The 2022 housing market was a tricky one. At the start of the year, houses were selling like hotcakes with bids going over asking price on almost every purchase. Now a metaphorical tumbleweed is moving across the real estate market as home sales shrink and sellers get desperate. If you’re a house flipper like Leka Devatha, this is not a pretty sight, but it’s one that can still help you build wealth in the long run.
Even though everything didn’t go right in 2022, Leka was still able to end the year with a HUGE house flip commission, a fully renovated office building, and a twelve-unit apartment that is already filling up fast. She walks through exactly what she did to pivot with the moving market and the exact steps she took to ensure that she would still turn a profit when the year was finally over. Think that there are no deals to be done in this crazy housing market? Think again!
What are you doing to pivot in the coming year? Did you learn any lessons from your mistakes in 2022? What would you have done differently if you could do it all over again? Let us know in the comments below!
00:00 A Tricky Housing Market
01:15 2022 Goals
02:07 What Went Wrong
03:36 What Went Right
04:37 Adjusting to the New Market
05:23 What’s Next?
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https://www.biggerpockets.com/agent/match?utm_source=owned_media
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Hear Leka’s Interview on the “BiggerPockets Real Estate Podcast”:
https://www.biggerpockets.com/blog/biggerpockets-podcast-390-leka-devatha?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Plan for (and CRUSH) Your 2023 Goals:
https://www.biggerpockets.com/blog/real-estate-696?utm_source=youtube&utm_medium=description&utm_campaign=none
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2023 Housing Market Predictions: How Low Will Home Prices Go?
https://www.biggerpockets.com/blog/on-the-market-46?utm_source=youtube&utm_medium=description&utm_campaign=none
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7 Lessons I Wish I’d Known When I Started Investing in Real Estate:
https://www.biggerpockets.com/blog/things-i-wish-i-knew?utm_source=youtube&utm_medium=description&utm_campaign=none
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Why 2023 Will Be One of The Best Years Ever to Invest in Multifamily:
https://www.biggerpockets.com/blog/real-estate-634?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Leka:
BiggerPockets: https://www.biggerpockets.com/users/leka?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @leka_devatha or https://www.instagram.com/leka_devatha/
LinkedIn: https://www.linkedin.com/in/leka-devatha-5616bb185/
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Leka’s Website:
https://www.rehabithomes.com/
#biggerpockets #lekadevatha
