January 24, 2019

Episode 25: DEAL BREAKDOWN – WELCH

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In this episode, Brian and John talk about a recent flip deal that they did. This one stands out because it was sold quickly and several different types of buyers were interested in the property. Brian and John walk us through the deal, beginning with how they learned that is was up for sale. We hear about a man who approached the guys about buying the property on the day that they themselves bought it, and about a different buyer who tried to flip the property before he even owned it. Brian and John learned a lot in dealing with these buyers and they share those lessons with us.

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This Episode is Sponsored by

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Core Rentals offers full service, residential property management in Columbus, Ohio and surrounding areas. They are equipped to handle single-family and multi-family homes. Visit CoreRentalsOhio.com today to have the day-to-day operations of your rental property handled by professionals.

Covered Topics:

  • The quick and unique flip that Brian and John did.
  • Warning signs of different types of buyers.
  • What this deal has taught the guys, especially with pricing.

Show Notes:

  • 01:25 - Things going on lately.

          - An electrical fire at a property.

          - Two closings happening later today.

          - Considering renting properties on Airbnb.

  • 04:09 – A quick and unique flip that the guys did.

          - The property being south of where John thought the popular area was.

          - Budgeting for the rehab and closing the deal with the seller.

          - Being approached on the same day by someone who wanted to buy it.

          - Getting contacted by a realtor.

  • 07:41 – Getting into contract with a buyer and their agent.

          - The person who the guys had agreed to sell their property to trying to flip it before he owned it.

          - The buyer begging to extend the contract.

          - Increasing the selling price.

  • 10:23 – The aftermath of the deal.

          - Lessons that the guys learned from this experience.

          - A different property getting flipped after the guys sold it.

          - Another property in Worthington that this happened to.

          - The profit that was made from the original property.

 

Topic Takeaways

  • Be diligent in your research. Someone could be trying to Wholesale your property without your knowledge.
  • Don’t be too conservative or too risky. Find your balance.
  • Through the buying process, it’s okay for your strategy on a property to change.

Tweetable Quotes

All realtors know how to check the MLS, but if you’re a realtor and you’re dealing with investors, it’s your best interest to get on those wholesalers’ lists and try to find off-market deals. You’re still going to make your commission.” (Tweet This!)

We were ultra conservative. I think the lesson that we learned is that we should have blasted it out [to our email list] at a higher price.” (Tweet This!)

Brian Rightler John Horner Core Developements

Welcome to the Take Action Real Estate Podcast! 

Our hosts, Brian and John, created Take Action Real Estate: the website, podcast, and blogs to help YOU. We want to share our experiences and knowledge and help you get started without making the same mistakes we did.

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