858: Real Estate Gone Wrong: The House Flip That Fell Over (-$380K) w/James Dainard
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!
In This Episode We Cover:
The biggest mistake house flippers can make when investing in 2024 and beyond
What to do when your house flip suddenly stops making financial sense
Foundation issues and how to correct a house that’s literally starting to slide
Forecasting permit times and how not doing so can cost you over $100,000
Why you always, ALWAYS need to have emergency reserves on hand when doing a home renovation or house flip
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
Be a Guest on the BiggerPockets Podcast
How to Make a 120% Return by Buying “Negative” Cash Flow Real Estate
Connect with James:
Hear James on the “On the Market” Podcast
Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-858
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