Episode #858
One real estate investing mistake cost house flipper James Dainard $380,000. This mistake was so bad that, in the long run, it may have cost him up to three-quarters of a million dollars. So what was the grave mistake a multi-decade veteran house flipper made that would bankrupt the average real estate investor? Stick around to find out unless you want your house to literally start falling off a cliff (like James’ did).
James has been doing real estate deals in Seattle for two decades. He’s flipped hundreds of houses, but even the experts get it wrong sometimes. Piggybacking from our last episode, James will walk through one of the worst house flips he’s EVER done, the mistakes he could have easily avoided, and why you never, EVER close on a flip until you have permits in place.
Want to hear last week’s episode about the live in flip that cost a new mom over $300,000? Click here to listen to the episode: https://www.biggerpockets.com/blog/real-estate-857?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Make a 120% Return by Buying “Negative” Cash Flow Real Estate:
https://www.biggerpockets.com/blog/real-estate-853?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with James:
BiggerPockets: https://www.biggerpockets.com/users/jdainflips?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @jdainflips or https://www.instagram.com/jdainflips/
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Connect with Mindy:
BiggerPockets: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none
X/Twitter: @MindyatBP or https://twitter.com/mindyatbp
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Rob: https://www.biggerpockets.com/users/robuilt?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Rob (Robuilt):
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YouTube: https://www.youtube.com/c/Robuilt
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Show notes at: https://link.chtbl.com/BPRE
00:00 Intro
00:47 A $380,000 Loss!
02:49 The House…Fell Over!?
05:46 It Gets Worse…
11:03 Lessons Learned
15:21 Time Can KILL Your Deal
