Fix and Flip Day 1

Complex processes and decisions are made clear with this guide to purchasing a property, making improvements, and selling.

40
Hrs
Mins
Secs
6
7
36
SEGMENTS DURATION
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INSTRUCTOR

Heather Hering Brown

Heather has a master’s in accounting and has worked in the construction & remodeling industry for over a decade. Her business Innovative Custom Homes, LLC strives to make each home a work of art and craftsmanship that will stand the test of time. Heather serves on the Board of Directors of her local home builders association and has been recognized internationally for her work winning the 2018 Small Residential Builder of the Year at World of Concrete.

Description:

Timing is pivotal in the Fix & Flip strategy. Learn how to analyze the ideal target property, then identify the specific steps that will be required during the Fix & Flip process for that property to achieve the highest success and massive profits. Decide which tasks to undertake personally when doing a Fix & Flip, and when and how other tasks should be delegated to sub-contractors and team members. Learn the specific “how-to’s” that generate on-time project completion and profitable margins. We will review the acquisition, repair, escrow, and marketing processes, in addition to detailed property evaluation strategies which allow you to estimate repairs accurately the first time. Find and recruit with the best people for your team and learn effective strategies in positioning your investment property for sale. Make sure you know the target market of your property, and the attributes that will make that property valuable in that area.

  • 1

    Pre-Assessment

    This Pre-Assessment is to raise awareness of your current knowledge level and give you a glimpse of the information covered in this course.

  • 2

    Class introduction and Instructor Background

    Ben and Heather are highly qualified instructors who practice what they teach and do it with incredible success.

  • 3

    Instructor Background, Continued

    From real estate to marketing, the Echevarrias share their background and motivations.

  • Show all 40 segments

    • 4

      The Business Plan

      The importance of a business plan, complete with a personal example and business plan form.

    • 5

      Class Expectations and What is a Fix and Flip?

      Day 1 of this course will cover business foundations, determining property values, getting to know your market, and several other topics.

    • 6

      History Repeats Itself and What is Pre-foreclosure?

      How can we use our knowledge of what happened in the past to help us make decisions about real estate now?

    • 7

      The First House

      Ben shares their experience with their first Fix & Flip house, and what they learned from the process.

    • 8

      Foreclosure Timeline and Bank Disposition

      Though there are variations in details from state to state, the general process is the same.

    • 9

      Bigger House Example

      The instructors use a personal example as part of their glance at real estate history, addressing concerns from the time that may be valid today.

    • 10

      Exploring Other Markets

      Why can looking at houses in other markets, where you do not plan to do transactions, be a good thing for your business?

    • 11

      New Construction

      Why the Echevarrias chose to go into new home construction and become general contractors.

    • 12

      Referrals

      Know when to accept referrals and when to pass.

    • 13

      Older House Example and Lead Paint

      Some older properties present specific difficulties when fixing, but can still be profitable if you know how to address the situation.

    • 14

      Property Lines and Surveys

      How to handle property line discrepancies so all parties are pleased.

    • 15

      History Repeats Itself and The Remodel Approach

      The Instructors compare our current market trends to those in the past. They share their experience with adjusting a home to conform to requirements.

    • 16

      Replacing Income and Keeping an Open Mind

      As an investor, keep an open mind and be willing to adjust to the current market conditions and opportunities.

    • 17

      A Fitting Approach for Today's Market

      Be willing to consider all the options for a property and think outside the box.

    • 18

      Professionals and Permits

      Why it's worth it to utilize professionals to accomplish tasks and create a refined finished product.

    • 19

      Estimates and Analysis

      Whether a buy is right or wrong can often be due to the number of options available for a purchase.

    • 20

      Building Your Team

      Communication between the various players of your team is crucial. The instructors begin offering information on the people included in a team.

    • 21

      Building Your Team, Continued

      A discussion of lenders and contractors finishes up the team-building topic.

    • 22

      Tools of the Trade

      How necessary is the MLS? The instructors share the common tools they use to locate potential properties.

    • 23

      Getting to Know Your Market and Property Viewing

      Become familiar with the five steps to getting to know the market and the provided list of property viewing components.

    • 24

      Property Viewing Components, Continued

      Ben and Heather continue to discuss the list they've provided and show you the property inspection sheet.

    • 25

      Contingencies and Price Points

      Regularly reconciling the budget and staying on top of every single cost will make a huge difference in an investor's ability to stay on budget.

    • 26

      Budget Example

      The instructors will use the comparable research form as they analyze this example property.

    • 27

      Comparables

      Heather walks the class through her process of using comparable properties to determine profitability of the property.

    • 28

      Comparables, Continued

      After using 4 different comps, and answering class questions, the instructors demonstrate use of the property number analysis sheet.

    • 29

      Question and Answer

      Several questions addressing use of the property number analysis sheet.

    • 30

      Auction House Comps

      A walk-through of a few comp properties shows how the instructors make decisions about the properties they invest in.

    • 31

      Auction House Comps, Continued

      The comp process is wrapped up for the auction house and the property number analysis sheet is brought out again.

    • 32

      Staging and Siding

      Is staging necessary and useful?

    • 33

      Estimates and Appraisal

      What to do to ensure your appraisal is done correctly and to get an accurate number.

    • 34

      Neighborhood Aesthetics

      How much does the aesthetics of a neighborhood play a role in the value of a property?

    • 35

      Contemporary House and Thinking Creatively

      A current project is shown to demonstrate the importance of seeing more than the current state of a property.

    • 36

      Contemporary House And Pet Smells

      The instructors cover some of the challenges they faced in this deal.

    • 37

      Contemporary House Flip Progression

      The property begins to show possibility, as progress is made in the remodel.

    • 38

      Contemporary Home Comparables

      The comparable research sheet is used again to determine the likely selling price of the property.

    • 39

      Contemporary Home Property Analysis

      Property number analysis sheet is used to calculate final numbers for the property purchase.

    • 40

      Post-Assessment

      This Post-Assessment is to measure your increased knowledge and see how much information you have retained from the course.

  • 40

    Post-Assessment

    This Post-Assessment is to measure your increased knowledge and see how much information you have retained from the course.