Aug 23, 2021
The number 2 largest issue we hear about here at Flipping America is problems with contractors. For busy house flippers, it can be the very bane of our existence. Today - we take big steps toward solving this problem.
Fixing and Flipping homes is a business with a lot of moving parts. For that business to function properly, everyone must do their job. The biggest determiners of your profitability are your acquisition price and your renovation costs. And renovation problems kill many a good deal. But I can personally attest that if you have a great contractor, this business is much much easier.
Eric Ridenour is the Research and Strategy Director for Home DNB, Inc. (design and build), on the web at homednb.com. Home DNB is an industry disrupter that makes the reno process easy. He worked his way through college in landscape and specialty tile/stonework construction before pursuing his degree in business administration. Now in his work with HomeDnB he was featured in AUTHORITY MAGAZINE’s series of articles “House Flipping: 5 Things You Need To Know To Create A Successful Career Buying, Rehabbing, and Selling Properties,” was profiled in FORMIDABLE MEN magazine and is frequently quoted in media.
How to contact us
Follow Starr @realestateislifeatlanta on IG and Facebook
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Email your questions to questions@flippingamerica.net. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don’t mind.
Sponsors
Create the Life of Your Dreams. A free course at the Flipping America Academy.
Flipping America Funding: flippingamericafunding.com. Get the money you need for your business, for your training, for infrastructure, and for your projects. Flipping America Funding is your one-stop shop for all of your business funding needs. FlippingAmericaFunding.com.
Real Estate Investing Quick Start.
Announcements:
- The Buyers Club is open for new members for a limited time. I have a new video on our YouTube channel about the Buyers Club. As long as that video is up, we are accepting new members. When we reach capacity we will take it back down. Just go to YouTube and search Flipping America. You will see we are posting content that is both useful and a little bit fun. While you are there please subscribe and hit the notification bell so you will know whenever we upload new content.
Questions from Listeners:
Starr’s Questions from RILA:
- What are some good real estate investing apps to help solve challenges we face as real estate investors?
- From your experience, what are some of the best tax strategies for flippers?
- What are some great hedge fund platforms for investors looking for their next fix/flip or rental project?
- What is the best insurance to put on your property for repairs...like plumbing, HVAC, and etc?
- More and more investors are looking for more convenient ways to purchase property and land...How do you feel about buying online without physically seeing, and do you use any online purchasing platforms?
News and Resources:
- Steven Libman’s site: https://integrityhg.com/
- I differ in opinion on a few of these. https://learn.roofstock.com/blog/real-estate-trends-2021
- I told you more than a year ago that this business model is similar to the used car industry - complete with the dishonesty. https://www.housingwire.com/articles/ibuyer-offerpad-claims-profitability-pre-ipo/
- Meanwhile, OpenDoor, OfferPad’s predecessor and chief competitor, loses $144M. https://www.housingwire.com/articles/opendoor-ramps-up-but-loses-144m/
- Common sense predictions. https://www.noradarealestate.com/blog/housing-market-predictions/
Motivational Quote:
“As I hurtled through space, one thought kept crossing my mind - every part of this rocket was supplied by the lowest bidder.” - John Glenn