Estimating Rehab Costs: Red Flags & House Flipping Tips (Part 2)

The biggest hurdle for house flipping? Estimating rehab costs (accurately!). Welcome to part two of a rehab estimation masterclass with real estate mogul James Dainard! As mentioned in part one, James has created a multi-level brokerage where he has been involved in 3,000 transactions. His excess experience has allowed him to create an almost scientific process for his flips. In today’s podcast, James builds off part one and gives you a step-by-step guide on how to emulate the process that has given him his success.

James goes over what and who to bring when visiting a property, closing on a property, writing a contractor contract, and finalizing a project to perfection. Each process includes tedious details that may seem daunting at first, but as the saying goes, the devil is in the details. While the initial steps may seem meticulous, once you begin making the process repeatable and do it continuously, it’s second nature. James perfected his flipping and renovation processes through trial and error, and if you listen closely you can avoid commonly made mistakes and have an advantage over most new investors. To be the best you have to learn from the best—so listen closely!

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Join the Real Estate Rookie Facebook Group:
https://www.facebook.com/groups/realestaterookie
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Watch the Biggest Red Flags When Buying a House (Flips & Rentals) w/James:

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10 Things to Look for in a Final Walk-Through:

10 Things to Look for in a Final Walk-Through

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How to Flip a House and Make a Profit:
https://www.biggerpockets.com/guides/how-to-flip-houses?utm_source=youtube&utm_medium=description&utm_campaign=none
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Follow James on Instagram:
@jdainflips or https://www.instagram.com/jdainflips/
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Check out James on YouTube:
@projectre or https://www.youtube.com/c/ProjectRE
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Connect with James on BiggerPockets:
https://www.biggerpockets.com/users/heaton?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Tony and Ashley on BiggerPockets:
Ashley: https://www.biggerpockets.com/users/echopm?utm_source=youtube&utm_medium=description&utm_campaign=none
Tony: https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none

Episode 166

Show notes at: https://www.biggerpockets.com/blog/rookie-166?utm_source=youtube&utm_medium=description&utm_campaign=none

00:00 Intro
02:15 What & Who to Bring to a Walk-Through
18:53 Team Member Red Flags
19:43 Next Steps After Purchasing the Property
25:25 The Benefits of Getting a Licensed Contractor
28:08 How to Write a Contractor Contract
31:49 How to Finalize a Flip (Perfectly!)
36:19 How to Gain Experience
41:36 Connect with James!