Real Estate Rookie

How to Do Your FIRST House Flip in 2024: Budgets, Renovations, and Loans

Oct 30, 2024

Rene Hosman, community manager at BiggerPockets and a rookie house flipper, shares her thrilling journey of tackling her first renovation project. She reveals how she snagged a competitive property in Denver, secured quick funding from a private lender, and developed her budgeting strategies. Listeners learn about estimating rehab costs, managing a financial buffer, and the advantages of investing in familiar territories. Rene’s real-life insights provide a roadmap for aspiring flippers stepping into the vibrant real estate market.

36:28

Creator website

Episode guests

Rene Hosman

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Rene highlights the importance of securing financing through personal connections, demonstrating how networking can provide access to private money lenders.

To effectively manage budget estimates for her house flip, Rene emphasizes incorporating a financial buffer and utilizing community resources for informed decision-making.

Deep dives

Renee's Introduction to Real Estate Investing

Renee Haussman was drawn to real estate investing for the stability it offers, contrasting her previous work in the hospitality industry, which was marked by significant ups and downs. Her initial experience in real estate started when she purchased a condo in Denver, where she leveraged the opportunity to house hack by renting out a spare bedroom. Over time, she acquired additional properties within the same building, establishing a foundation of real estate knowledge and confidence. This led her to explore the house-flipping strategy, which she embarked on with caution, acknowledging the importance of having multiple exit strategies such as flipping or refinancing.

Intro

2min

Rookie Real Estate Adventures

4min

Navigating HOA Dynamics and Off-Market Property Transactions

4min

Maximizing Opportunities with Right of First Refusal

16min

Maximizing Efficiency in House Flipping

4min

Estimating Rehab Costs for House Flipping

5min

Want to know how to flip a house in 2024? We brought on a rookie with a real-life deal to walk through every beginner step of flipping houses so you can go out and make money, too! We know Rene Hosman as our community manager here at BiggerPockets, but she’s also a brand new house flipper! She just got her first house flip under contract, so we’ll be bringing her on the show to share her progress and teach YOU how to do it today.

In part one, Rene describes how she found this deal in the pricey and competitive Denver, Colorado, area. Next, when she wanted to make an offer on the property, she realized it HAD to be made in cash, but she didn’t have the funds. What did she do? She found a lender who lent her the money in just around twenty-four hours! Don’t think it’s possible? Rene shares exactly how she found this lender, how much they charge, and why she went with them.

Next, how do you estimate rehab costs for a home renovation? Rene brings her ACTUAL house flipping budget to show off in today’s episode, plus where she’s finding materials and how much of a financial “buffer” she’s giving herself (in case something goes wrong).

In This Episode We Cover:

How to flip your first house in 2024 by following Rene’s basic steps

Flipping a condo and how already owning in the building can be a HUGE advantage

Private money lenders and how to fund your first flip in just twenty-four hours!

How to estimate rehab costs and why you MUST give yourself a “buffer”

The exact costs Rene will pay to fund this $190,000 flip

And So Much More!

Links from the Show

Ashley's BiggerPockets Profile

Tony's BiggerPokckets Profile

Join BiggerPockets for FREE

Real Estate Rookie Facebook Group