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A REAL estate agent made a hefty profit from his recent house flip.
He took to YouTube to share the details of the flip as well as some practical tips for those interested in house flipping.
Jack Motley, a YouTuber and real estate agent, flipped a home and made a profit of around $100,000Credit: YouTube / Yak Motley
A STEAL
Jack Motley, a YouTuber and real estate agent (@YakMotley), hopped on social media to share the details of his most recent and most successful house flip.
In the video, he called the flip “one of the best real estate deals I have done to date.”
The home, located in Pensacola, Florida, featured three bedrooms and one bathroom, and had around 1,100 square feet.
He described how the home was supposed to be a quick flip with a projected $50,000 in profit, but it ended up being drawn out.
The property was initially contracted for $167,000 by the wholesaler, but Motley was able to negotiate a lower price, at $145,000.
He also paid $25,000 to take over the contract rights from the wholesaler.
Motley then put around $3,000 to $4,000 into the property, for repairs such as sanding the floors, painting the home, and fixing the back patio.
He ended up selling the property for $280,000, making a little over $100,000 after all the closing costs and expenses.
“It was a steal for the wholesaler, if he had done the work for himself,” said Motley.
TERMITE DAMAGE
During the video, Motley showed himself under the home, explaining how the inspector said that the home had termite damage and that he needed to fix it.
Motley cleaned up the surface termite damage using a saw to get rid of any signs of damage, and proceeded to attach new boards to the old ones.
He called the process “overkill” and said that the boards were fine.
“It’s surface, it scares people. If they say termites, everybody runs.
“I’m actually going to start buying houses that have had termites because everybody gets scared and it’s minimal, usually,” he said.
HOUSE FLIPPING ADVICE
Throughout the video, the real estate agent offered advice for those interested in flipping homes.
He said that, “If i can do it, you can do it,” explaining that anyone can flip a home as long as they understand a few things.
Location is Key
He started off by saying that one of the most important things to consider when buying a real estate flip is location.
Motley described his property as having a great location: it was near a county park, the beach, the Blue Angels Runway, and a boat ramp.
He noted that the property’s location would attract a crowd during the summer and would make a great Airbnb to rent out.
2. Build Up Your Network
A second piece of advice that Motley offered to his viewers was that “your network is your net worth.”
“Real estate is about getting the deal and knowing what to do with it,” he said.
Motley noted that he has been going to an investor’s guild for years to build up his network.
3. Don’t Over-Renovate
He explained that one of the traps of flipping real estate is trying to over-renovate.
“Make it financible, make it clean, make it modern, and then let it go.”
He noted that his property was a prime example of a great house to flip.
“It had everything for a modern house. All we had to do was fix the floors, fix the minor imperfections, fix a couple boards around the house, and then market it well,” he said.
“You want to find properties that are cosmetically damaged and you can fix it, and that’s what we did – nothing that needed massive work and permits. It was all quick and easy, and that is the gold post of real estate.”
In other house flipping news, one couple bought a $50,000 house using ‘hard money’ that sold for $145,000 after gutting it.
Also, a home flipper bought a home for $15,000 up front and made a $64,000 profit.
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This article was originally published by a www.the-sun.com . Read the Original article here. .