Video Transcription
Raul: What’s up guys? This is Raul here at Capital Rise Investments. I’m going to talk real quick about fix and flips. All right? It’s not my primary business by any means. What I mainly do is find the fix and flip properties for you guys. I used to do a lot of them. I don’t know exactly how many I’ve done. I’ve probably maybe done like 30 or so, 30 to 40, in that range so I learned a thing or two along the way. I’m going to give you three quick tips. Okay?
One, time is money. The quicker you can finish the renovation the better. Okay? Things pop up, violations pop up. The more you break walls, the more bad stuff you find in-between those walls. Remember these houses are from 1950s, 1960s. You know, only God, or Allah, or Buddha, or Jesus knows what’s in-between those walls, or whatever religion you believe in. So the least you can knock down walls, the faster you’re in, the faster you’re out. Name of the game.
Number two, is get professionals to work on your house. Now, this is a lot of gray areas here, right? I know that you guys won’t want to do any moving with permits. I’m the same way. If I could just do it in a month without permits, I’m down for that and I will still do that, and that’s okay, but get somebody that does it up to code. All right? If you’re going to do an AC, get an AC guy that knows about the code in that city, or that county, et cetera. If you’re going to do a roof, do the roof to code. You know?
If you’re not getting to pull permits, make sure the roof is up to code so if, God forbid, you know knock on glass, knock on wood, the inspectors drive by and they see your guy working on the roof and they put a violation, then you could say, “Okay fine. I’ll just pull the permit. Now go inspect it.” “Okay, it’s done to code. We’re good.” If it’s not done up to code, guess what? You’re going to have to rip off the tile or the shingle and redo it and reframe it and whatever. That’s not fun and it’s not cheap.
Number three, get out. All right? Unless you don’t have a lot of holding costs, like you don’t have a lender, like you bought the house cash and like very little holding cost. Right? All you pay is taxes and small insurance or something, then you’re in a little bit better situation. This is more for the people and clients with lenders. Let’s say that you list a property for 250 and you get an offer for 240. A lot of people would be like, “Ah, I’ll wait for the 250.” Man, get the 240, man. Get out. Okay? Get out. Things pop up with these fix and flips. Things pop up.
Squatters move into your house. Somebody’s going to break the window. Agents are going to steal your lockbox. I don’t know. All right. I run through … Maybe that was a bad thing to say but you know what I mean. Somebody’s going to steal your lockbox. Your AC can get stolen. Like, dude, the list goes on an on. I’ve seen it all. So man, get in … Sorry. Yeah. Get in and out quick. All right? Rehab or renovation quick. Make sure … What was the second thing? Renovation, make sure you get out quick, and do things to code. Okay? Do things to code. Those are the three top things that are going to save you a ton of money in rehab and stuff. Okay?
So I don’t know. I like doing this. All right. So thank you guys. Ricardo’s like … Thank you guys. Click on the link if you want to talk to me for some reason. Subscribe and I hope you guys are really good into rehabs.