Biggest lie told by TV flippers

[James McGovern]

There are lots of falsehoods spread by gurus that are almost never possible but the biggest lie in my opinion is how quickly you can rehabilitate a property. So many TV shows suggest you can do everything in under two weeks. 

I have never found contractors that were immediately available and didn't need lead time. Is there some secret that I don't know?

[Jay Hinrichs]

Quote from @Bill B.:

I assume most of them got big enough where they aren’t hiring contractors. They formed their own company. If you watched in the Indianapolis one it was same contractors every time. If you watch Sanborn in Detroit they are contractors. I ASSUME Jamil with triple digit flip having 10-20 flips at a time had a team. 

But as busy as James Dainard appears to be he talks about having a few contractors in his Rolodex so he can choose the “hungry” one. 

Lastly, I think many/most of the flipping shows showed it taking 2-3 months, sometimes 6. Although there were a couple gimmick ones that did it in 1-2 days. 

Heck the original flipping couple out in California OFTEN talked about waiting a month or several months just for permits. IRL 4-6 weeks AFTER permits is fast for most flips. Maybe 1-2 weeks for cosmetic flips.

My mom’s elderly neighbor sold to flippers. She loved giving me updates from the front porch. It was mostly cosmetic (other than than HVAC/roof/deck/tree removal) and they were done in 2 weeks even after painting the entire house inside and out, and replacing driveway. It was one of those “we buy ugly homes” companies. So maybe they have their own teams as well. 

Another one I just thought of..Property managers for people are doing BRRR's. (Basically flipping it to yourself.). I've had some destroyed homes made sell/rent ready in less than 2 weeks. My PMs venders get paid by the job, not the hour. So each specialty will show up with 4-5 guys and be gone in two or three hours. It's amazing what an experienced team can do. But that doesn't involve new/moving walls.

Having funded 100S of these and also being at the back of the room selling my service to flipping guru students.. TV is JUST TV my best guys depending on size of project and move through them in 2 to 3 weeks and if its a full gut usually about 4 to 6 weeks.. If one of my clients can have me fund the deal rehab and get it sold and closed in 90 days or less thats a very fast mover. Happens a few times a year out of the 100 plus deals I fund each year.. Our average is closer to 140 days.