I finally bought my dream home !! Attached pictures. Let's talk a second about buying homes in ...
Tal Levi - MentorMind - Tal Levi
I finally bought my dream home !!
Attached Images.

Let's talk a second about buying homes in shock.

It's a little stressful, right?
Two years ago I probably would not have come close to such a house,
I had a little less experience in renovations,
But by that time I had not yet developed the ability to see
are you vision (Vision) of such a house after renovation - the upheaval!
I would go into a house like that or see it in the pictures, and say to myself -
"Wei wei some ruin. What a huge renovation there is,
That would be a mess. I'll give up and that's it. "
Instead, I would do smaller, medium renovations,
And not of completely demolished houses, and the truth is learned from every renovation.
This is probably what has also paved the way for the major renovations I am ready to undertake now.
Over time, I started going over such houses with contractors,
And pay attention to every word they say -
What needs to be changed in terms of infrastructure,
What walls can be moved,
Which kitchen to put (including marble, cabinets, island, etc.),
What will the bathroom look like
What floor women in which room,
What color will we paint the walls,
Lighting fixtures and more and more…
And suddenly - I could see it !!!
It didn't happen right away, I had to see some assets and see the transformation they were going through.
But suddenly, instead of complete destruction,
I could see in my mind what this house could become.
And suddenly - getting into such a deal, it didn't seem complicated to me anymore.
Of course, Vision and the willingness to get into it,
It is not enough for such a deal to succeed.

Before even considering getting into this kind of flip, there are a few things that need to be established:

1- Know the area you want to do flips.
2 - Investigate the ARV of the property in question (what is ARV - AfterRefire)
To which. Refurbished Property Market Price)
3 - Local team that works well -
This includes mainly: agent, inspector, contractor
4 - Accepting the fact that the Flip deal has many risks,
And the bigger the renovation, the greater the risk.
5 - Ready for BALMAM - The more things to renovate,
The tendency for more things to emerge is increasing,
And my responsibility is to be aware of it and take things into account
These are extra budgetary and time wise.
6 - And of course - project management!
So good and beautiful that I had a vision,
But I only manage to pick up projects like this
Knowing the area I work in,
And the fact that I have a local team there.
In addition to that, I also go to Indy every few months.
We all end up being exposed to the risks of having a flip deal,
Here are just a few of them:
Incorrect ARV evaluation.
Exception during renovation (very common),
Renovation budget exception (very common)
Ignoring maintenance costs (property taxes, bills, lawn mowing, interest if a loan is taken, etc.)
Ignoring closing and staging costs
And there's more and more
While I said all the negative things,
But let's not forget the benefits of such deals.
I wasn't the only investor not wanting to do such a deal,
There are lots of people who will not come close to such houses,
Which means, less competition!
There is less competition for these types of homes, and indeed they can be bought at a significantly lower price.
This is another advantage, if the ARV we decided on is correct,
There's a lot of profit here.
And another benefit - for those of us who want to deal with US real estate themselves,
This is a great case study.
And always remember -
Failure is only a failure if we have learned nothing from it.
Failure is just another lesson on the road to success.
For example I have no failures, only lessons and lessons learned Lol
Anyone who is interested in the list of all the risks we face in business, will tell me. (God bless, there are enough)
By the way - another project is ending in Otto,
And I would love to show you his start,
The middle and what came out of it in the end.
peace out! ✌️







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Roi AbarbanelAlon Aboksis ARon RuimyNetta Gross BarryMoti Orange Recent Posters
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Roi Abarbanel
guest
Roi Abarbanel

How about completely downloading and building a new one?

Alon Aboksis A
guest
Alon Aboksis A

As much ruin and more financial potential as possible?
We just put a bid on a burnt-out property on one side and a ruin on the other

Ron Ruimy
guest
Ron Ruimy

I'd love to get the list in private.

Netta Gross Barry
guest
Netta Gross Barry

Successfully!!???

Moti Orange
guest
Moti Orange

Excellent???????

Guy Yahav
guest
Guy Yahav

Get back

Zack Shmuealevich
guest
Zack Shmuealevich

Another important insight, especially when buying from banks or financial institutions. They usually take away the responsibility to report whether there has been an activity in which every seller must report (drug lab, recent death, etc.) and we must clarify the issue, should there be such history, the seller will be required to declare and there is a situation that the project flip becomes a rant ... .

Nir Nagar
guest
Nir Nagar

Looks great with great potential, reminding me of one of the first flips I made

Itay Masarano
guest
Itay Masarano

More ruin = more $$$. Successfully:)

Esther Shamba
guest
Esther Shamba

Thanks for the enriching post!
(Regardless, is it a home in Atlanta? Looks like something we almost bought ..?)

Alex Khodnev
guest
Alex Khodnev

Renew 🙂

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