Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
What's up BP Nation? I flipped my first ever burned out "Firehouse" a few months ago and it turned out pretty well. $52,069 in profit. This story has a few interesting twists and take aways as well. One of my key take aways was NEVER to make a blind offer to a motivated seller.... ask me how I know. :( I almost missed out on this deal entirely!!
True to form, I made a video of this story for my Vlog. It's 7 minutes long and I'd love to hear your comments.
@Andy M. First thing, great video and congratulations on your first deal. I have been in real estate investment for a while, and I have not done a flip yet. Your story and video is encouraging. Thank you for sharing.
@Andy M. First thing, great video and congratulations on your first deal. I have been in real estate investment for a while, and I have not done a flip yet. Your story and video is encouraging. Thank you for sharing.
@Andy M. Great work! As others have said, the video was very well put together as well. Congratulations, that is a truly a win-win deal for all involved. You should be very proud of that one.
@Teresa Vinson El Lol. I love it when a plan comes together as well. ;)
@Craig Pfeffer@Rolanda Eldridge I bet you both will keep your eyes open for fire damaged houses now! They are definitely money makers! I have a buddy Billy Alvaro, I have an AWESOME interview with him on my video blog [here if your interested: http://youtu.be/xx9UeTNKFek ] that does a lot of fire damaged houses and he says that they are always his best money makers!
@Griffin F.@Andrew Johnson Thanks for the love on the video production! That seriously means a lot. Especially to my brother who is the talent behind the camera and editing.
@Jean Cetoute I'm glad that the story encouraged you! I thought that showing these videos would make it "real" for people. None of that fake HG TV stuff you know? Thanks for YOUR encouragement to me. :)
@Travis Hamilton Ah... the red tape involved with the city on this project.. where do I begin. You can't demo the property (I.E. clean up ANYTHING) until you have certifications that there isn't asbestos. Then you need to draw up plans (normal permit stuff). With the burned wood you need to go through a process (engineering?? I forget what it is called) to determine if it is structurally sound or if it needs replacing. Basically anything that has a look of fire damage, even if it isn't "burned" per se. There were definitely other little things that came up, but the biggest headache was dealing with the prolonged timelines because there is the whole city process, timelines, inspections, reinspections, etc.
@Monique Housen-Hila Thanks for the encouragement on the video! I really love it when people watch my videos and they say that it inspires or encourages them! Seriously, that is what keeps me going with the video blog most days. Love it. :)
@Brandon Johnson and @Tony HanThanks for the kind words on the video. I've said it before, and I'll say it again, but seriously, I appreciate the love. :)
Here is a follow up question for the thread.. I've been making different kinds of videos for my video blog. There are project videos (like the Firehouse video you just watched), interviews, and also a weekly show I call "From the Trenches". I'd love to hear people's thoughts on what they find the most valuable.
Great video and story. My biggest takeaway is something that I've been taught and it's proving more and more true all the time... that building rapport is one of the most important parts of the story. And I'm glad you showed ALL the numbers, including the interest spend from the loan, not like on TV.... even though I still watch those shows, LOL.
@Andy M.undefined hey Andy I found this post through an email from bigger pockets and your link lead me to your YouTube page. I love your series from the trenches. I'm a newbie investor and your videos are great info and they aren't long and drawn out like most REI videos. Keeps it simple and to the point I love it. I'm surprised you don't have more views on your videos . Well thanks again for the info here and on YouTube!
@Andy M. I just subscribed to your Youtube channel and watched several more of your videos. You really do have some high quality videos and provide great content.
@Margaret J. ABSOLUTELY. Building rapport is key, and the best way to build rapport is to listen to the other person. It's actually killing two birds with one stone, listening helps you build rapport AND know how to create an offer that the seller will accept. Just listening to sellers in this business will take you a long way.