BiggerPockets Real Estate Podcast

I Said I'd Never Flip a House...Why I’m Starting in 2025

Dec 18, 2024

James Dainard, a seasoned real estate investor and author of "The House Flipping Framework," joins to discuss his partnership with Dave, who’s venturing into house flipping despite initial reservations. They explore key investment strategies, including how to identify promising properties and crucial questions to ask before diving in. The duo details their recent Seattle acquisition, renovation plans, and potential challenges like asbestos. Dainard shares expert tips on building relationships with wholesalers and navigating property assessments, making this an insightful journey for aspiring flippers.

40:32

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Episode guests

James Dainard

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Episode notes

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Quick takeaways

Dave's collaboration with experienced flipper James Dainard allows him to enter the flipping market without hands-on renovation skills.

The podcast emphasizes the importance of swift decision-making and structural analysis when investing in house flipping projects.

Deep dives

Exploring a New Venture in House Flipping

The speaker, previously opposed to flipping houses, has embarked on a new project in collaboration with seasoned flipper James Dainard. This change in stance was influenced by witnessing the success of a friendly competition where James achieved significant profits in his flip. The speaker recognizes that participating in a flip can offer substantial financial upside, even when someone lacks construction expertise. The partnership with James, who has extensive experience in house flipping, presents an opportunity to learn and engage in a strategy previously deemed too risky.

Intro

3min

Flipping the Script: A Seattle Renovation Journey

6min

Evaluating House Integrity and Flipping Strategies

5min

Navigating Property Acquisition and Renovation

5min

Navigating Real Estate Partnerships

7min

Navigating Real Estate Partnerships

16min

Dave said he’d never flip a house. He doesn’t have the handyman skills; he doesn’t like managing contractors, and he can’t design a floor plan. So why now, coming into 2025, has he decided to flip his first house? It’s simple—an opportunity was presented to him that he couldn’t pass up. Partnering with expert investor James Dainard, Dave is flipping this house with James acting as the operator and Dave as the investor. If you’ve ever wanted to get into house flipping but felt like Dave, this episode will show you how to start.

If Dave isn’t managing contractors or handling permits, what role does he play? Today, Dave and James are walking through their unique house-flipping partnership, explaining why James made an offer on the property within hours of hearing about it, their rehab budget, renovation plan, potential profit, and some hiccups they could run into (asbestos!).

James is even sharing his expert tips on how to know a property is worth buying for a flip and questions you must ask a flipper or lender BEFORE you start working with them. We’ll keep you updated on this flip’s progress so you can see exactly what goes right, what goes wrong, and how much money this property will make!

In This Episode We Cover:

How to invest in house flipping even if you have ZERO renovation/remodeling experience

Finding the deal and why you need to have relationships with wholesalers

How to spot a great potential house flip—and one HUGE red flag to avoid at all costs

Two ways to raise money for your house flips (debt vs. equity) and the pros and cons of both

Picking a real estate investing partner and questions you must ask before you work together

And So Much More!

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