The David Greene Show
Lessons From Failed Flips with Tedman Cheng | Episode 36
Feb 6, 2025
Tedman Chang, a real estate flipper based in Austin, shares his tough lessons from challenging property flips. He discusses navigating tricky market conditions and the pitfalls of contractor relationships. Tedman reflects on the emotional toll of investing, emphasizing the significance of maintaining a steady income during transitions. He highlights the complexities of renovations and the need for thorough market analysis to avoid costly mistakes, offering encouragement for others facing similar hurdles in their real estate journeys.
36:02
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Quick takeaways
- Understanding market dynamics and broader economic indicators is essential to avoid pitfalls in real estate investment decisions.
- Thoroughly vetting contractors and having contingency plans are crucial to mitigate risks associated with renovation projects in real estate.
Deep dives
Lessons from Failed Flips
Real estate investments can be fraught with risks, as illustrated by the experiences of a flipper who encountered multiple challenges in his projects. One significant issue arose when the initial projected sale price of a flipped property was based solely on comparable sales data, without considering underlying market dynamics. Prices dropped significantly after listing, primarily due to rising interest rates and increased inventory from competing listings. This highlights the importance of not only trusting the numbers but also understanding the factors that influence them in a changing market.
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