This content was created by Joe Homs 949-625-4533. This content was uploaded by Joe Homs 949-625-4533. This is a YouTube video titled "Are You Ready To Rehab? WATCH THIS FIRST! | Rental VS Flip" (published 2022-01-25) featuring Joe Homs 949-625-4533. It is an instructional/monologue real estate video aimed at new and experienced investors that compares rental rehabs (buy-and-hold) versus flip rehabs (resale). The speaker explains differing scopes, budgets, and finish levels for rentals versus flips, advises matching the rehab level to the market/property, and includes calls to action to subscribe, like, and watch a related walkthrough video.
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In today's video, I'm going to talk about the difference between a rental rehab and a flip rehab. Coming up next. You just bought a distressed property and you're ready to rehab, except you skipped over one very important part. You haven't determined which exit strategy you're going to use— rent it or sell it. Let's discuss the big differences When we're talking about rehabbing a rental or a flip property. Before we begin, I want to thank all you new subscribers, the new and experienced investor I made this channel for. Make sure you give this video a thumbs up if you want to create the life you've always wanted through real estate. Rental rehab do's and don'ts. Okay, so you're not flipping this property, you're Basically a buy and hold at this point. And my philosophy is that you don't want to put the same amount of money into a rental rehab as you would a flip rehab. So in a rental rehab, you're going to make sure that everything's clean. You paint everything so it smells fresh as you walk in. If the flooring needs to be addressed, then you address the flooring as well. Make sure all the appliances are working, all the electrical plugs are working, all the plumbing is in good shape, and that's it. You need to stop there. You don't want to go overboard because again, you're renting it out and you're better off saving that money for when you go to sell the property or in a flip rehab. So the flip rehab do's and don'ts. So the flip rehab, You're going to put in as much money into this property as you deem necessary for the property itself. And what I mean is, if you're flipping a condo in a lower-end community, maybe you can get away using some Home Depot stuff. If you're flipping that same property and it's a single-family in a high area, a high net worth neighborhood, then you're not going to be able to get away with the Home Depot stuff. You have to go with custom stuff, custom tiles, custom flooring, a lot more custom stuff because that type of buyer is looking for that level of flip. So that's kind of the 2 differences there. Make sure that you flip to the level of the property that you're buying. whether it's low or whether it's high. And always remember, at the end of the day, you're not flipping for yourself, you're flipping for the masses. So make sure that that property, when you put it on the market, is going to appeal to everybody and not just a select few. These are only 2 exit strategies, and the greatest thing about real estate is there's so many different ways to make money on distressed property. Just make sure you keep your end goal in mind and you stick to those numbers. If you want to see me out in the field looking at a possible deal, click on this video right here. I do a full walkthrough and reveal what I do when determining if a distressed property is a deal or not. See you on the next one.
