Podcasts Business Flipping America Updates and Issues

Updates and Issues

Published: May 6, 2018, 8:32 p.m.

FAR 067 Expected Air Date: 9/17/17 News:

  • Partners REIT announces distribution of $0.02083 per unit. 2 cents per unit. So my 1000 units would make me $20! There are 45,731,683 Units outstanding. Thus the payout is $952,591.
  • Billboard for Offerpad. We will buy your home. Sounds great. Another version of \u201cif I can\u2019t sell your home I\u2019ll buy it for cash.\u201d Offers appear to be 12% below current value, when all fees are factored in.
  • Article CNBC. Flipping on the decline as prices increase. 5.6% 2nd quarter, 6.9% 1st quarter.
    • According to NAR, 5M existing homes sold in the US in 2016.
    • 300,000 sold by investors or house flippers. (6%)
    • Avg price, 240,000.
    • RE Investors sold $72B in 2016. Not a trifling amount.
Scams:
  • Corey, from West Allis, WI \u201cWhen is it OK to give my contractor money up front. All of the contractors I speak with want half the money before they will begin the work. What should I be doing to protect myself?\u201d
  • Scam is where someone gets your money for nothing (or very little effort).
    • Pre-payment for loan
    • Pre-payment for remodeling
Emails: Questions@flippingamericaradio.com Tell us where you\u2019re from! Freddie, from Cleveland, GA: I\u2019m looking at buying a manufactured home as a rental. It\u2019s only $3,000 and I can get $350/month for it. It\u2019s in rentable condition now and it\u2019s on a lot that comes with the purchase price. What else should I be considering?
  • I\u2019ll take it!
  • What\u2019s the value of the land?
  • Consider selling under an installment land contract.
Damon, from Akron, OH: \u201cWhat is the most I should pay for my first flip?\u201d Andy, from Snellville, GA: \u201cI cracked up when I heard your answer to the lady from Rhode Island asking if she could get all the information about flipping houses for free on the internet. Would you spend a little more time going over all those topics again? It sounds pretty complex.\u201d