Flipping America 471, House Flipping in 2021

Flipping America

The real estate market has never been hotter. This is great news for home sellers. But every bit of good news in the financial industries comes with another side to the coin. It’s never been more difficult to find a good deal to flip. So is house flipping dead? No. But it’s different. Today I’m speaking with a guy who’s been flipping for 35 years - he knows what to do in any market.

Bruce Glenn joins us to discuss the state of house flipping in 2021. Bruce is a prolific investor and mentor from Birmingham, AL. We will discuss the unique challenges for flipping houses as the pandemic wanes, and lockdowns end. Homes have never been in higher demand than right now, which makes it great to sell, but difficult to buy. Bruce and I are going to talk about how to deal with this current reality. Then we will look into the short-term future to help us all prepare for what lies ahead after the eviction and foreclosure moratoriums end.

Bruce Glenn has been an appraiser for 30 years and a house flipper for 35 plus years. Last year he published a book, “First Flip: Thirty Years of Secrets So Your First Flip Isn’t a Flop” Here are just a few of the questions I ask him on this episode.

• How can you find your first flip? Specifically what are you doing right now in this market to find potential properties.
• What are the best kinds of neighborhoods to flip in?
• How do you find the money for your flips.
• Let’s talk about your team. Who should be on it? How do you find them? What do you look for when hiring staff or contractors?
• Any thoughts on where the market is headed?

How to contact us

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Sponsors

American IRA: www.americanIRA.com

Flipping America Buyers Club

Legal Shield

News:

• Federal judges are ruling the CDC does not have the authority to ban evictions. https://www.nbcnews.com/politics/justice-department/federal-judge-rules-national-eviction-moratorium-exceeds-cdc-s-authority-n1266399
• Home prices up 11.3% YoY. Wow. Biggest gain since 2006 https://www.corelogic.com/insights/home-price-index.aspx?WT.mc_id=crlg_210504_HNBZM&elqTrackId=c9e625cf2ab64aa28b4df75667ae5ac6&elq=8e7ba79168084989a0578f5aade5855f&elqaid=25005&elqat=1&elqCampaignId=1497

Questions:

• Faith from Omaha, NE “Can you explain a mortgage wrap and when I would use it? I’m a new investor and excited to get started.”
• Sandy from McDonough, GA “Would you rather buy one flip where you could make $30,000 or two rentals where you could make $800 per month together?”
• Kimberly, West Miffin, PA “We have a rental house that will come vacant at the end of March. We are thinking of selling it. Should we wait to list it in June or go ahead and list it? We are thinking in might sell for more during the peak buying season.”
• Jason, Harrisburg, PA, “is there one best source for deal flow? If there is, what is it?”
• Carl, Oconomowoc, WI, “Do you still use other people’s money in your own flips? If so, why? Wouldn’t it be better to just use your own cash at this point?”
• Cindy, Westchester, PA, “I heard you talking about the advantage of leverage in real estate deals. How do you reconcile this with Dave Ramsay’s teaching that we should never borrow money - ever - especially for real estate investments?”

Motivational Quote: "An investment in knowledge pays the best interest." — Benjamin Franklin