A successful flip needs three things: the right property, enough capital, and knowledge. Spend most of your effort finding that property, then inspect the bones—foundation, roof, electrical, plumbing. Slab foundation repairs cost more than pier-and-beam, and these structural issues are what kill your profit.
So one of the things that we teach when you're looking for a good property, remember there's 3 things you must have: a good property, money, knowledge. Most of the time, almost 85% of your time is going to be looking for the right deal, the right property. So what do you look for? You got to look at the bones. Everything else is cosmetic. Foundation, roof, electrical, plumbing, everything else is easy to fix. These things are very, very costly, and these will destroy profitability on a fix and flip. If it's old wiring, old electrical boxes, old plumbing, foundation is bad, if it's on a monolithic slab versus pier and beam, it's pier and beam we can fix that. But if it's on a monolithic slab, then it's a little tougher, a little more expensive, and a little harder. And you have so much more issues that happen even after you've done that foundation repair. Give us a call, we'll go through it, we'll coach you through them. Finish your deals, we'll work through them with you.
