doing the old fix N flip.
In this episode of InvestFourMore, Mark Ferguson chats with J. Scott, a serial house flipper who got into the business of real estate fix and flips without any previous real estate experience. He learned his lessons the hard way and cataloged his successes and failures (the first 50 houses he did) on his website www.123flip.com. You can find step by step details there of what he did, how he did it, the pros and cons of each approach, and much, much more. Find out more about J. Scott’s story on this episode of the InvestFourMore podcast.
One of the topics discussed at length in this episode is also one of the biggest hurdles of house flipping: management of the project. It becomes increasingly difficult the more properties you have working at one time. J. Scott is no stranger to those issues and has learned the importance of having full time project managers who help him find and enlist the right contractors and subcontractors as well as to keep an eye on the financial end of things to make sure that projects complete within budget and on time.
Have you ever considered flipping or managing properties in different cities? J. Scott has done it – and continues to do it regularly. The key to keeping those property flips going without pulling your hair out is the establishment of a trustworthy team that knows the local market and is able to keep things rolling without being there every second. Listen in to find out how J. Scott went about building that team and the benefits it brings to his property flipping business.
Do you know what is mean by “wholetailing?” It’s a term J. Scott uses to describe the kinds of “big issue” wholesale deals he’ll buy at times, just for the sake of fixing the one big issue that is keeping normal wholesalers from buying the property. Within a few days of closing on the property he’ll have the big issues fixed, turn around and list it on MLS, and have wholesalers or private buyers vying for the property in a short amount of time because the major issues are taken care of. It’s an amazing perspective you’ll learn more about on this episode of InvestFourMore Podcast with Mark Ferguson.
All that on this episode of the podcast and much more.
Jay’s two books…
The Book on Estimating Rehab Costs
Contact J. Scott
Facebook: https://www.facebook.com/123FlipRealEstate?fref=ts
Twitter: @123flip – https://twitter.com/123Flip