6 Facts to a Real Estate Flip Or Flop

If I can get this property for what would I buy it for No no no Bob No Bob- I did everything myself in here that is not how'd you do the business And that right there is a house that I have already flipped as well I already know that I can flip this house to a buyer on my buyers list coz I have a strong buyers list in this area Hey what's up guys John Cochran here and today is System Saturday, the day that I bring you a system that I use in my business you can rip off duplicate using your own local market now if you haven't been to one in my live events yet, why not I only deliver my entire blueprint to you which qualifies you for a five hundred thousand dollars line of credit to do deals with. Now we're here in Zinio Ohio at a property that I have accepted right now that I can get out of if I choose to but on today's session what we're going to do is we're gonna play deal or no deal I'm gonna walk you through this property and so you can see it I'm gonna tell you the numbers on this thing and then you can tell me Deal or No Deal and then I'm going to tell you what I did this property right here in Zinio Ohio is a three-bedroom one full bath home this property was also it has 1460 square foot built in 1949 okay the list price on this property was fifty four thousand six hundred dollars and I got accepted for thirty thousand five hundred and seventy-six dollars at 44 percent off of list price okay so let's go and take a look at this real quick and that's a big discount that I got on it and I just wanna show you the inside of it ... ow! one thing that I forgot to tell you that be four you see the inside of how beautiful it is is that this property last sold in 2006 for 133,000 dollars how do you like that for a spread so let's go in inside of it right now check out these nice beautiful pavers why we're walking into this home alright so soon as you get in here you're going to notice that its kinda little bit weird this whole doesn't need a little work but obviously you can tell from the numbers a what it last sold for and then what we bought it for there's a lot of spreading here so as soon as you walk in it feels a little bit weird coming inside here but you're also going to notice extremely these hardwood floor they're nice hardwood floors kinda reminds me of the whole basketball court hardwood floors structurally this thing is pretty sound structurally this property is pretty sound so this would be the living room area and these older homes which is really cool is that you have the wood working the base working that is wrapped in a around which is always pretty cool features and home like this so come right into this back room right here, this used to be the backyard so this used to be the backyard if you look right here that this was the back to the house okay they did in addition to this which made this and extra room in here and here is where they had you they got nice little deck and then they have the backyard which is absolutely amazing, it's big for an area like this it doesn't have many trees on it which I loved it's just pretty nice open backyard that you know your kids could play in one thing that I don't really understand is that on the desk deck right there is that the railing of it is really kind a low right there so put a nice fireplace in here I don't know why they put this addition maybe just to make it a little bit larger making it the the 1400 square foot or whatever when you come in here missing this kitchen is complete makeover first of all, it is extremely small for what people are wanting right now but this thing it doesn't have much cabinet space you'd have to do a little bit of work to this and those cabinets are not going to cut it new kitchens? that don't bother me. Fuse box right here for the electric pannel right here on newer breakers which is good but typically most people don't wanna see those right into their kitchen so I would probably depending on what I do with this I would probably look at relocating that. This is something that I do not understand so a this brick right here for the flooring, I've never seen that in a properly of real break but in Zinio Ohio you got anything so good water here good water here that's a its a really honestly probably just within about five years old and then you have the furnace which is a pretty old the furnace is a pretty old furnace right here but I can tell you that this thing right here need completely redone door right here going to the two car detached garage and I don't show garages on any video that I do because if you've seen one garage pretty much seen them all. So this one's got a two-car detached garage. This is all solid oak very very sturdy right here. I told you this stuff look sound but hear this going up to the stairway I would hate to carry a bedroom a bedroom furniture up hear or a bed or anything up here I'm really wouldn't want to do that cuz of the spiro of it and then you've got three bedrooms you got the three bedrooms with the hardwood underneath okay see you got a one bedroom right here nothing too about it. I don't understand this whole built ins but that is very very easily taken out you got the other bedroom ok so you got the other bedroom right here with nice *** carpet right here Closet, extremely small but not a big deal in these older homes you have the slant to the roof right here that's that's very typical for a home this age okay and then this you have the big closet I'm just kidding this is the bedroom as well so here is the third and final bedroom They did an awesome paint job you got the blue and purple right there and then you have the closet right there so my question after viewing this property let me tell you the numbers of this again list price: 54,600 dollars I got it accepted as through a blinded bid of 30,576 dollars. This thing last sold for 133,000 dollars, my estimate on this property was that it would need thirty to thirty-five thousand dollars worth of rehab to it. So my question to you is Deal or No Deal. No deal all day this property is no deal so even though there's a great spread in their this probably means a lot of work the layout is weird in there there's a lot of features in there that are just weird to the to the market now and as I look at the COMPs right here even though this property need to anywhere between 30 to 35, 40 thousand dollars worth of rehab I look at the comp slowest thing active up onto the market is 49 9 and it's been on the market for 22 days is still hasn't sold, this one clearly up in the market from 54 6 I't is up on the market for 215 days, it is still active or, so and then you also have all the sold COMPs so if I was to sell this property I would have to sell somewhere close to ninety thousand so I have to sell it close to to 90,000 to a 100,000 If I have to theel you this is not a ninety two hundred thousand dollar market even though the COMPs say that it is okay so the COMPs the sold COMPS, eighty thousand nine hundred dollars sold in 259 days and there's another property from 90,000 sold for 500 45-day so the days on market is way too long on this it needs way too much work and if I'm going to put thirty to forty thousand dollars in something I need to make at least fifty thousand dollars on my return and the numbers are not here on this deal so no deal never do a deal like this comment on the video below let me know what you think and I'm out No Deal