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ACIS Episode 8: 3 Flips and 200k Lost. An Interview With JP Desmet Part 1 of 2
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Summary
In this episode, JP Desmet shares his journey in real estate investing, starting with flipping his mom's house while still in college. He then transitioned to flipping multiple houses at once, but faced challenges with contractors who ran off with money. JP took over the projects himself and learned valuable lessons about trust, verifying contractors, and setting clear expectations. Despite the difficulties, he persevered and gained valuable experience in the process. JP shares his experience of flipping three houses and the challenges he faced with contractors, budgeting, and timelines. He discusses the struggles of managing multiple projects simultaneously and the financial burden it placed on him. Despite the setbacks and losses, JP remains determined to pay off his debts and continue his real estate journey.
Takeaways
- Start with small projects and gain experience before taking on larger ones.
- When working with contractors, trust but verify their work and set clear expectations.
- Avoid paying contractors large sums upfront and consider paying for materials separately.
- Be prepared to take over projects if contractors fail to deliver.
- Learn from mistakes and continuously improve your processes. Flipping houses can be a challenging and unpredictable endeavor, with unexpected issues and delays often arising.
- Proper budgeting and project management are crucial to avoid overspending and ensure profitability.
- Building strong relationships with private lenders and investors can provide financial support during difficult times.
- Learning from mistakes and adapting strategies is essential for long-term success in real estate investing.
Chapters
00:00Introduction and Background
01:07Getting Started in Real Estate Investing
05:35Buying Houses Right Out of College
07:30Transitioning to Full-Time Flipping
09:51Buying Multiple Houses at Once
24:25Taking Over the Projects
27:32Lessons Learned
28:13Struggles with Contractors
29:03Monthly Holding Costs
30:10Timeline and Budget of House 1 (Nolan)
30:23Timeline and Budget of House 2 (St. John)
36:09Mistake with Decks on House 2
39:14Leaving Engineering Job
45:24Timeline and Budget of House 3 (Nottingham)
46:41Total Loss and Debt
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