You're about to discover what most investors will never know about Flipping Houses. UPDATE: Many viewers have asked me very detailed… questions about what they learned from this video (see comments below).. To learn a whole lot more about Flipping Houses, go to and use the coupon code "freedommentor" to get it for free
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Hello Phil. Great video. Quick question: Usually, closing time is 45 days. What happens if one cannot find a contractor-investor-buyer in this period? Does not one have to have cash ready to close the deal or loose the deposit?
Very simple clear plan. Or at least more clean cut than what people think and what I thought flipping a house would be. Thanks!
Hi Phil,
I am just curious, what would happen if you get a house under contract but can’t find a buyer? I understand that you are aiming to not put any of your own cash into the deal, but how much risk is there in being stuck with a house you intended to wholesale to another investor?
great video Phil. I went to a seminar in Manchester, NH a couple months back and I was consumed and blown away with what I was learning as I am by this video. I’m only 26 yrs old, I know real estate is BOOMING and I truly want to get in on this. I don’t have great credit or a lot of $ in the bank, but I have passion for getting involved and I was a salesperson. Buying something cheap wholesale and then flipping it for a small profit, quick sales. I would like to do that same thing with property.
Thanks for your answer Phil. One more question. As an investor, trying to work these type of deals, is it best not to work deals where a Realtor is involved; or should I ONLY deal with owners who are trying to sell the property themselves?
That’s great advice. Thanks for sharing. The number 1 issue new investors run into is contractors that leave them high and dry. Contractors are notorious for leaving jobs half way done.
Investors are understandably looking for the bottom dollar cheapest contractor they can get. You will get what you pay for.
Hey Phil, thanks for responding. Sorry for me not understanding, but you say if I held it for one year I would or wouldn’t have to pay capital gains? I’m just finishing up my second home, 1st one I’m renting, 2nd one I bought at a very good price and could flip. Love the videos, very educational!
This was my question too. I feel we need more help with understanding how we can get a house first in order to sell it/flip it. That’s the frustrating part. I already own a few properties and the banks won’t give me anymore money for that reason and other reasons… I work overseas a lot on contract jobs so my income to debt ratio fluctuates and I definitely don’t have enough cash to just buy another house. What can we do in this case? :'( Find a hard money lender? Is that the only way?
Hi Phil, Thanks for the tips! Great to find people that will provide facts versus trying to sell people a $10K-$40K seminar. My question is it wise to use a hard money loan being that their is interest that is accruing on it when flipping your property to the right contractor-investor buyer before or should you just use your own funds if it is under $100K?
Phil, thank you for your video. Having flipped dozens of homes my self I can attest to the fact that the profit always looks better at the buy point vs the end point. Getting the property flipped fast to a #wholesalehomebuyer and getting on to the next deal makes sense! Looking forward to more of your content.
After watching your video, I have decided not to be a contractor house flipper and pursuit your “Quick Nickel” flipping method. It makes a ton load of sense! Can’t pay for this type of advise… its simply priceless!
Hey Phil. I like your videos about real estate, I find them very educational. I decided I want to become a real estate agent myself even though I have to take real estate classes and take an exam to get my license first which I plan on doing in the near future. I would also like to know how long have you been in real estate for?
Since 2002.
My dad and I are planning on flipping houses this coming year. He does construction and has remodeled our house. He does remodeling all the time and he could get it done in about 2 months on the average house . Do you think him being able to do the remodeling himself will save us more money? Also, would buying property in the same area you live in be a good idea?
Thanks.
It does help when your partner, in this case, your father, can do much of the remodeling work himself. That will definitely save you money and the hassles of dealing with lying, cheating contractors. I think doing deals close to home is a great idea. But remember what you learned in this video and also watch this video too: https://www.youtube.com/watch?v=IKNpruaiZ_w
Or, sub-contractors who will run off on a easier, faster paying job and put yours on the back burner!!
Hey Phil, thanks for sharing this video. I’ve been thinking about becoming a real estate agent on the side while being a teacher. Thanks for the info. Looking forward to learning from you. God bless.
jeffrey lontajo This video may be helpful for you to watch: https://www.youtube.com/watch?v=7vS9basu8uc
The guy has a point. I’m a carpenter/contractor. It’s much more profitable for me than someone that has to hire a contractor. There’s many unexpected fees that could kill a deal in a hurry. One thing that sets me apart from regular house flippers is that I flip rental properties. Actually I convert bungalows in to double-units. I prefer to rent out a property long term after completing a renovation on it. Then you can refinance or sell to a partner, or sell completely. It’s actually quite profitable in my area. But obviously not all markets are the same. The properties need to be cashflowing if you expect to hold it long term. But this is a great way to insulate yourself against all of the fees mentioned in the video and unaccounted for costs. Long term cashflow and appreciation can be huge over time.Anyone interested in watching my wife and I flip rental properties, feel free to check out my channel!! Lot’s of cool rehabbing stuff.
Swinging The Hammer
Swinging The Hammer which area is that by the way?
Swinging The Hammer know your legal rights as for flipping houses. each state varies
Swinging The Hammer I’m also a contractor
Swinging The Hammer .. Then, your a framing contractor??
I can’t believe you actually shared the “secret”. Thank you for sharing your knowledge!! I purchased both of your books and looking forward to reading them. Thank you again!!
I can’t get enough of your videos and information. It is so inspiring and makes me dream big. I still have so many questions and lots to learn, but I don’t know how to make that first step out of my 9-5 and into FREEDOM!
Take this free video course: https://courses.freedommentor.com
Phil is the best. Thank you for being a teacher and telling the truth. Too many people are scamming us and telling us nothing. I need you as a mentor.
How could you combine this with the master lease option for those contractors that can put down a cash option but cannot pay for it outright or finance it?
I love your videos Phil this is just what I needed. You are a smart good dude. Thank you.
Gary
In my case I have access to cheap money via a set of home equity line of credits. So it seems like my best target audience would be a great contractor who doesn’t have the money to purchase it like I did but has good cash flow.
I love finding and making the deal but I don’t like the rehab. This is perfect advice for me. Thank you again Phil.
Gary
Hello , really enjoy watching all of your invigorating tutorials. My husband and I accidentally flipped our last two residences just because we didnt like where we lived. We have done moderately well. I was especially intrigued by your openmindedness in researching when you had ” gut instincts ” concerning a matter …with the real estate market. You had referenced several times that you would reveal the truth or the actual reality of what you had discovered in your experience and research. I greatly commend you in this matter….ofcourse you know …that this mindset and way of thinking can also be applied to other areas of life. Please pardon the unorthodox medium for me to disclose, a similar truth in an area of study that I have researched and discovered myself …much like your discoveries ….yet only in a different field entirely. I feel I am compelled to reach out to you because, just like the genius of your mentor…this knowledge gives you power …much like your real estate knowledge gives you power. This truth concerns Gods word the Bible. This particular truth , was not discovered by me , only I have learned and researched the evidence that I am sharing with you. This particular truth that I am sharing with you concerns a long held misbelief that God [ Jehovah or Yaweh or Jeshua whichever variation is used ] created the earth in 6 literal 24 hour days. I had always secretly wondered about this statement because as I also like science…I knew that each layer of sediment on the ground represented one year. Im not a scientist. I only have a high school diploma but I do have a brain. Any ways…I believe In God..from personal experiences and I feel He has always had a special love [ undeserved ofcourse ] for me and ofcourse for you. Simply explained….the word ” day ” in the Bible simply can mean either a literal day in some contexts .. a lengthy period of time..as in yesterday we went to the store….or much like your grandparents have repeatedly stated ….. ” back in my day if you didnt work…you didnt eat ” and so on and so forth. So ….the 6 “days ” that God created the earth …….simply are to be understood as 6 periods of times….possibly thousand of literal years in each time period . Just learning and researching this truth has had an extremely liberating effect on me and has also solidified my belief that God does have all the answers to our problems yet sometimes it takes a little openmindedness to consider a different view on matters. Remember, at one time in mans History …most people felt that the earth was flat. And that the earth was the center of the Universe. May God bless you and all that you do…as we see that He already has in many ways. ****Remember , when a mans ways pleases God….He makes even his enemies to be at peace with him. PROVERBS 16 :7 Highest regards, Lisa