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ACIS Episode 9: Starting Over After Losing 200k With JP Desmet Part 2 of 2
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Summary
In this episode, JP shares his journey of overcoming challenges in flipping houses. He discusses the financial setbacks he faced and how he managed to pay off his debts. JP also talks about his decision to transition from engineering to real estate full-time and the importance of supportive relationships. He shares his experiences with different flipping strategies and the lessons he learned along the way. JP provides advice for new flippers, including the importance of finding trustworthy contractors and starting with smaller rehab projects. He also discusses his future goals and plans for flipping houses.
Takeaways
- Overcoming setbacks and financial challenges is possible with determination and a positive mindset.
- Supportive relationships, both personal and professional, play a crucial role in navigating the ups and downs of real estate investing.
- Starting with smaller rehab projects and gradually increasing the scope can help mitigate risks and build experience.
- Finding trustworthy contractors and budgeting for contingencies are essential for successful flips.
- Continued learning and adapting to market conditions are key to long-term success in real estate investing.
Chapters
00:00Introduction and Recap
00:32The Challenges of Flipping Houses
01:29Dealing with Debt and Business Partnerships
02:55Deciding to Pursue Real Estate Full-Time
03:29Overcoming Challenges and Moving Forward
03:53The Importance of Supportive Relationships
04:51Making the Decision to Flip Houses Again
06:15Transitioning to the Agent Side of Real Estate
07:25Getting Involved in a Handheld Flip
08:24Exploring Alternative Flipping Strategies
09:21Helping First-Time Flippers
10:17Learning from Experienced Investors
11:17Navigating Challenging Flip Projects
12:28The Importance of Trust and Support in Real Estate
13:11Dealing with Unforeseen Challenges in Flips
14:26Overcoming Difficulties with Sellers and Properties
15:02Balancing Rehab Budgets and Project Scope
16:29Choosing Less Risky Rehab Projects
20:49Learning the Art of Acquisitions
24:49Balancing Flipping and Working for an Off-Market Real Estate Company
25:43Choosing Easier Rehab Projects
28:22Managing Risk and Budgets in Flips
29:41Paying Back Private Lenders and Future Plans
31:00Lessons Learned and Advice for New Flippers
34:30Finding Trustworthy Contractors and Budgeting for Contingencies
36:33Future Goals and Flipping Plans
37:41Conclusion and Final Thoughts
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