My wife is the brains, and I am the brawn. She handles all of the research and financing, while I am the hands on guy who facilitates all of the work that needs to be done on the properties. We do not work together on the properties themselves. She has her job, and I have mine, and it works out extremely well. I will explain in more detail in the following chapters why this is.
I was working full time when we started, as a facilities manager in Hollywood, California. During the week, all my time was theirs, so I would work on our flip on the weekends. This took much longer than I had expected, so my carrying costs were adding up. I ended up taking my 2 week vacation so I could finish it up, and I’m happy I did. We sold the home about a month later, and made over $50,000 net, which was more than I made in a year at my job. I was sold, and haven’t worked for anyone but myself since then. It’s great to be FREE!!!
When I am not busy doing my own flip, I am helping others realize their dreams of doing one themselves. My last client told me that I should write a book, so here it is.
I am not a know-it-all. What I DO know is what has worked for us in the past, and what hasn’t worked. I can hopefully spare you the mistakes that I have made, (my wife doesn’t make mistakes, just ask her), when there wasn’t a guide for us to follow. Being able to teach what I know is the ultimate for me. When you succeed, I succeed.
I hope that you find this book enjoyable to read, and that you learn everything you need to be successful with your own flips.
A flip, simply stated, is acquiring, remodeling, and selling a home for a profit. It is not rocket science, but may be more difficult than you would expect. There are many aspects that you need to be aware of, that I will try and explain fully throughout these articles.
Is there a possibility of failure? Sure there is, but isn’t it better to find out what you need to know now, then after you have bought a property? I am not in this business to fail. Hopefully, you will find most of your answers here, so you won’t be in business to fail either.
I will not lie to you, and tell you that flipping homes is an easy way to make money, although some are. Some homes just need a little tender loving care, such as painting, cleaning, and landscaping. Others can be a real headache, and need a lot more work than you were looking for.
If you will listen to those of us who have done this successfully, you should have little trouble making some decent cash. We have already made the mistakes for you, so you don’t have to re-invent the wheel, and make the same mistakes.
If you are ready to pursue a challenging, and rewarding career, if you take pride in your accomplishments, and if you are motivated to action, then let’s get started.
As far as I’m concerned, anyone can flip a home for profit. However, we are all different in the respect that not all of us have common sense, horse sense, or whatever you want to call it. I believe that if you have common sense, your journey will be much easier than someone without it.
It also takes a great deal of pride to do a flip well. If you take pride in your work, it is reflected by the finished product. This is NOT a lazy man’s way to riches. It is hard work to get a home ready to sell in a very short timeline. If you are ready for some hard work, and willing to learn new things, and inspired to be your own boss, then I would say that this is exactly what you ought to be doing.
I love working with my hands. I also love instant gratification. I hate to wait for a contractor to finish a job. That is why I do most of the things myself. When I accomplish something that I thought I would never be able to do, I am so proud that my wife has trouble living with me for a while. It’s an awesome feeling, and one that I recommend for anyone.
I have had no formal training in most of what I do. It has been trial and error. I have observed professionals who were masters in their fields, and I just did what they did. Nothing about any one job is really difficult. It is just making up your mind that you are going to do it, and then committing the time it takes to learn the craft, and learn it well. You do not need to be a contractor to do this, although a contractor’s knowledge can help you tremendously in the course of your flip. You are not a failure if you need some help. I do it often. There are certain things that I choose not to do. One is roofing. I am afraid of heights. I am better than I used to be, but I am still uneasy with them. Not a problem, because roofing contractors are everywhere.
There are programs on television with people who have gone into business exclusively to flip houses. I love these programs, and encourage you to watch them whenever you have a chance. I decided long ago, that talking to myself was better than working with a lot of people. These folks sure do it up right though. They have their own contractors, project managers, and even their own real estate brokers. You do not have to have all of these people to get started in this field. I have made many great friendships and business contacts by doing the projects myself, or with sub-contractors.
I have said this before, but bears repeating. This business is not for the faint of heart. It is not for someone who is not willing to put in the time and effort. It is also not a get rich quick scheme. If you are looking for something like that, then this is not the right business for you.
It is the right business, if you are tired of working for someone else, or if it is just a way to make some extra cash. It is great if you like to do something different each day, because all you have to do is change rooms.