EP474: Matt Hedstrom Breaks Down the Fix & Flip Game, & Shares Common Mistakes that are Preventing You from Maximizing Profits

Matt Hedstrom has been a general contractor, turned investor, for the last 24 years and he shares the insider secrets you wished you had known sooner about fixing and flipping. Contractors can smell a new investor from miles away, and they're going to do everything they can to make their money. Matt shares some of the common things you have to be aware of before you get into the rehab game!

Key Takeaways:

• Who is Matt and how did he get started in real estate?
• You can't build an empire until you know your numbers first.
• Why do people screw up their numbers when it comes to this business?
• How do you navigate the market prices in big cities like New York or California?
• When you're doing flips, you are usually hiring C contractors. Matt explains what he means.
• How can investors not get eaten alive by their contractor?
• Matt has an amazing software right now that helps you estimate your repair costs.
• Alex made some huge mistakes when he got into his first rehab project. He learned some painful lessons.
• What's the best way to learn your numbers and to learn about this industry?
• Take your mentors or experienced investors out to a nice lunch.
• You gotta get out there and have discussions with people and talk.
• People often always end up spending more than what they estimated. How can you prevent that from happening?
• You're managing people. That's the hardest part of this business.
• Why is now the best time to get into the fix and flip business?
• What do you do if you know you're going to go over on a project?
• Really take time to reflect on the different aspects of the project and what's going well before you move on to your next fix and flip.
• Matt shares how he prepares for a fix and flip job beforehand.
• How has Matt had to adjust his strategy now that we're living in times of Covid?
• What has been Matt's biggest project horror story?
• Communication is KEY in this business. It's absolutely key.
• Why is Rehab Estimator Pro such a good tool?

MENTIONED IN THIS EPISODE:

Connect with Matt on Facebook

RECOMMENDED RESOURCE:

Rehab Estimator Pro Software: Calculate Rehab Repairs with Ease, Determine ARV, and Make Offers with Confidence!

ASCEND:

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. TWEETABLES:

"You can absolutely do deals virtually. Point blank. I wasn't a believer out the gate, and it's been a major mindset shift."

"If they say no, they're not interested. Group them not interested, but you have to call that group every quarter.."

"You got to sharpen your skill set, be stronger, and challenge yourself."

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