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Rookie Flipping Mistakes - What NOT to Do When Flipping Your FIRST HOUSE!
Manage episode 482589355 series 3617389
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In this episode of Love, Listings & Legacy, Sophaline Mao sits down with seasoned realtor and house-flipping pro Mony Nop to expose the real-world pitfalls that shock first-time flippers. From overvaluing property and underestimating renovation scope to hidden holding costs and costly permit missteps, Mony pulls back the curtain on the rookie errors that can eat your profit. They dive into hard data - his "70% of ARV" rule, a budget that doubled on cabinets, and an $8 K pool surprise - then unpack exactly how they tracked every receipt in Excel, secured proper inspections, and built in contingency buffers. Whether you're plotting your maiden flip or simply love a good behind-the-scenes story, you'll come away armed with clear, actionable takeaways and a blueprint for smarter, safer flips.
Tune in to learn:
Why emotion has no place in investment decisions
How skipping a single inspection can derail your timeline
The timing traps of market cycles and holding costs
Mony's top strategies for permits, budgets, and buffer margins
Don't let rookie mistakes cost you thousands - listen now, leave a comment for our cost-tracker template, and subscribe for more insider tips!23 episodes
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