858: Real Estate Gone Wrong: The House Flip That Fell Over (-$380K) w/James Dainard

One real estate investing mistake cost house flipper James Dainard $380,000. This mistake was so bad that, in the long run, it may have cost him up to three-quarters of a million dollars. So what was the grave mistake a multi-decade veteran house flipper made that would bankrupt the average real estate investor? Stick around to find out unless you want your house to literally start falling off a cliff (like James’ did). 

James has been doing real estate deals in Seattle for two decades. He’s flipped hundreds of houses, but even the experts get it wrong sometimes. Piggybacking from our last episode, James will walk through one of the worst house flips he’s EVER done, the mistakes he could have easily avoided, and why you never, EVER close on a flip until you have permits in place. 

Want to hear last week’s episode about the live in flip that cost a new mom over $300,000? Click here to listen to the episode!

In This Episode We Cover:

The biggest mistake house flippers can make when investing in 2024 and beyond 

What to do when your house flip suddenly stops making financial sense 

Foundation issues and how to correct a house that’s literally starting to slide 

Forecasting permit times and how not doing so can cost you over $100,000

Why you always, ALWAYS need to have emergency reserves on hand when doing a home renovation or house flip 

And So Much More!

Links from the Show

Find an Agent

Find a Lender

BiggerPockets Youtube Channel

BiggerPockets Forums

BiggerPockets Pro Membership

BiggerPockets Bookstore

BiggerPockets Bootcamps

BiggerPockets Podcast

BiggerPockets Merch

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts

Get More Deals Done with The BiggerPockets Investing Tools

Find a BiggerPockets Real Estate Meetup in Your Area

Be a Guest on the BiggerPockets Podcast

Ask David Your Question

David's BiggerPockets Profile

David's Instagram

Rob's BiggerPockets Profile

Rob's Instagram

Rob's TikTok

Rob's Twitter

Rob's YouTube

Weather Underground

How to Make a 120% Return by Buying “Negative” Cash Flow Real Estate

Connect with James:

James' BiggerPockets Profile

James' Instagram

Hear James on the “On the Market” Podcast

Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-858

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices