ACIS Episode 9: Starting Over After Losing 200k With JP Desmet Part 2 of 2

Alamo City Investing Show

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