Making Twice as Much with Half as Many Doors and 100+ Flips

Abstract

Ashley: What about you, what's new with your projects? Because you have how many flips going on right now? Or rehabs? Tony: Yeah, we have four active rehabs going on right now. You give them the criteria of where you need to be at, after a while of you working with your realtor, your realtor is going to see a property on the MLS, or see a property driving and just know, Welby's going to buy that property if I sell it to him. Hard money is going to be based off of, they're going to be re What's the word? Not- Ashley: Refinance? Welby: Not refinance, drawing you the monies that you pay when you're rehabbing, they're going to draw you X amount of funds for the rehab that was done. So now what'll happen is now when you now want to do a draw, the inspector that's coming to the property, they're going to have to go based off of the scope of work, and they're not going to reimburse you until you 100% completed based off of the areas of the scope of work. That's going to give you the quality of the tenants that you're going to have, and it's also going to then limit to the increase of the rents that you're going to have. So I'm sure a lot of the rookies that are going to go into these apartments, you're going to see these wood panel walls, people are going to rip those out. First of all, we made you the rookie rockstar because you actually told us about a loss, a deal that went bad, but you took the positives out of it, the lessons learned in that opportunity cost, so I hope that you're sharing this with us because you're going to keep going and you're going to do the next one and use the lessons that you learned to continue, so thanks for sharing that with us, Mason.