In this episode of Masters of Real Estate, host Mathew Owens sits down with guest Joe Davis, an active real estate investor, house flipper, and private lender. With experience investing in various types of assets and providing resources to other investors, Joe shares valuable insights on navigating the challenges and risks associated with flipping houses. Throughout the conversation, Mathew and Joe dive deep into the importance of having the right team, buying good deals, and being prepared for the inevitable problems that arise during the rehab process. They also discuss the crucial role lenders play in supporting investors and mitigating risks. Whether you're a seasoned flipper or just starting, this episode is packed with practical advice to help you succeed in the world of real estate investing.
- Having the right team in place is crucial for successful house flipping. This includes a good lender, contractor, and realtor who can navigate difficulties.
- Buying a good deal with some cushion helps mitigate issues that may come up during the rehab process. Being conservative on the after repair value and rehab budget is important.
- New house flippers need to be prepared to deal with unexpected problems that will inevitably come up. Having the grit and problem-solving skills to push through challenges is key.
- Choosing the right lender who will provide support if issues arise is important, rather than just going with the lowest rate. The lender should be part of the flipper's team.
- Proper due diligence before purchasing a flip property, including thoroughly evaluating the numbers and getting multiple opinions, can help avoid many pitfalls. Relying only on a wholesaler's numbers is risky.
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