BiggerPockets Real Estate Podcast 173: Flipping 100+ Houses in an Expensive, Competitive Market with Steve Jones
May 5, 2016
01:05:09
House flipping can be incredibly profitable and fun — but for many people, trying to make it work is next to impossible because of the high cost of homes. That’s why on this episode we’re excited to chat with Steve Jones, a house flipper from Southern California who has flipped over 100 deals in his neighborhood. Steve’s advice is rock solid for anyone looking to grow their real estate business — and you are going to love his advice about open houses. Steve’s perspectives just might change how you do real estate forever.
In This Episode We Cover:
- Thoughts on investing in Southern California
- How Steve got started in real estate
- The first home he flipped
- What exactly a “condo conversion” is
- How he’s done over 100 flips so far
- How Steve finds his deals
- What you should know about looking for hidden value
- Steve’s formula for evaluating a deal
- How he flips a deal
- What he typical spends on a normal rehab
- The worst flip he’s ever done
- How to think with the buyers in mind
- Tips for getting an A-team contractor
- How to learn from contractors
- The importance of developing a thorough scope of work
- Why deals are relationship based
- How to calculate land value
- What happens when people lose their money
- Things that he loves about flipping houses
- The “slow flip”
- Becoming an expert on your neighborhood
- And SO much more!
Links from the Show
Books Mentioned in this Show
- Rich Dad Poor Dad by Robert T. Kiyosaki
- Why We Buy: The Science Of Shopping by Paco Underhil
Tweetable Topics:
- “We always bring the indoors outdoors — and bring the outdoors in.” (Tweet This!)
- “You have to have an appetite for risk.” (Tweet This!)
- “Your best price is always going to be your first price.” (Tweet This!)
Connect with Steve
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