(Hint: It’s not for everyone…check to see if you’re in the mix)
As someone who started out flipping a single house just to see if it was something that I enjoyed I know how uncomfortable it can be to try something new. Especially when you’re truly starting from square zero. After completing that one flip successfully I knew that I could repeat those steps and eventually, improve. Both from the process and the outcome. But I had been thinking about doing something for a long time. In fact, the idea to flip houses came from watching TV shows about it (before they were even on HGTV). I was absolutely the type of person who read books and articles about how to learn or start to house flip but many of these resources just didn’t seem like they could really work for me.
All of this is to say what really pushed me forward was a realization that the only way I was ever going to really know if I could do it was if I actually did it.
Real estate professionals
The other day I heard a statistic that said only 16% of realtors own rental properties of their own. That seemed absolutely crazy to me considering how much of an advantage they may have when it comes to properties. For a traditional agent the are working with both buyers and sellers. Sellers who may have a home that they want to sell “as-is” and buyers with all different types of criteria. Not to mention the knowledge and insight they have from working with other agents. And when working with buyers as an agent, its a tremendous value add to be able to guide someone on making the right renovations and not over improving for the neighborhood.
Someone who is considering a career change.
For many people you either choose a college interest and move into a career or maybe an opportunity and path shows itself from a series of events. However people arrive at their primary career or job there is a likelihood that it may not be everything that you had hoped it would be.
If you have construction or renovation experience.
Some of the people who are most in demand when it comes to house flipping are those who have construction and/or renovation experience. I’ve seen many people who have led the construction process for other people’s house flipping transition into flipping projects on their own.
A person who wants to have the skills and knowledge to apply to their own home right now preparing for the future.
While learning to flip is frequently focused on the “business” of flipping there are plenty of homebuyers who seek out fixer properties for their own residence so that they can build equity and enjoy the tax benefits of living in the home for a time before selling it. When you know how to identify areas with strong resale and appreciate or know which renovations add the most value (and those that don’t), it clears the way for your live in flip to be the best investment it can be.
Anyone who has interest in investing in real estate.
This is the broadest category but there’s a good reason for that. When you know how to successfully flip then there are many other skills you’ve developed. You have learned how to source properties, you have managed a renovation, you’ve analyzed numbers and comparable sales data and you’ve likely hired, and worked with the right combination of people so that you could get the flip purchased, renovated and sold. Once you’ve done that a few times, you’ve got the option to decide what’s next. You could move into rentals (short or long term), you could wholesale properties, work on building your flipping business, it’s all up to you. What I appreciate about flipping is that it provides the knowledge and the foundation so that you can use it to generate profit in different areas of real estate.
Any one of these, or a combination of them, is a strong indicator that you may be a good candidate to take on house flipping.
If you’re looking for more ways to build your house flipping knowledge and increase your odds of success, make sure to check out www.houseflipblueprint.com for the program that can make your flipping dreams a reality.
Ready to take that next step when it comes to flipping?
That’s why I’ve got additional resources to help you get the information you need to move forward on creating your flipping life.
Make sure you have the Fixer Upper Checklist so you know which areas are key to added value in a home.
There are several videos available on finding houses, renovations, and funding on the Threshold Homes YouTube Channel. Check out your favorite flipping topics and new videos weekly.
You can’t close a successful and profitable flip unless you start. What is your biggest challenge with getting started house flipping? Let me know. It may be an area I’ve also had questions about myself. I’m here to help so drop me a DM.
Want to buy a property and renovate it?
Get my checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.
Love before and afters?
Follow us on IG @thresholdhomesmn and FB @thresholdhomesmn to see the projects we’re working on. And for more ideas on renovating & restoring fixer-uppers!
Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the house with the most “flip” potential. For more inspiration follow me on Pinterest @thresholdhomesmn
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