Dan and Nikki Hall, property investors and hosts of the W Network series Sibling Rivalry, outline key elements of a successful flipping strategy, focused on long-term viability.
Video transcript below:
Dan & Nikki Hall, Hosts, W Network’s Sibling Rivalry
Dan Hall: Why? Well the W Network is one of the sponsors and we just finished our television show called Sibling Rivalry which is on the W Network. Of course, so they asked us to come out and Nikki and I flip houses and this is an Investment Forum, so a lot of people really need to know about this industry. It’s a lot of fun, there is a lot of benefits, financially there is good rewards. So we wanted to come down here and let everybody know what it’s about.
Nikki Hall: We want to lighten up too. There is a lot of serious topics, there is a lot of serious stuff going on. So you know first thing on a Sunday morning, maybe I always had a big name, so make it a bit light hearted and fun, but still impart you know as much wisdom as we can from what we know. You know, if you get into the market for housing, you know this is a very difficult climate in which to operate, you have got sky rocketing purchase prices, but then on the sales side you know the last thing you want to be doing is buying into bubble and selling it into a crash. So it is a very difficult climate right now. The long term flip is not a bad, is not a bad principle where you are buying something, you are renovating, you are adding your value and then you are holding it for 10 years and selling it. So it’s the long term flip and that is a viable strategy for people who are nervous and want to hedge themselves.
Dan Hall: Well and the other trick is don’t put all your eggs in one basket. You have a certain amount of money, a certain working capital to work with. Don’t dump it all into one house, split it up, do 3 houses if you can. That way if you lose your shirt on one, you can always come back and when the down turn does come, if it ever comes the smaller and lesser priced houses will keep and we’ll continue to move.
Nikki Hall: I think we have always found it positive. I think they appreciate the candour, I think they appreciate real estate, we didn’t go out there and say it’s fun and it’s great and you make lots of money. That’s not the case. So I think they like the candour and they liked the seminar. I thought it was fun and whimsical.
Dan Hall: Yeah, I am in the same boat. Got a lot of feedback after the show, after we had finished speaking and people really like it. They thought they got a lot of information, you know it’s on my website to look it up afterwards, so it’s not the end all of all our whatever it is.
Nikki Hall: Be all, end all.
Dan Hall: It’s not the be all, end all for it, you can still go online and find it.
Nikki Hall: [You are never free], I mean everybody is really keen which you know is that thing about the event. Everybody is here to learn and here because they are passionate about real estate. So an investor
Dan Hall: In making money.
Nikki Hall: In making money. Another thing you know when passion and then inside, go inside or glide, yeah it’s a great environment, you have Dan here and you know it was well put together with qualified ___ Everybody was really happy with
what they have come away with.
Dan Hall: Yeah, lot of good business people and some great mingling, got lots of business cards and hopefully we will keep the connection strong.