March 28, 2019

Episode 40: Deal Breakdown: Foul-Smelling Flip Turned Out to Be Our Most Profitable Yet!

ep 40

Brian and John talk about one of their most profitable flips ever in this week’s podcast. The property was located in Upper Arlington, a neighborhood in Columbus with a great location that demands a high price.

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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 today to have the day-to-day operations of your rental property handled by professionals.

Covered Topics:

  • The buying, rehab, and selling of a property in Upper Arlington, Columbus.
  • Various mistakes that Brian and John made because they were still fairly inexperienced.
  • Advice for dealing with home inspectors.

Show Notes:

  • 01:01 – What’s been going on this week.

         - Bank approval on the purchase of some apartments.

         - Leads that have been coming in because of this year’s increase in marketing.

         - The marketing schedule that John has been following.

  • 05:08 – Introducing the Upper Arlington property.

         - The prestige of living in this neighborhood.

  • 06:28 – How the property came to the guys’ attention.

         - Receiving a form through their website but being unable to contact the owner by phone.

         - The surprising interior compared to the clean exterior.

         - Walking through the house with the owner and connecting her with a real estate agent.

  • 09:34 – Buying the house and doing the first renovations.

         - The price that Brian and John thought they’d be able to sell the property for.

         - Going into the crawlspace and discovering that its floor was concrete.

         - More strange flooring in the front doorway.

  • 13:41 – Continuing on with the renovation.

         - Damaging the new refrigerator that the guys bought while trying to get it in the house.

         - Re-siding the whole house.

         - Oddities about the roof and the master bathroom.

         - Fixing the sunroof and closing off a closet.

  • 18:23 – Listing the property for sale.

         - Realizing that the comps were way higher than Brian and John’s expected price point.

         - Receiving a cash offer within forty-eight hours for the listed price.

         - The most particular inspector that the guys have ever experienced.

  • 21:19 – Returning to the property about a year after selling it.

         - The house being sold for even higher without any more renovations.


Topic Takeaways

  • Don’t want until downtime to do marketing, especially direct mail. It can take a while to see the results, so plan ahead.
  • Oddities of a house can become selling points with some creativity.
  • Hiring a company to deliver and install your appliances will reduce your risk.
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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