Joe Homs walks through condo flipping from sourcing to sale. He covers HOA risks, calculating after-repair value, rehab timelines, and pricing strategy, using Pelago.com to crunch numbers.
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In real estate investing, there's a world of untapped potential where simple condos can be transformed into profit-generating powerhouses. Today, I want to show you the strategies to unlock immense wealth through flipping condos. If you need some more help after this video, book some time with me below one-on-one. Welcome back to the channel. I made this channel for the new and experienced investor. Those of you who want to live the life you've always wanted through real estate. Make sure that you like and subscribe and share this video with your friends. Sourcing the perfect condo. Let's talk about sourcing the perfect condo. And there are definitely ways to do this. There's a lot of peril that a condo brings to a real estate purchase. The biggest peril is the homeowners association. Is the homeowners association reserves properly funded? What does the makeup of the community look like? And I'm talking about sellers versus landlords. If that ratio is off, the lenders are not going to lend you any money on the purchase of that property. So make sure you do your homework and source out those condos That are in your favor and not anybody else's. Crunching the numbers is very important. You can go to Pelago, www.pelago.com website. You can literally put the address in and it's going to crunch the numbers for you right there. Quick after-repair value, estimated rehab, closing costs, how much money you want to make at the end of the day, and it's going to give you the price. that you should offer on this property. A lot of times that price is lower than what it's listed for, but make sure that you're following that formula there. If you want to make 10% like I do, that's great. Some people say, well, I'll be happy if I made 5%. So fine, then you're going to be able to offer more on this property than I would, but that's up to you. So make sure that you do your numbers correctly. Pricing the condo correctly is very important, like anything else. And this should be done the minute that you buy the property. You're establishing what the after-repair value is on that property. So you should know at the end of the day what you're going to price it. Now understand, if you're going into a condo, I usually have my contractor get it done in 30 days. But let's say it takes you a little bit longer. Let's say it takes 60 days, hopefully not 90. But let's say it does. Then you're going to need to do the after-repair value calculation again because you have no idea if somebody sold Sold. Somebody else has listed a property during that time that you were renovating. So hopefully we're in an up market. Somebody has sold a property way more than you thought you were going to be able to get. So you're going to adjust your after repair value. So make sure as you are coming back onto the market that you do your after repair value calculation again. Now it's time to put this into action. Start by identifying potential condo flipping opportunities, conducting thorough research, Building a solid plan. Take one step at a time, learning from each experience. Don't forget to subscribe to my channel for more valuable insights. If you want to learn more about flipping condos, then click on this video right here. As always, feel free to reach out anytime. I'm always here to help.
