I love that Zillow shows the prior sales, as it's so easy find the flippers.
@heatherforde8738
4 жыл бұрын
Realtor Tip: I totally agree with your feelings on flips! One thing to note... If a Buyer that gets stuck with an awful mess like that...they can contact the state Real Estate Commission. They will take your complaint and look into it further. (It is an office to protect the public, in regards to real estate transactions.)
@darangemaster1
6 жыл бұрын
i use to be a general contractor in the mid-late 80's and would buy a foreclosure every fall to rehab over the winter and never had an issue with any of them. but then i was doing it to keep my crew busy and not trying to make a living off of each one but did profit from every one. i had a realator that would find them for me so she would get the sale listing and she loved my work . she use to beg me to do just rehab homes as she believed she could sell anything i did quickly because of the quality.
@Latomian
6 жыл бұрын
darangemaster1 You’re like my dad.
@picklerix6162
6 жыл бұрын
My uncle was a union steel worker but knew almost everything about home construction. After he retired, he would buy dilapidated homes, fix them up, and rent them out. When the market turned up, he would sell the homes. He made a ton of money doing this for twenty years, long before anybody heard of the term "fix and flip".
@davidlindgren7605
6 жыл бұрын
I agree, Jack! Flipping should be reserved for flipping pancakes or hamburgers, not houses!
@walkersonneville5036
4 жыл бұрын
Yeah you should just tear down all old houses! Real good for the environment.
@ironhorsealpha
6 жыл бұрын
I bought a Fix-and-Flip from a local big-time Realtor who has been doing this for quite some time. It is our first home and it has been a nightmare since we moved in. The home inspector and subsequently, the attorney I hired where both friends with this guy so needless to say, I was at the bottom of the hill that those proverbial "turds" we've always heard about roll down. Both facts discover afterward. I'm not complaining however, I have learned more from owning this home than I could have ever hoped to learn any other way outside of working in each trade. I've always been a perfectionist so my remodel has taken me years. Shortcuts drive my mad. Furthermore, I have learned a life lesson about the level of trust I place in certain types of people as well as what to look for in a home inspection. I have looked at a number of homes since and am often more critical or revealing than the home inspector himself. I appreciate this channel and the work you do. If I didn't love my current career as much as I do, I would love to do this instead. Keep 'em coming brother!
@tedspang1945
6 жыл бұрын
Sounds like the lady had champagne dreams on a cool aid budget. I would have over bid to get rid of her too.
@jenniferbrooks3496
6 жыл бұрын
🤣 right on man..that’s fkn hilarious!
@MrJaaaaake
4 жыл бұрын
Sounds like the contractor thinks he's a rocket scientist. At the rate he charges it would be easier and more cost effective to actually learn to do it yourself.
@JSLEnterprises
3 жыл бұрын
They watch those flip TV shows and think the prices and time frames they say is real life (which it never is), that's why.
@mikewest712
5 жыл бұрын
Home inspectors are a joke, They find the simple dumb stuff that they are trained to find. they know nothing about the true guts of a house.
@svborek
5 жыл бұрын
Anymore they are a shmo Joe off the street and have no construction labor under there belts. That should be a requirement.
@adamv6753
5 жыл бұрын
My home inspector I used twice, two different purchases, was good and did his job well. However, not all inspectors are this good. He actually created a report with pictures and all about all the potential issues and all the general things about my house.
@MrBananablitz123
5 жыл бұрын
Adam V would you happen to have his business email?
@johnrankin7135
5 жыл бұрын
@@MrBananablitz123 you think he happens to live near you? How likely is that?
@verawallace9055
5 жыл бұрын
They don't care
@PumpkinKingXXIII
6 жыл бұрын
I love fix and flips, they give me so much work. I’ve gotten 4 of my last jobs all in the same neighborhood and the same flipper running new joists and subfloors. The guy bought a bunch of flood houses that all suffered from powderpost beetles. He sistered some joists, a few blocking and threw in some 1/2 Inch on top of the original 2&1/4 oak to try to remove movement. Put in freefloating floors to hid the rest. Didn’t even get it treated with boracare. After two years the beetles had eaten into the new stuff and floors were collapsing. Did the first, one of the other neighbors saw me working and talked to me and owner. Boom next job, so on and so one. Just got a call for bid another one Monday morning.
@kirkdunn1379
6 жыл бұрын
35 yrs in construction and 20 as a contractor and I wouldn't buy a flipped house 90% of the time.....
@Allaiya.
6 жыл бұрын
I do agree. A lot of flips are very shoddy work upon closer inspection. Not all are this way but there are many that take shortcuts or the cheapest route possible. I've seen many 'flipped' houses that get an offer quickly but then go back on the market after a month or so after I assume the inspection is completed.
@conniethesconnie
3 жыл бұрын
The way they make money on flipping is 1) reselling as quickly as possible. The expense isn't the cost of the house (they make that back when they sell). The expense is how many mortgage payments they make so they want it back on the market in under 30 days. Speed is worth more than quality. 2) being able to cut costs. The flipper will tell you this comes from having connections, knowing the market and cutting out middle men. Often it includes knowing how to hide problems behind paneling and paint.
@lhasaapso3360
5 жыл бұрын
Thanks for some good info. I've watched many fix and flips here on YT but I have not seen evidence in any of them where new wiring was put in, and many of these homes were built 30, 40, or 50 yrs ago, some have been trashed and some unoccupied for awhile. There is sure to be some things that are not up to code. I bought an older home (non-flip) and I didn't find out that the wiring was screwed up until I had a fire. The inspector showed me where it started. Among the many things that potential home buyers should question is the electrical wiring, whether it has been upgraded and if so, ask for the paperwork. If the seller is reluctant ... you might want to rethink that purchase.
@davidwentz644
6 жыл бұрын
Shouldn't it be "Never buy a fix and flip from an unscrupulous hack"? I've done them, and always use the "would I move into this house" as a bar. The house isn't going on the market until it meets that level.
@NotShowingOff
5 жыл бұрын
David Wentz that’s a good standard. I think you’d be able to flip more if you realized anybody will do anything for the right price.
@christopherwimbish1229
5 жыл бұрын
Hey, I'm looking into flipping houses. could you lend some advice on the best was to find and purchase a house to flip?
@fixerupperer
3 жыл бұрын
Unfortunately you're the exception. Most people are doing it to maximize profit. You should team up with some realtors that know you and your work to highly recommend to potential buyers.
@tier1solutions28
6 жыл бұрын
I'm living in one of my flips. I have two little babies and tore the house to the studs. I personally put my hand on every wire and pipe to make sure they were 100% before I moved my little ones here. I sold my other house for a profit and will sell this one for a sizeable profit. I put excellent materials in this home and it will make a fine home for someone when i sell it. Not every house is the same nor remodeled under the same circumstances.
@christopherwimbish1229
5 жыл бұрын
Hey, I'm looking into flipping houses. could you lend some advice on the best was to find and purchase a house to flip?
@Columbus1152
2 жыл бұрын
I have a BIL who says he wants to retire up north and go south to flip houses, LOL, (love him anyway). He says he wants to come to FL because he heard from some of his "friends" that you can still buy cheap foreclosures and flip them. I live in FL, I tell him it's 2022 not 2012, but he insists his "friends" told him that they made a ton of money recently, he doesn't know how much and not sure where in FL. There's always going to be suckers grabbing for the brass ring.
@ChavezDIY
6 жыл бұрын
Wife and I bought a fix and flip house. First house I ever owned, so I learned about all the issues while living in it, haha. Issues include bathroom tiles not flush, rotted door jamb, warped wooden doors, no caulking around tub, some painted areas were not primed and began peeling, furnace not working properly, no beveling on bathroom tiles, shower drain not properly installed, and a few more. Be careful out there.
@skoockum
6 жыл бұрын
LOL and that doesn't even scratch the surface.
@jarvisaddison8560
6 жыл бұрын
Miguel Chavez Damn man hope it doesn't get worse, your right about the good looks but upon closer look it's not done well. Kinda like people may look good but the inside is rotten lol good luck
@craftpaint1644
6 жыл бұрын
Examine new walls from the attic down.
@fixitmann6685
5 жыл бұрын
Contractors typically DO NOT prime drywall anymore, even though most paints do call for priming new drywall. So, it would be unusual for the paint NOT to come off the walls of a new, or newly remodeled home, as the paint the government mandates nowadays is crap.. just color and water basically, no oil or solvents in it like there should be.
@livefreeordie9542
5 жыл бұрын
And all of that would have been found prior to you buying the house if you had done a home inspection. But I'm guessing you didn't want to spend the $500? It always amazes me how many people think they are saving money by not getting a home inspection. Then when stuff is found after they move in they act like a victim. You're not a victim, you're cheap. You gambled and lost. It's your own damn fault. As an investor, I always provide a home warranty and strongly suggest the buyer get a full home inspection. Don't blame the investor because you were too cheap to get a home inspection to uncover all of these items prior to purchase.
@bbokc6942
6 жыл бұрын
so 24 minutes later, you really didnt say why not to buy a fix and flip except for the corner cutting. would have loved for you to stay on point instead of the rambling or given more details about what to look for
@deezynar
6 жыл бұрын
You answered your own question. That was the reason.
@halroxdynasty8683
6 жыл бұрын
This is just a clickbait title ffs 🙄 this house looks amazing
@KyrstOak
6 жыл бұрын
@@halroxdynasty8683 It _looks_ amazing, but that's just the surface level. You need to have a look at what's underneath the floors, behind the walls, the plumbing, wiring and insulation if any was put in. You need to look at the walls themselves and see if any load-bearing ones were taken out.
@walters6320
6 жыл бұрын
No permits pulled,thats why you should not buy it
@alternativeenergy2133
6 жыл бұрын
No permits on the plumbing, electrical, mechanical or structural on the wall removal. Two buyers aborted the deal after their inspectors gave qc issues. There may be a dip in the ceiling, and there may be nightmares in the electrical--ungrounded switches in bathrooms, bath vents to the attic instead of outside, small leaks in the plumbing. I've seen a lot.
@MrEric377
6 жыл бұрын
Just found your video. I am from NY and when I bought my house which was a rebuild (by a contractor) my lawyer looked at all permits and made sure everything was done by the book. It was so I bought it. A friend of mine was going to purchase a house and his lawyer found out an extension didn't have permits pulled. This wouldn't hinder the closing but warned my friend if he needed work done or wanted to sell the house he would have to pay extra for city code. He ended up dropping his offer and getting out of the deal. Again no one would bother enforcing law until more work is done by professional.
@genhowdy
6 жыл бұрын
I agree fully, flipping attracts the biggest scumbags in the industry. I been in construction for twenty years and don't even talk to them.
@CommentsAllowed
5 жыл бұрын
21:25 Same in my area. No real restrictions on selling or buying a house. Everything except money. Need a loan? Then they, will want you insured. Usually between the bank and insurance company, you will have some requirements that must be met.
@MrFIXIT101
6 жыл бұрын
over here in California you could buy or sell house in any condition it just comes down to the bank won't loan you the money to buy a house unless it's fully functional and move in ready without any significant problems in most cases... if you got cash you could buy it in any condition...
@trickmiggy310
6 жыл бұрын
One of my favorite KZitem Chanel’s, when you first began to work on your own did you get enough work to support the life you were living or did you continue as a superintendent and do this on the side until you felt you had enough clients to stay busy and do this full time?, also where did you pick up the skills such as drywall,plumbing and electrical etc. what would your advice be for someone who wants to eventually work on their own in construction ? Do you have a contractor license ?
@TheHandyman1
6 жыл бұрын
I did it on the side when I was a superintendent. I then went full beach bum and moved to Florida to live on a sailboat, I made enough to live the life of a beach bum. It took 3 years to make a low middle class income. I have been working construction since I was 15 so I picked everything up over a long period of time. I do have a contractors license.
@timsapp608
4 жыл бұрын
I’m in central Florida of the coast. Around here the good home inspectors will spend hours in ur home picking it apart. There have been some law suits for what inspectors did not find. In my area insurance companies will not cover claims that did not have a permit pulled to be done. Insurance companies no like home owner negligence. Once I hear this is flip house I tell them u called the wrong guy.
@PaulPeck
6 жыл бұрын
Great video! So true man! Lip stick on a pig! That’s why I charge $35 for estimates and weed out all the bottom feeders and tire kickers. 20+ year drywall and painting contractor here.✌🏻
@gentbar7296
6 жыл бұрын
Paul Peck good idea. ive been estimating filthy rich bottom feeders for a while
@mysticjbyrd
6 жыл бұрын
kick tires?
@soylientgreen5663
6 жыл бұрын
Paul Peck $100 estamates.. and it goes towards job. Bid high
@soylientgreen5663
6 жыл бұрын
Especially yankeys charge triple lol
@soylientgreen5663
6 жыл бұрын
Frugal slum lord
@CalvinoBear
2 жыл бұрын
1950s houses in my Texas neighborhood. The one I'm in plus plenty of others I've seen for sale after full renovations have had one, two, or zero permits in the last 20 years according to the city's website. It's quite something.
@feola69
6 жыл бұрын
our home inspector saved my financial future on a house that was flipped. everything looked fancy and my girl loved it. We found so many problems with everything. We got out of the sale by handing them the entire 45 page home inspection report and said fix EVERYTHING and i wrote details on how to fix it. I learned so much about houses after that and the 450$ from the inspector was the best money i ever spent in my life.
@mikegallegos7
4 жыл бұрын
I fix and flip and as an owner of the flip I have more renovation elbow room regarding permits, etc. I also rely on trusted craftsmen for advice and/or sub work like adding 230V or major plumbing rework. The professional relationships took a long time before we became able to trust each other's word and work. So, when any if us needs a hand, we turn to: my electrician experienced a tree crashing into his kitchen due to powerful winds. We all jumped into our pickups late on a Friday night and had his family home buttoned up from weather. By following Friday, he was ready to finish the interior trim and painting. His insurance came through and he tried to pay us (4). To a man we refused and brought a couple six packs to warm up the renovation at his home. Fun time. We have professional relationships that rock !! LOL
@ashishpatel350
6 жыл бұрын
Always get the house inspected no matter how good it looks. Just sayin.
@OG_Beckie_Leigh
3 жыл бұрын
I paid a ton to have my flip & fix house inspected by a licensed home inspector before I bought it in 2017, and by 2020 the subfloor buckled so much that it pushed the new floor up. The damage to the foundation SHOULD have been easy to see underneath the house if the inspector had been as thorough with that part of the inspection as he was with the rest of the house. It was a very expensive lesson learned for me.
@MrBrianDuga
4 жыл бұрын
I thought I may have heard a story about a city inspector forcing someone to open a wall to inspect a detail. But I'm not sure if it was for a sale or a result of being there for some other reason.
@user27278
3 жыл бұрын
Ibe seen it happen when they have a permit for one thing then come and see the place has new Windows and stucco patches for them but no permit for the framing
@donaldlee6760
4 жыл бұрын
At 9:52, the profit for selling the house can be calculated as: $548k (final sale price) - $395k (purchase price) - $70 (reno) - $27k (5% realtor sales commission) - $6k (4 months holding cost @ $1500 per month which includes mortgage, property tax, and unoccupied property insurance which is very expensive) - $2k (various escrow related fees) - $19k (federal + state tax on $48k of short term capital gains) = around $30 profit. If she bought, lived in it for 1 year, and then rented she would have saved herself $54k in fees and would have had a much lower owner-occupied mortgage interest rate. 99% she could have moved out after 3 months and the bank would not revoke her owner occupied mortgage with low interest rates to an rental class mortgage with higher interest rate.
@mateoramos3792
6 жыл бұрын
The purpose of a house flipper is to make money, so yes, negotiating and finding the best price to get work done is imperative in order to profit. But not every house flipper is going to be this lady you're talking about. The purpose of a contractor is to make money, so yes, getting the maximum amount of profit out of his own work is imperative in order to profit. Not every contractor is going to be good. Plenty of contractors out there will rip you off, never show up on time, do horrible work, need their work redone by someone else, etc. This is a one-sided opinion from a contractor. To anyone watching this video, keep that in mind.
@AaronG72901
4 жыл бұрын
The biggest draw back I've seen to not getting a permit was being caught by the city inspector for not having a permit and having to remove everything that was just done. My neighbor had a new driveway poured after having his old one cut up and removed and even though the new driveway exceeded all codes he was made to rip the new one out and paid a fine. He then had to pay for a permit and have another driveway poured. This was in Grand Rapids Michigan. For every day that he did not have the violation driveway removed he was given a cash fine. He tried getting signatures from neighbors in form of a petition but it didn't matter. The non pull of the permit cost him in the end around 20 thousand dollars
@mrsparex
5 жыл бұрын
I paid 32,000 for a flip at Myrtle Beach. Spent 5 grand and sold it for 69,000... used it for vacation a few times.
@AnytimeAssemblypros
4 жыл бұрын
Great. How long did it take to renovate, sell and close?
@paulanthony5552
3 жыл бұрын
You are damn right.... i bought a fix and flip 2 years ago and I have been doing nothing but fixing there cobbled up crap ever since. If I only knew then what I know now !!!!
@BruceWangOfficial
6 жыл бұрын
whats the bat for?
@brandonfrancey5592
6 жыл бұрын
Getting paid.
@OneNewHope
6 жыл бұрын
Legitimate business.
@OneNewHope
6 жыл бұрын
what are you, a cop?
@gentbar7296
6 жыл бұрын
Bruce Wang for other contractors yall seen them throw things at each other
@render8
6 жыл бұрын
Baseball...duh
@jayrigsby2748
5 жыл бұрын
Good video, I had to rewatch it recently because I had a similar issue. Cheap flipper was beating me up on pricing but I stood my ground. The house was a rotted mess and he wanted band aid work, which I don’t do. Some jobs are best to walk away from I’m learning.
@ironmonkey1512
3 жыл бұрын
We bought a house the flipper put in a new tub. He couldn't fit the drain so he cut through a 2x6 to run it through... this was on the corner of the stairwell and after a few months ceiling in stairwell started to crack. Had to pull the ceiling, jack everything up and put in new studs. Dropped the ceiling so the drain would fit.
@jameswoods8658
6 жыл бұрын
In Northern California my dad and I bought a 3/2 and fixed it up ourselves without pulling a single permit. My dad is a licensed contractor and we didn't do anything that would have required engineering i.e. Taking out a load bearing wall like they did in your video. But it didn't cause us any problems when we sold it 2 years later.
@TheHandyman1
6 жыл бұрын
this is very common. So many of my customers do some of their own work and when they call in a pro the request no permits.
@bb5242
6 жыл бұрын
But still illegal in most jurisdictions. Can't believe it would be legal in California given how many laws that state has. Change a sink or fixture? Permit. Rewire anything? Permit.
@TheHandyman1
6 жыл бұрын
B B regardless of what state people live in most renovations and remodels are done with out permits and technically illegal. Most US citizens do not want the government State or City in their business or home. They don't want the government telling them what they can and can't do. They don't wont them extorting money from them. Its reality
@bb5242
6 жыл бұрын
You have no idea how happy it makes me when you say what you just said. I have zero love for government. Zero.
@ApteryxRex
6 жыл бұрын
I can understand that is is a case of 'buyer beware' when it comes to the fix'n'flips, but I can't see how you get comprehensive home insurance without the insurer being satisfied about risk.
@ultimatesteve
6 жыл бұрын
you can usually tell right away which flips to stay away from just by looking at it. on the other hand there is a company out here that does really nice work. one of my friends bought one of their remodels and everyhting is done really well.
@CaptainPoofers
6 жыл бұрын
In Illinois the laws are different, permits for 110% of everything, it's a pain. In some cases, you need a permit just for a permit.
@graydation
6 жыл бұрын
So true on the "permit issue" Even my VA home inspector did not find out that my house never had a permit pulled for the finished garage my house has... I only found that out when I went to pull a permit to add a bathroom in that finished garage. And you would think the VA home inspector would be checking for shit like that being a government agency that is supposed to be looking out for the veteran.
@Ariesphoenix1
Жыл бұрын
What’s up with the baseball bat?? Also, I enjoy watching the videos & also work that a handyman does. How can I learn more to do more?? Thanks!
@hazlox
4 жыл бұрын
What did u charge for this job? Just curious.
@William-Morey-Baker
6 жыл бұрын
ehh, you get what you pay for. in that price range, with how competitive things are in the market right now, get an inspection and take what you can get. some flippers might cut corners, but it would seem that's just more work for you. also, as you pointed out, it's not necessarily the sub's or the general, but rather the investor who's cutting corners. I've been a party to over a dozen flips, and let me tell you, it's almost always the investors who want to cut corners... regardless, get an inspection, take into account the cost of corrections, and the current state of the market, and put in an offer accordingly.
@joefox2508
3 жыл бұрын
Good video. Solid content to let run, especially if you've got any interest in home improvement or the housing market. Not too instructional, but informative. Good quality mix of casual entertainment and niche education.
@jay-rus4437
6 жыл бұрын
You may remember that you and I spoke by email several months back. Once again I couldnt agree with you more. I also have walked away from these flippers on more than one occasion. With that said, I also have a few clients that are respectable real estate investors that I work with to restore and update homes for resale. There is a HUGE difference between these quick flip jobs and those that are in for the long haul. I wont touch these idiots doing quick flips believing that they can get something for nothing. With all of that said, I just completed a 2600 sf home on a gold course that we updated throughout. Just solid renovations that any client would have done to kitchens/baths etc. Those of us, like you and I, have to protect our reputation over making a quick buck.
@kathylewis4071
6 жыл бұрын
I live in British Columbia, Canada... we have to separate all the wood products.. drywall.. anything before 1991 has to be bagged and sealed due to asbestos.. that is dumped separately.. all metal gets separated.. mattresses, cardboard.. wow.. just can't believe that all went into one pile... big on recycling here..
@DataToTheZero
6 жыл бұрын
I think in some states but not all the worst of the worst flippers are going to get in trouble. The reason being that people will have proof of what the house looked like before the flipper bought it thanks to achieving on internet real estate sites. The main defense for a flipper is that it was like that when they bought it. But take a look at photos online will tell a different story. They will have no defense for the lack of proper contractors, permitting or inspections which are more about protecting you as home owner or contractor against future liabilities than actual safety and quality. If I ran a law firm I'd hire someone to start archiving the internet real estate photos.
@normbograham
2 жыл бұрын
We put in a bid on a property a guy owned for less then a year. He took out a large dock, and put in a newer smaller dock. Our bank, called that "maintaince", and basically put a value on the dock, of ~$3,500, whereas the man said he spent $20,000. They put a value of 10% less then the man wanted to accept. Ouch. We ended up walking away, and losing ~$2,500+.
@alexlindekugel8727
5 жыл бұрын
in my township only permit you need is for a new house build. and a state permit for sewer installation. just fyi. and my house has had a ton of work since i moved in fixing so many things that where half aed.
@SKWDMDYT
6 жыл бұрын
If ever I bought a resale again I would file use the freedom of information act in my county and request a copy of all the permits that were issued and al the inspections that were signed off. My house was built in 1977 and I think back in the day all the inspectors were payed off to look the other way.
@TheHandyman1
6 жыл бұрын
You don't have to file anything. Its all public record and you can look any address up on the county website to see permits pulled.
@SKWDMDYT
6 жыл бұрын
actually not the case where I live. I paid $31 to get a copy of the permits on my house. I was shocked to find that my converted garage had a permit for a "storage area" and not the home office it currently is with a/c, heat, bathroom etc. I have to ask where the building inspectors were when all of this was built out. And of course where was my lawyer when I bought the property 30 years ago. Now I have to sell it without the permits for living space. I questioned the building dept in my town whether a mistake was made on the permit and wanted to see the inspection sign offs.. The town told me to file under the freedom of information act. Of course the more I persued the matter, the more likely the town was going to come knocking on my door, so I gave it up.
@samnelson4975
6 жыл бұрын
town not nec. to blame. Oldest trick in the book to permit it as a workshop or whatever and after it is signed off add the other stuff.
@joer8854
6 жыл бұрын
Wow the stuff that goes on in the US lol. Don't get me wrong, you can have many of the same issues in Ontario but much of that is on the person buying the home. If your going to buy a flip by all means go ahead. First make sure you get copies of the building permits and all the information you can on the issues the inspector found and how they were handled. If there's anything that should be permitted that was done without a permit leave. Look at the house yourself first and watch for stuff like he showed on the door. Do the doors fit properly (open and close the way they should with no light coming in from exterior doors.) Do the wall plates look properly oriented and can you see anything that doesn't look right. Provided all that goes well find a building inspector that has references you can speak to and find out about their experiences as well as looking online for reviews and call the BBB to find out if there has been any complaints about them and what the complaints were. Don't go with the cheapest option, you're looking for middle of the road. I don't know how it goes in the US but in Canada in my opinion building permits are a great investment. The guy will help you out with knowing how everything should be done and what to watch for. They are a lot of help to those who want to do the work themselves and just need someone to look things over for them and can tell you when you are getting in over your head. If you can't do any of the work yourself you shouldn't get involved because a lot of money is made by you doing drywall and paint and other things homeowners can do themselves like laminate floors and such. Kitchens and bathrooms are where it's at, in those rooms you can make 2x your investment or more so don't go spending tons of cash in the living room and bedrooms. Creating an open concept can be a good investment but speak to your realtor first and often because you don't want to price yourself out of the area.
@thegreggys1
5 жыл бұрын
favorite part of video is looking at watch twice when noting that this is "March". funny. Enjoy your videos.
@jams4041
6 жыл бұрын
That's great information. Thanks, I like to do my own remodel because I'm cheap.
@RobinLewisMakes
6 жыл бұрын
But geez it looked good on the surface, it's no wonder people would buy it. Interesting about the permits; here in Australia plumbing and electrics have to be done by a licensed contractor, doing otherwise is illegal by law.
@TheHandyman1
6 жыл бұрын
Its Illegal here but not a criminal offence. I would guess 90 percent or more of home renovations are not permitted or inspected.
@TheHandyman1
6 жыл бұрын
I have been watching your bathroom remodel on instagram. Its looking good.
@user-qb4iz7nd1x
6 жыл бұрын
remember seeing this a few days after you dropped it, still a good watch, thank you for the info and insight into the world of flipping.
@toysoldier46552
6 жыл бұрын
If I'm doing a fix and flip, I'm doing the work myself and paying the contractors for things like gas and plumbing to make sure it is done right the first time. Sure I'll shop around for the best bid, but once I have a bid, I will pay the contractor(s) for the job to be properly finished.
@algernonfriday4824
5 жыл бұрын
3-4 weeks is reasonable if there's competence. Production builders are able to do so. But, most "contractors" are not even experienced to get a job, so they open up a business as contractors. One guy can gut out a house in two days max. A company can install all windows in four to six hours. Removing shingles, cutting and installing all new roofing and shingles and spouts can be done in two or three days. Most people can't even if they know because they are not trustworthy. They can't deliver business, feed as it were the various crews, and consequently only inefficient crews are eager to work with them, over promise & under deliver in their turn. A contractor promises everything. Shingles, drywall, or pretty much anything will take him a week with good will and competent experience. Without two or more weeks each. Professionals can do anything in less than a week. Permits, foundation, ordering special supplies are the few things they are vulnerable at.
@liz515
6 жыл бұрын
The only ones that get involved are the banks. They hire their own appraiser and inspector and if they catch on to what is wrong with the house they won't lend the money. Now let's say they didn't catch it the 1st time around, but 5 years later you want to refinance and they hire an inspector and he finds the problems the bank can pull the original loan you're screwed. They blame you, not the original seller and they demand YOU fix the problems or else. It happened to me with Wells Fargo Bank.
@paulgugger8987
2 жыл бұрын
I was buying a major fixer several years ago and when the bank found out there wasn't a heater in the house, they wouldn't give me the loan.
@0x0404
6 жыл бұрын
Other then those doors and the unfinished garage the inside looked great.
@samnelson4975
6 жыл бұрын
except what was holding the ceiling up?
@davemotti8070
6 жыл бұрын
Here there are no Gov't inspections on any type of home sale. With exception of pvt home inspectors. Any structural change to a home requires a permit. This does not mean that everyone gets a permit. Once a job has a permit an electrical and plumbing inspection is done. There are 2 counties each has its own rules they will assign the license. The towns generally issue the permit. A village within a town issues permits. Some towns also will require their license in some cases especially for electric or plumbing. While some towns may require a contractor license. these licences are in addition to the county license. Oh boy now I'm tired. There are more rules but that is the general idea here.
@l.l.2522
5 жыл бұрын
Thanks for the info. Can you give more specific examples of shoddy job?
@bobl5121
5 жыл бұрын
I had a construction company for several years where I did a lot work of this kind. In my experiences there were three classes of flippers. One are the professionals. Yes, there are some professionals out there. These people want the work done right with no cutting corners or using cheap and shoddy materials. These companies/individuals want to keep their professional reputations. These are companies I worked for. They are good to work with. The next bunch are like the woman Handyman described in the video. They want something for nothing and will use the cheapest materials they can buy with the cheapest labor they can get. They want it cheap along with a very fast turnover. These people are easy to spot.....so I always quoted them on the high end if I quoted them at all. The last bunch are the ones I always feel sorry for. This group will watch the tv shows and/or attend the seminars on how "easy" it is to flip while making tons of money. These poor souls didn't understand the real estate market, construction practices nor the local building codes. The truth is most know just enough to be dangerous. They are the poor souls that will get screwed in most cases.....and it's usually they screwing themselves since they would never take the time to check into what's involved in rehab work. If you're going to do this kind of work.....take your time and make sure to understand what all is involved. If you don't you'll end up in this last class.
@pirateslife4me
3 жыл бұрын
I trust basic finishes and solid work much more than a high-end look with NO qc in the workmanship. People get star-struck though
@gmogottago7746
6 жыл бұрын
Buying a flipped house is like buying a car with a salvage title or a refurbished appliance...no thanks. I can always tell the ones in my area--they always use the same ugly prison gray paint on the walls.
@P_Belle
6 жыл бұрын
GMOgottago - that grey paint has been popular for YEARS! especially in granite kitchend with islands.
@TastyTrees916
6 жыл бұрын
Yeah it’s always grey with those red brown kinda grey laminate flooring and bright white quartz counters in the kitchen and bathroom lol cause that shits cheap
@freetolook3727
6 жыл бұрын
And here I thought all along that off white (beige, french white, cream, colonial white, etc) was the craze.
@fixitmann6685
5 жыл бұрын
@@freetolook3727 Trend has changed. Yeah, it's the industrial look now. You're still safe with tan neutral tones though, for those who don't tend to be trendy.
@livefreeordie9542
5 жыл бұрын
So if all flipped houses are trash, then that must mean all contractors are trash as well. Or could it be like any industry there are good and bad in both investing and contracting?
@WikiPeoples
6 жыл бұрын
hey there @The Handyman.... let me ask you this hypothetical situation. Home inspector finds termites, and identifies damage to floor joists on a 1300sqft house. He doesn't specify the degree to which they are damaged though. Home has slight floor sagging / dipping the in living room, and what feels like damage to the floor in 1 bedroom (large indent in floor). Buyer asks for $20k less on asking price for this work alone. Is this good, or should they be getting more?
@jessebeck1856
5 жыл бұрын
Do you always carry a softball bat in the back of the truck?
@TheHandyman1
5 жыл бұрын
yes
@angelapierce6764
6 жыл бұрын
A little late to the game on this video... I have wonderful friends who purchased this old Victorian home we now all live in together. their original thought process was to hire a handyman of sorts to fix it up. they had an agreement with the "gentleman" that he would live in the house as he fixed it up would pay their mortgage while they would pay for all the supplies. as it turns out the guy not only didn't pay the mortgage like he said he also wasn't a handy man. He left much of the upstairs in disarray examples include: Not putting the flooring all the way to the wall, not attaching the base boards to the walls, using one coat of paint but two different colors on the opposite walls, as well as putting down busted tiles in the bathrooms and not putting in a seal in in the attic bathroom, and last but not least connecting the fridge oven microwave and spare socket(used for our air conditioner) on one circuit, which surprisingly just a few months ago caught fire. so lesson/ moral of this little story if you want to fix and flip know what your doing or hire actual certified professionals that do.
@LTheBrandStrategist
5 жыл бұрын
Thank you for posting. I ran into this very issue as I was purchasing my first home. I was smart enough to walk away after a great home inspection!!!!
@basillah7650
5 жыл бұрын
You clearly would have bought it if the home inspector told you not to buy nothing smart about it because you would have been stupid enough to buy without being told not to lol.
@ryanfranke4424
6 жыл бұрын
If this was a 70’s home, as I believe you mentioned in the video and it certainly looks to be one, then it is almost certainly a truss system rather than joist and rafters. If it is a typical 70’s truss system then there are no load bearing walls rather the trusses are designed to bear on the exterior walls. No permit would be required in most areas to remove a non-structural wall. Also, many people do not understand the purpose of a Home Inspection. The Home Inspector is not there to grade the workmanship of installed finishes. A seller can hire that out as cheap or expensive as they want, or even do the work themselves. If you don’t like it, don’t buy it. Nor is the Home Inspector there to research a property to see if work was permitted. That due diligence is the perspective home owners or in some cases the Realtor may take on that role. A Home Inspector looks at the homes major systems and components for defects and deficiencies. No permit, no problem so long as the work appears to be proper with no significant visible compromise.
@820monster
5 жыл бұрын
If someone came in and completely overhauled the electrical and plumbing the right way it would cost them around what it cost them to add the cosmetic fixes which dramatically improves resell value more. Thats just what most people would rather buy. Not me but most people and if thats what they want more power to them. And the flipping buisness wouldn't be profitable at that point. You know what a huge risk it is to put your neck out and buy a house to hope to resell. Many flippers put every cent they have to do one house.
@ap2179
6 жыл бұрын
That huge pane of glass shattering was great...tnx for looping it like 5 times!!! lol
@wesgreen1031
2 жыл бұрын
What kind of camera are you using for the video?
@thereport4896
6 жыл бұрын
Reputation is key,not permits or licensing.All of the work done should have a name proudly behind it provided by seller that is verifiable.Do not fall for a false sense of security provided by local Gov. inspectors.Knowledge is power.
@frankos713
5 жыл бұрын
Actually after closing cost and realtor fees which averages 9%- 10% and assuming it was 60K in repairs. Profit is more like 38K. However if she borrowed the money or even worse used "hard money", interests rates could be between 8%-12% of holding cost every month. Very thin deal for that long in my opinion.
@jmsfabrication7821
6 жыл бұрын
Here in the Detroit metro area theres only a few cities that require an inspection. Believe it or not, ,(even though it's a ghetto- pit of hell).To sell a house in Detroit you had to 1st pass a city inspection, (at least back some 30 years ago when I lived in it).without that you couldn't list it.
@TheHandyman1
6 жыл бұрын
Here is how to do a fix and flip the right way kzitem.info/news/bejne/2YWN12mbenWhqqg
@kaptincrazy
6 жыл бұрын
Is this Book legit?
@blueferral3414
6 жыл бұрын
Don't read a book. Go to some meetings at your local real estate investors group.
@phantomphan006
6 жыл бұрын
Good tips!
@thyslop1737
6 жыл бұрын
The Handyman What is with the baseball bat?
@TheHandyman1
6 жыл бұрын
No It was a joke.
@pkeo602
6 жыл бұрын
I'd like to see a video on how to spot a fix and flip for some one with no construction expeirnce
@AnytimeAssemblypros
4 жыл бұрын
Just ask the realtor or last purchase price.
@sku32956
5 жыл бұрын
Most flippers will not do the mechanical right, cobble the electrical, like not running new wires to the new panel that are 50 years old. The wiring is a mix of new and old just enough to pass inspection. Copper water pipes being cobbled plastic to copper etc... Never seen one done right.
@glazierEd
6 жыл бұрын
I tried to sell my house last year, and have a half bath I turned in to a full bath, u permitted, and no government agency questioned anything. I couldn't sell the house, because the kitchen is original, and everyone wants a brand new kitchen. I just don't have the $25,000 to spend on it, and I wasn't going to lower my asking price $75,000, I figured just keep it for now, and save up.
@legalsolutions07
6 жыл бұрын
What area? I'm thinking of putting up a rental house I own and advertising it as an investors property since it's been turned into a duplex. I'm in a desired area of So Cal and I'm hoping my location will make up for the lack of pop on the house.
@rolfbjorn9937
6 жыл бұрын
A kitchen can be done for way less than 25 000, unless you have to buy 3000$ a piece appliances and redo all the electrical, plumbing and cabinets and do structural work just to rejuvenate it. expenses on renovations are typically overdone.
@arx754
6 жыл бұрын
Heah, don't bash Ikea kitchens. A few years ago, Consumer Reports ranked them as #1 for quality, value for your $, etc. True that you have to look at the house you're putting them into, but if it's an "average house" in an "average" neighborhood, they can be quite nice.
@aitorbleda8267
6 жыл бұрын
We bought a house that hasn't been fixed since the 80s.. just fixed the cabinets, changed the faucet and the sink, and now is "acceptable". I don´t think it is worth to spend so much money in the kitchen unless you want to impress someone.. and if you want it just to look nex.. well change the countertops and doors, and it will look new.
@JustinCrediblename
6 жыл бұрын
+renaissanceman I did a kitchen for $1000. $500 for the granite slab floor, $100 for the ikea cabinet lowers with free granite slab countertop and backsplashes to match the floor, free GE true temp stainless stove, free sink, free $300 faucet...and we'll just pretend that I did the two upper cabinets and pretend that I painted and call it $1000.
@CommentsAllowed
5 жыл бұрын
6:50 Get a good home inspector too. Some of them are just a joke and seem to be in cahoots with the realtors. You got me thinking though. They might be nickel and diming the labor, it still is better than what I could do myself. :-D
@ScottWayneJackson
6 жыл бұрын
Where I live, we aren't charged for dumping appliances or recyclables.
@shonuffisthemaster
4 жыл бұрын
oh i misunderstood i thought you ment dont buy a house to flip;) although i dont think id do that either. i have been thinking about buying another rental fixer upper however
@JJoeisCooking
5 жыл бұрын
Very interesting. Thanks for the information.
@mitchtherevolution
6 жыл бұрын
You should look into donating building materials like that.
@TheHandyman1
6 жыл бұрын
They don't take old stuff like this. I donate around $5000 in building materials every year to habitat for humanity
@randywheeler5387
6 жыл бұрын
Have you ever had to use the bat
@TheHandyman1
6 жыл бұрын
I did get out with it once. the guy got back in his car.
@gryfon10
6 жыл бұрын
That's when you put sunglasses on and Thug Life starts to play in the background.
@renaissancemen1
6 жыл бұрын
I have hatchets in both of my front doors.
@gryfon10
6 жыл бұрын
Man nobody buys American anymore. I bet you could drive to Yonkers and buy a Kimber right off the line too.
@gryfon10
6 жыл бұрын
That's smart honestly. I'm pretty libby-dibby and even I carry when I'm doing work like this. Neighborhood has gotten pretty methy lately.
@JustinCrediblename
6 жыл бұрын
who do you call for that beam? get a bottle jack, a roto hammer, a welder, some thick-walled stainless pipe, stainless bolts, and stainless plate steel. jack up the beam and put two supports along the center.
@nightfangs2910
6 жыл бұрын
In order to truly fix and flip you need to have enough building skills set to do a lot of the work yourself, short of permits or licenses needed, also fixing and renting property is a far better option than selling right after, rent the property for 1 year before you sell it, otherwise you have to pay a 35 percent capital gains tax which takes a good bite out of your profit margin (that's what all these fix and flip shows never tell you )
@sarabellaj
3 жыл бұрын
Here theres a pre inspection. Then they come back before you put the drywall on. Then they come back after the drywall is on and test everything.. If they drive by and see you working or demolishing with out a permit. They WILzl shut down your job site. And can fine you And in if you dont get an inspection and something happens. You are 100% liable for any damages. That were caused. They're especially strict with electrical and gas lines. Only a licensed gas fitter can work on gas lines. And there name, the company name, date, the permit number. Is written on a vinyl tag. And attached to the pipe. 🤣🤣 they crawl right up where its warm around here. 😂
@Nionivek
6 жыл бұрын
The whole Buyer Beware aspect makes me kind of hate the home market. A lot of money goes into hiding things that will cost you a fortune and the laws sometimes even exist to further protect the seller. It isn't unusual to find out later on that the walls are rotting because of faulty plumbing that you couldn't see because they plastered over it. Heck those Bathrooms look good? I'd dare you to run the shower and leave a puddle and see what happens. I'd only trust a home if I had X-ray glasses and an Architect on speed dial.
@prf4510
6 жыл бұрын
Have you ever built and sold a house? It's something I've been mulling. I can do most of the finish work myself, but I have no experience doing GC and building.
@TheHandyman1
6 жыл бұрын
I have built a few hundred homes. I was A superintendent building homes for 5 or 6 years after I got out of college. Usually you start with a spec home to show off your work. Most people want to take part in the design of a house if they are buying a new custom home.. At the very least they want to pick out flooring, lights, cabinets, tile, counter tops, and paint.
@prf4510
6 жыл бұрын
thanks, these videos where you share your viewpoint are awesome by the way
@TheHandyman1
6 жыл бұрын
That's great to hear. I'll keep making them if people keep watching.
@zakdavies3349
6 жыл бұрын
The Handyman I’m definitely watching them. Appreciate your time and effort in making these vids.
@LongNguyen-ds4hf
5 жыл бұрын
do it, its easy money. hard work but easy to multiply ur investment
@joejoe6949
3 жыл бұрын
Wow we have free dump here on Miami open 7 days a week.
@pepehandy
6 жыл бұрын
I m 100 percent with you!
@surelyso1637
6 жыл бұрын
Enjoyed your video! good information. thank you!
@billiondollardan
6 жыл бұрын
I'd never buy a flipped house. I don't trust anything that people do like this. Anyone who flips a house will tell you they do great work, but I've seen more trash than treasure in these homes
@TheHandyman1
6 жыл бұрын
I agree with you I have read every single comment on here the only people who defend fix and flips are the people doing them. There are so many comments from people who bought a fix and flip and there house is falling apart. Where are all the comments form people who bough a fix and flip and are happy with it?
@billiondollardan
6 жыл бұрын
I was really surprised at how mad the flippers got about your comments in the video too, man! I mean look after you've seen so many examples you can pretty much say stay away from * most * flipped homes. Not all but definitely most
@bb5242
6 жыл бұрын
Very few of the flips in my city are doing anything as comprehensive as what is in your video. Most of the time they clean, fix up a bathroom with builder quality materials, maybe add something new to the kitchen like a tile backsplash, new lights, paint, sometimes flooring, exterior repairs--remove rotten wood or falling down decks and generally just give the place new life. Oh, and removal of wallpaper--lots of '80s houses with bad decor!
@gmogottago7746
6 жыл бұрын
Agreed
@livefreeordie9542
5 жыл бұрын
And I've seen many homes that were completed by licensed contractors that was shoddy work at best and borderline criminal at worst. So what's your point? I don't think all contractors are bad even though the vast majority of them are. So how can you call all flipped houses bad? How about you pull your head out of your butt and stop trying to lump all flippers into the same category. Especially since you obviously have no idea what your talking about. OK Pumpkin?
@jakemiller1467
6 жыл бұрын
I've done a few flips in my time and I've always noticed their are two mentalities when it comes to people who work within real estate, theres the construction mindset which is what you demonstrate and the investor mindset who understands when it comes to flips, guests aren't going to sit at the door and think "wow this isn't perfectly aligned" what they're going to think is, wow look at that island, these pleasing colors and open space, this sink and counter tops... You need to realize when it comes to flips its all about "out of sight out of mind" the potential buyer isn't thinking about whats behind the walls, they're thinking about the bling in front of their eyes. Your mentality is fine, but it's better suited for what you're doing and not what they're doing, which is why they just made 30to40k on a flip and your doing trash dumps.
@zaprodk
6 жыл бұрын
Absolutely no sorting/reusing of glass, wood, metal, electronics? WTF!
@vokounisko1
6 жыл бұрын
thats an american way I guess....
6 жыл бұрын
that's america brother.
@xersys
6 жыл бұрын
that shit gets done at the dump.
@brilwiljeff
6 жыл бұрын
ok , what you've said was very interesting but... the smashing stuff was the best part.
@TheHandyman1
6 жыл бұрын
It was my favorite part of the video tool.
@niquil7800
4 жыл бұрын
Look at how happy men can be just by tossing a toilet and seeing it break.
@FreedomTalkMedia
6 жыл бұрын
A permit or license is when the government steals a right from you and sells it back. I'd much rather see an organization like Underwriters Laboratories handle 3rd party quality control for homes. See the comment from Saltyshellback below. I'd like to see the end of building codes. Insurance companies can handle this by requiring a certification from an organization like the one I described above.
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