The Cost of a Rehab Project

JP: "I've made all those mistakes. I had a contractor who pulled the roof off a house, it rained all the drywall falls through and I don't fire him" The rehab ended up costing $54,000 and the ARV on it was $230 and currently under contract at $237 with some concessions. It's just something over time that you've eventually get better at," he said.

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Feel like you’ve already made a few blunders to kick off your real estate investing journey? Well, you’re in great company. Most real estate rookies make their fair share of investing mistakes right before they figure things out and go on to build successful investing careers. Today’s guests are living proof of this.

After a series of failed house flips (including one that involved his family home!) put him behind the eight ball, JP Desmet’s real estate career was almost over before it had even begun. As with all great success stories, however, his next step was his most important one—he asked for help! After reaching out to seasoned real estate pro Aaron Bihl about a potential investing opportunity, JP was able to make a serious profit off his very next deal and ultimately turn around his real estate fortunes.

JP’s story is one of pure grit and mental fortitude. Rather than throwing away his dreams of real estate investing, his willingness to not only fail but also learn from his mistakes allowed him to bounce back in no time. If you’re a fellow real estate rookie, you won’t want to miss JP and Aaron talk about their first house flip fails, how hiring a bad contractor can quickly derail a project, and how working with a mentor can turn your very next deal into a huge success!

In This Episode We Cover

How a mentor can help you avoid all types of investing headaches

The biggest red flags to watch out for when hiring a contractor

Where to find the best contractors for your home rehabs

Getting in and out of deals quickly in today’s market

Finding hard money and private money lenders

Ways to mitigate the effects of debt you take on during the buying process

And So Much More!

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