This topic might not be the most exciting, but it’s one of the most important. I’m going to go through a few times you should practice patience in your house flipping projects and what you should be doing during that time. Patience is an underrated skill when it comes to flipping houses. With patience, you can have a more successful and profitable flip.

Patience starts at the beginning of your project in looking for a house and building your team and is applicable at the end before you move on

This topic might not be the most exciting, but it’s one of the most important. I’m going to go through a few times you should practice patience in your house flipping projects and what you should be doing during that time. Patience is an underrated skill when it comes to flipping houses. With patience, you can have a more successful and profitable flip.

Patience starts at the beginning of your project in looking for a house and building your team and is applicable at the end before you move on to the next project.

When it comes to flipping, things don’t necessarily happen quickly, but with slow, consistent action. You are more likely to regret being hasty than being patient. Let’s talk about the importance of patience, where it comes in most often, and how it’s viewed as a strength.

Patience When Building Your Business and Finding Houses

I was talking to someone who went quickly from modest homes to million-dollar properties with a high profit. While that’s a great outcome, everything went down from there. What we can learn from them is to have patience in building your business.

Thankfully, I feel I did it the right way. When I started, I flipped houses on the side. It wasn’t my primary business, and I didn’t need it to fulfill my income. That wasn’t what the purpose of it was. The purpose of it was to learn because I wanted to have another skill that I could make a career out of if I chose to, if I loved it and if I felt like it was a good fit for me.

So I didn’t have that pressure on myself to replace my income immediately. I didn’t have the pressure on myself that everything I did had to be right.

I wasn’t doing very expensive houses because I was learning, and I didn’t want to make mistakes on big expensive houses (not that I could have chosen, I didn’t even have the financing options available to buy those big houses).

Having patience helped me to learn and focus on building my knowledge which was super important to me. Don’t get me wrong; It was tempting to go for some houses I came across. I had to have the discipline to wait. Wait until I had a better knowledge base, wait until I built the best crews, and wait until I had great funding options to pivot and change the business made sense.

So when you don’t have patience, you make decisions quickly, and sometimes those might turn out, and sometimes they might not.

To be confident in your offer, you have to have those things set. Without those, you’re just going in and writing a random offer. You should be intentional about where you’re buying houses as best you can to make sure that you have the best opportunity for profit.

All of these things help to make sure that you best understand the potential for the property you’re purchasing, but they do take a little extra time.

You’re not necessarily going to get a gain immediately from that. But you’ll be building up the knowledge and the exposure to properties.

Pro tip: If you have the availability with an agent to schedule some time, go to four or five different communities and look at houses at the same price point. You would be surprised. There are so many houses that are similar in price point but are completely different inside. Use this tactic to learn markets and to learn what you can get for your money.

Patience with Your Team

When you’re working with people, it’s easy for impatience to creep in, right? So you might have to have more than one person that you work with, who you have to work with their schedule.

You might have to wait for your real estate agent to get you a response. As unfortunate as that may be, and as quickly as we would like to ensure we get one, it may take a little time. Make sure your expectations are set up ahead of time.

Another note is to have consistent criteria. Your agent and team will be able to help you much more if you have set criteria and keep them the same. When investing and working with agents, they appreciate that communication and knowing what you’re looking for from them immediately. Then, if they can’t meet those criteria, you can make sure you have someone else you can go to for that.Think about the time you get back when you have a trusted agent to help. They can help you shave off some of the time for searching for properties if they can go preview properties on your behalf, or if they have properties that are maybe brought to them by other people off-market, they can qualify them pretty quickly or not as to whether they would be a good fit for you.

Hiring Contractors

Another area where patience is crucial when building your team, is when hiring contractors. Time is money, but sometimes the time, in the beginning, will save you time in the end.

I had an experience a few years ago with a contractor where patience saved us time, money, and quality. We did our research and found out that while their rates were low, they were not a trustworthy, quality option. Their reference helped us decide against them.

You need to take those slow steps to ensure you get the right people for your project because it costs you so much more time, money, and stress when you don’t have the right people from the beginning.

Pro tip: Run through the specifics with everyone involved in your project to get confirmation, and get it in writing! You need to get things in writing because unless it’s in writing, it literally didn’t happen.

Patience Through Bumps in the Road

Before getting into the business, you’ll want to be clear that nothing can go smoothly 100% of the time. Things will go wrong, you’ll get frustrated, you’ll get bad news, and you’re going to hit bumps. Thankfully, these bumps are a learning experience, but they still hurt when you’re in it.

Prepare for those bumps as best as you can. Think of things that no one can even really control that could throw you for a loop. Like delays in materials, be patient, but decide what the best plan is. Should you wait, or should you opt for different materials?

Anytime you’re working with contractors, there’s things that may come up, but just know that’s not unique to you; it’s not personal. As I mentioned, there are things on the front of that relationship that you can do, getting things in writing, checking references, and interviewing more than one contractor.

Other unfortunate situations include weather delays, theft, or other things that happen on your job site that you didn’t intend to happen. The process for getting permits can change; it can take longer. They can require a structural engineer. They can require drawings. They can require a plan review, which can take a couple of weeks. Those things cannot be controlled. They just need to be learned from.

An unforeseen problem could be an expensive problem found during the inspection. For example, if it’s the sewer line, you can learn rather than have that come up during an inspection with a buyer to have it taken care of at the beginning. That means paying an extra couple hundred dollars to have the swerve line scoped before listing.

Another common issue is underestimating repair costs. That can happen because material costs, especially in the last couple of years, have rapidly changed (even during a project).Knowing those things happen and it’s an opportunity to learn and develop a healthy response that will be helpful in the future is really what it’s all about.

Maintaining that patience, the idea that this isn’t quick, isn’t going to be a short-term fix. This is going to be something that I potentially want to do or build upon this knowledge for a long-term business, for a long-term plan, for a long-term financial picture, for a long-term goal that I know is important to me. And because of that, I’m going to allow myself the opportunity to do things in a way that exercises patience because it’s important and it’s valuable.

I hope to be the voice in your head when you’re making decisions and going through the process of flipping!

Patience Before Moving On

Instant gratification is not a thing in the flipping business. Take the time when you need to, be patient. From beginning to end. Before moving to the next project, take the time to analyze your last project. Ask yourself what went right or wrong and what could be avoided in the future.

Take the time to use my checklist: Fixer Upper Checklist

Ready to take that next step when it comes to flipping?

Here are some resources I’ve put together 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 critical to added value in a home.

If you are interested in learning more about the House Flip Blueprint course, go here!There are several videos on finding houses, renovations, and funding on YouTube. Check out your favorite flipping topics and new videos weekly.

8: Have a schedule 

Have a plan and a schedule so you can get started as soon as the closing is complete. Something I see from so many students when they come to work with me is a lack of planning or schedule that isn’t done correctly.

I recommend, before you even sign the contract, before you own the house, before you have the keys, that you have a plan and a schedule in place.

You know who your contractor’s going to be.

You know if you will have a project manager or a

8: Have a schedule 

Have a plan and a schedule so you can get started as soon as the closing is complete. Something I see from so many students when they come to work with me is a lack of planning or schedule that isn’t done correctly.

I recommend, before you even sign the contract, before you own the house, before you have the keys, that you have a plan and a schedule in place.

You know who your contractor’s going to be.

You know if you will have a project manager or a general contractor.

You know who your subcontractors are going to be.

You know who your plumber is going to be.

You know when people are coming in.

You know when the project’s starting when the dumpster’s getting delivered.

You get the point, right? So the minute that paperwork is done and you can get started, you’ve got a demo crew lined up to go in within 24 hours if possible.

If you have a plan and a schedule, and you revisit them, and you hold everyone who’s responsible for their part to that, it is nearly impossible to have a project that goes over its timeline. The other part of that is people you’re hiring, if they are getting paid as they progress on a project, they’re not going to want to walk away. They will want to get that final payment once their permits and inspections have been done.

Make sure you have a schedule so that you get started as soon as that closing is complete.

9: Get Everything in Writing

Like many things in life, it’s always best to get it in writing. Use a contract with your contractors to make sure all parties’ responsibilities are in writing.

One of many reasons to do a contract is a big hangup in flips. I have seen a lot of arguing and disagreements between flippers and contractors over what they’re supposed to be doing. If you have a clear contract that everyone has agreed to and was signed before you started any work, and everybody knows who’s responsible for what, then you don’t have that issue.

10: Avoid over-improving the house

It’s a tough one whether you’re a relatively newer flipper or if you’re an experienced flipper.

I see many people opt to put better materials into the home after deciding they weren’t going to at the start of the project. Similarly, flippers tend to look at social media, see amazing renovations and think that they should use the same materials and pieces they did.

The name of the game is making decisions for improving that aligns with your market, comps, budget, price point, and timeline. Avoid over-improving the house, especially with things that don’t make sense or make a true difference to a buyer when they’re looking at the end product.

For example, at most price points, you really only need one bathtub in the house. In my experience, there isn’t a specific desire for that and likely won’t make a difference. Another example would be choosing appropriate materials for the house. These should be decided through the lens of the home’s price point.

Make sure you’re putting your money in the things that do make the difference for upgrades. And if you have it in your budget to do a couple of splurge items, that’s fine too.

11: Stick to Timeline and Budget (as much as possible)

Make sure the house is completed on time and are close to budget. When I say “on time,” I mean time and money. Every day you have a property not finished, it’s costing you money.

Costs associated with the home you will pay as long as you have the house:

Those are the things you need to be aware of and make sure that the house is completed close to its deadline. And then, also as close to budget as possible. Because if those two things are not managed with the project, it can eat away at the property’s profit pretty quickly before you even get it on the market.

12: Go the Extra Mile to Prepare the House for Sale

Prepare the house for sale by going the extra step. Don’t get to the end just to give up. Don’t be the flipper who says, “I’m done. I just want this on the market. I just want people here. I don’t care. It’s all done. It’s new. Everything looks good. It’s fresh. I’m not going to worry about it. It’ll sell itself.” Don’t talk yourself into that.

Keep these things in mind: Get everything finished, clean, and get things staged well. Additionally, don’t give up until you have a fresh smelling, feeling home, and top-notch photography. 

13: Price Your Property Well

Price your flip based on the comparable sales, not what you have into it and not what you think it’s worth. Real estate’s interesting because it can be an emotional purchase for buyers, but I see this with people who are flipping as well.

Some flippers become emotionally attached to the property. They think about how they put extra money that they didn’t think they would have to put into it. They think about the things they did that maybe they didn’t have to do, but they think it is more valuable. Oftentimes, there’s no data to support those thoughts.

Do your best to not price your property based on emotions, you’re not doing yourself any favors. Also, it’s tough to get buyers into a property when they see a bunch of price reductions, especially if they’re in a relatively short time because they start to think that there’s something wrong with the house.

Be smart, and make decisions on profit and ROI before purchase and as you create your budget and timeline.

14: Reflect on the Flip

Make the time to review each project at the end of it, once it’s closed out, once the settlement statement has hit the inbox and the profit is in your bank account.

Here is a list of questions to think about and keep in mind moving forward:

15: Do Your Research 

Don’t pay attention to everything you hear about real estate on the news or social media. Unfortunately, the advice out there isn’t always based on experience but instead is driven by people looking to get clicks and likes.

Some people make money on their YouTube channel giving advice to those who don’t actually own real estate. Some people give market advice but don’t do that for a business. Their business is that they give advice.

So keep in mind that real estate is always incredibly local. Some markets have started to see some adjustments in price. Those are usually the markets right now, at least what I’m seeing, that was the highest in the country. It’s not every market. And there’s a difference between a crash and a correction.

Things change all the time. And every single time there’s a change, there are still people making money doing what you want to do. So remember that. Remember that when you see the headlines. Remember when you see what they want you to see. There’s always more to the story.

Ready to take that next step when it comes to flipping?  

Here are some resources I’ve put together 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 critical to added value in a home.

If you are interested in learning more about the House Flip Blueprint course, go here!

There are several videos on finding houses, renovations, and funding on YouTube.  Check out your favorite flipping topics and new videos weekly.

Today’s blog is a detailed list of the top fifteen lessons I have learned over my 15 years flipping houses! While there’s truly no replacement for learning from doing, I have extensive experience and would love for you to learn from my mistakes and take the advice I hold true!

I am happy to be a resource and help flippers and real estate investors. I have seen it all from luxury homes to low-cost homes, tough neighborhoods, and ruined timelines. No matter the market, there are a handful of things I learned I want to touch on today!

1: Know Your Exit Strategies

You have to know your exit strategy. There are several options, and you need to be aware and confident in the one you will be going with. Often, people will feel like they want to flip but are worried about the market changing or not being able to sell ASAP.

The truth is, anytime you put that kind of pressure on yourself or a situation, it isn’t the best route for you. For example, if you think “I have to sell this property as soon as possible, and I cannot keep it, and I don’t want it.” You’re more than likely to make a decision that might not be in your best financial interest.

You can look at a property from a rental standpoint. You’ll ask yourself, how can you make the home a desirable, profitable rental? I recommend a website called “Rentometer,” you can type in the number of bedrooms, bathrooms, and zip code, and it will tell you what the low, median, and high rents are for the area. If that works, you have another exit strategy.

You can also check out the short-term rental option, in which I recommend the website AirDNA for information on the average nightly range for a given zip code. 

So you can come up with a couple of different options for exit plans. It’s going to take a little bit of time, but at least you have an idea. Working out an exit strategy with backups (keeping the property as a rental) gives you a sort of safety net and confidence.

One time back in 2014, I bought an auction property. That purchase was the only home I have ever bought without seeing it myself (I sent someone else to look at it in person). It ended up being a nightmare of a property.

The project took longer than we thought, cost more, and was a headache the entire way. After sitting on the market for almost two months, we got a break-even offer. After weighing my options, I decided to go the rental route, and the property has been cash flow positive for nine years now.

When you know you’ve got a backup plan, when you know you’ve got a deal that can make money more than one way, that’s also really valuable in case maybe you need to sell it to another investor. You know how it’s going to work out.

2: Finding for Purchase and Renovations

You need to know where you will get the funding, both for the purchase and the renovations. And you need to know that before you put an offer in because it will affect your numbers as you look at that property and that project and the profitability. 

Anytime you’re flipping houses and you only have one of anything (an electrician, a plumber, etc.) it makes you really dependent on that one person. And if for some reason something happens and they’re not available, it can put you behind, or it can cost you a project.

This roadblock also pertains to having just one lender. You might not be able to put an offer in if you only have one lender and for some reason, they’re not available to get you that approval letter or they’re unsure about the project, because that does happen. So make sure you know how you’re going to fund your purchase and how you’re going to fund your renovations. And sometimes, you can have two different lenders.

In my experience, the last several years, we use a combination of a commercial line of credit with a bank, and we use private money. That means when we go to make a purchase, we don’t bring any of our own money to the table. This is helpful in a few ways. One, we don’t have to wait until something sells before purchasing something else. Two, we’re able to move quickly with our offers. Three, we can continue to move forward on projects and do multiple projects at a time.

So have an idea before you put your offer in about where you’re going to get your funding for the initial project and all the renovations. 

3: Cost to Borrow Money

There’s a tendency for people to think that if they’re using cash, there’s really not an expense to using the money.

However, if you have $100,000 and you have all of it in a project, and then you have another project that comes available that you would like to put an offer in on, but all your money is tied up in the other one, you might end up losing that one. So if instead, you use a commercial line of credit that you have and instead of having to put $100,000 down, you only had to put down $30,000, now from your one project you’ve still got 70,000 in the capital left from that 100 that you started with.

That means you could potentially go write another offer on another property. And you’ve got a way to show that you can provide the down payment that’s needed.

So there’s a cost even when you’re using cash. And I think sometimes people forget about that. Every type of loan you use for each type of purchase should make sense.

4: Finding the Right House

The market is full of houses, both on and off the market. There are also different strategies that people use, like pay-per-click to find motivated sellers, or there are mailers that people send, like postcards. There are all different ways to find houses. 

There are always houses to buy, but not every house that you buy is going to be attractive to a buyer after it’s renovated. There are certain things that are going to make homes more appealing. So make sure you’re not just buying a house to buy a house. Always buy houses in areas that people want to live in, and where people are going to want to buy.

It’s always easy to find a house, but it’s not always easy to find a house at the right price that you know buyers will want when it’s done. That’s what you need to make sure you’re focusing on.

5: Knowing Needs vs. Wants 

What I am referring to here is knowing what repairs will be needed versus what you want to do. When I first started flipping, there was this desire just to go in and be like, “Oh, we want to do all of these things.” However, we were constricted because those houses were only going to sell for so much when they were done, no matter how much was done to them.

If the wall was open to the kitchen or it wasn’t open, it didn’t even matter. But if the kitchen was new, that did matter. So those are the things that we had to focus on.

Here are some real examples:

So those are the types of things you need to know, that there are repairs that are going to be needed and there are repairs that you’re going to want to do. It might not always be the most amazing thing, but most houses that are old are going to need mechanicals. So that’s where you want to spend your money.

A lot of older houses are also going to need a roof. That protects the integrity of the structure, so that’s something you have to do, versus you might have a dated bathroom that you don’t love. Still, you might be able to do some things with it to add some value, to make it a little bit more updated, that doesn’t involve demoing the entire thing.

It will always depend on your price point but just know about those repairs that will be absolute musts versus those that are wanted. “Musts” are if you have to finish a basement because you need to get your price point at a certain level to the comparable homes in that neighborhood, then you gotta finish the basement. You got to add the extra bedroom and the bathroom. So those are the things you need to make yourself familiar with and know pretty quickly, what’s a need and what a want.

I’ve looked at many houses where I’ve been like, “Gosh, if we could put an addition on here, this would be amazing, and we could be at this price point.” But the cost of the addition, the time to do the addition, and the extra effort for drawings and permits, and inspections doesn’t always make it worth it. So keep that in mind as well.

6: Estimate for Repairs

Get an estimate for the repairs that will be needed or a strategy for calculating some number to cover your expenses. So one of the things I get asked often from people is, “When you don’t have any experience, how on earth do you know what to account for when it comes to renovations?” I will say, over the past three to five years, it’s pretty uncommon to see projects that need anything less than $100,000 if there’s any type of big component to that renovation. So roof, window, siding, those are all mechanicals, and this is across different markets. Of course, every market varies a bit, but I would say $75,000 to $100,000 for full renovation is probably pretty consistent.

Now, knowing that, I don’t think I’ve had a budget in probably two years that has been under $150,000. Most of my budgets are right around the 175 range. And we’ve been starting to creep up well over 200 if it’s a larger house.

If you have no idea, the very first thing you need to be doing is finding out online, Googling your local real estate investment groups. Go to those meetings and start listening to people. Start asking people when they’re talking about if they do renovations if they’ve flipped houses, and what is their average budget. Give yourself a benchmark.

In some markets, it works to come up with a price per square foot. For example, if there’s a 2,000 square foot home, at a $100,000 budget, 2,000 square feet, at $100 per square foot, that would be a $200,000 budget. That’s a big budget for a $200,000 home.

You could also get a bid from somebody on a project and then break it down and determine what it looks like cost per square foot. I like the idea of trying to be as specific as possible, and because houses are so vastly different, you might have one house that needs windows, a roof, and siding, and you might have one that doesn’t need any of those. That will be a little bit different, even if they’re the same size, to calculate for. So I like just having a general number.

You’re never going to know all the numbers exactly when you start, you just have to give yourself ranges that you’re comfortable working within. It can take pressure off people by trying to feel like you cannot get started until you know what things should be.

So think of it this way, what are you comfortable with? If you’re doing one flip a year and you make $30,000 on that flip, is that sufficient? Would that work for you? If you were able to learn how to build and scale a business that in two years, three years, four years down the road you could transition to full time and you felt confident doing that, is that 20,000 worth it? Is that 30,000 worth it? You have to decide for yourself.

Over time, the knowledge, experience, and profit that you’ve built are what’s going to make a difference in your business in the long term.

Come back next week for part two!

Ready to take that next step when it comes to flipping?  

Here are some resources I’ve put together 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 critical to added value in a home.

If you are interested in learning more about the House Flip Blueprint course, go here!

There are several videos on finding houses, renovations, and funding on YouTube.  Check out your favorite flipping topics and new videos weekly.

A primary way you can lose profit on your flip project is by over-renovating. Over time, you’ll learn how to best walk the line between renovating enough and not too much. 

Think strategically to ensure you’re renovating what needs to be done without overdoing it. It’s a balance with an end goal of attracting the most potential buyers.

There are eight main areas to consider when planning your renovations. I’m going to break down these eight things and discuss when and how a renovation

A primary way you can lose profit on your flip project is by over-renovating. Over time, you’ll learn how to best walk the line between renovating enough and not too much. 

Think strategically to ensure you’re renovating what needs to be done without overdoing it. It’s a balance with an end goal of attracting the most potential buyers.

There are eight main areas to consider when planning your renovations. I’m going to break down these eight things and discuss when and how a renovation is worth it, and what to avoid to ensure you’re not overspending.

Kitchen

Most of us know the importance of an updated, functional kitchen. There is no doubt you can make some changes in the kitchen that will elevate your flip, but where should you draw the line?

Ask yourself: Does the property need a whole new kitchen, or will updating it do the trick? This is a chance to save money since an overhaul of an entire kitchen can get pricey. 

If a renovation is in order, here are some suggestions to avoid breaking the bank.

When making changes to a kitchen, keep in mind it can make or break a sale. Updating may be enough to get buyer’s attention, and when going forward with a big renovation, focus on what brings value.

Bathroom

In the buyer’s eyes, a new bathroom is not far behind a renovated kitchen. Clean, roomy, functional bathrooms are a main selling point in just about any property. Similar to the kitchen, you can get away with updates most of the time instead of bringing it down to the studs.

If you are confident in the basics of the bathrooms, there are some ways to get the most out of small changes.

Here are some examples of how you can choose between renovation options to save money while still increasing value:

Think about safety, functionality, and a fresh feel for your bathrooms. 

Paint (Walls, ceilings, and trim)

A simple, affordable way to give the property an instant facelift is fresh paint. I don’t just mean painting the primary suite or the living room walls. Make the time to get a fresh coat of paint everywhere, from walls to ceilings and trim.

Another way to elevate your home with paint is by painting the kitchen island or the front door. If you bring new paint to these areas, you can impress buyers with a contrasting color to make it pop.

When painting living spaces, it’s best to choose a neutral color for walls so buyers can easily imagine themselves and their furniture in the rooms. 

Flooring

New flooring can have a huge impact on your amount of offers and offer amount. It’s been shown that homes with new flooring get more offers and not only will old flooring get lower offers, but buyers will reconsider the property altogether.

Think about the buyer you’re targeting to make decisions moving forward with your flooring. If you’re in a high-end area, you’ll need to meet expectations with high-end flooring. Similarly, at a lower price point, a less expensive flooring will do just fine.

The bottom line is that flooring takes a lot of wear and tear. There is only so much a good cleaning can do, so frequently, the benefit outweighs the risk of changing your flooring. Know your market, and go with your gut.

Curb Appeal

Curb appeal is an unsung hero. Without good curb appeal, you won’t get as many potential buyers. Use the front of the home to show a sneak peek of what they can expect inside and include what buyers like to get their attention before they even step foot in the home.

Here are some great ways to improve curb appeal and, in turn, get potential buyers through the door:

The above are quick, easy, and affordable ways to renovate without spending too much. Don’t skip this step! 

Unfinished Spaces

If a property has unfinished spaces like a basement, attic, or garage, there is much opportunity for ROI. While the cost upfront may seem steep, it’s up to you to make room in the budget and choose to finish these spaces to increase value. 

More living space or storage are bonuses for buyers. Plus, more square footage goes toward a higher selling price. We’re talking about avoiding over-renovating here, but it’s always a case-by-case basis where you must determine if finishing a space will make a big enough impact. 

Instead of saving your renovation budget, save it elsewhere and use it to renovate unfinished spaces!

Big Items (Roof, windows, siding, and mechanicals)

You can renovate all you want, but skipping the big items will cost you. If you have a specific budget for your flip renovations, start here. Before mentally spending your budget on full renovations of kitchens and bathrooms, be sure you don’t have a “must do” elsewhere.

Some of the big items that are worth the money to renovate are: Roof, windows, siding, and mechanicals. These things can cost a modest amount or take out a chunk of your budget.

These big items don’t have to be in horrible shape for you to make them a priority. A new roof or windows can make a huge difference to buyers and will add value.

Lighting

Finally, should you change the lighting in your flip? Lighting is a simple way to instantly add appeal to any room. Updated light fixtures can have a few different effects.

First, fixtures change all the time, and swapping light fixtures can quickly modernize a room. Lighting has the potential to improve aesthetics as well as performance.

Secondly, lighting brings light! Natural light is always best, but offering enough light in each room is a plus for buyers. Nobody likes a dark kitchen or living room.

Lighting is also an opportunity to tap into specific types of buyers. Energy-efficient lighting appeals to environmentally conscious buyers. Smart lights appeal to the techy buyer. And any new lighting will appeal to a buyer for the simple fact that new fixtures elevate a space. 

Spend when You Need to

Don’t forget to think of these things far before you’ve made your purchase. You can only see so much when you’re walking through a potential property, so keep money in the budget for the renovations that are non-negotiable. And a final note, think critically about which of the above eight can be done to save elsewhere. For example, could a dark-colored bathroom stay when new lighting is put in? How about holding a complete demolition and adding living space in unfinished areas?

Renovating is half the battle in a flip, but you’ll master it in no time. 

Ready to take that next step when it comes to flipping?  

Here are some resources I’ve put together 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 critical to added value in a home.

If you are interested in learning more about the House Flip Blueprint course, go here!

There are several videos on finding houses, renovations, and funding on YouTube.  Check out your favorite flipping topics and new videos weekly.

Real estate is generally a great investment option. Successful real estate investing can be a perfect way to achieve regular cash flow and long-term income. Getting into real estate also has tax advantages and helps you diversify your portfolio and leverage elsewhere. 

House flipping isn’t the only way to get into real estate investing. I’m going to share with you five ways to get into real estate investing (or ways to pivot if that’s where you are in your investment journey). I will talk about:

Real estate is generally a great investment option. Successful real estate investing can be a perfect way to achieve regular cash flow and long-term income. Getting into real estate also has tax advantages and helps you diversify your portfolio and leverage elsewhere. 

House flipping isn’t the only way to get into real estate investing. I’m going to share with you five ways to get into real estate investing (or ways to pivot if that’s where you are in your investment journey). I will talk about: Buy and rent, fix and flip, live-in flip, wholesale, and BRRR.

Some of these strategies have more risk, and they all have distinct differences that will affect capital needed, timelines, passivity, and income. The best option for you will depend on factors like interest, access to capital, and individual goals.

Strategy #1: Buy and Rent

Investing in rental properties is an option for those who are looking for steady cash flow. The workflow associated with this type of investment varies depending on your goals.

You can take on the landlord role, involved in most things to a passive investor or full-time investor. Passive investors take a completely hands-off approach by hiring a property management team to help you find and vet tenants, keep up maintenance, and even evict tenants. 

Landlords are working with tenants from paperwork to handiwork. And finally, a full-time rental property investor is using their time to find new properties, rent, and repeat.

Regardless of your choice, I recommend finding a property that is appealing to renters and matches or exceeds amenities and renovations in the surrounding area. Even though you’re not selling the property, it needs to have value and bring in high-paying tenants! 

Strategy #2: Fix and Flip

This strategy is my favorite and my primary strategy for real estate investing. A fix and flip is when the investor buys, remodels, and sells a property. Of course, there’s a lot in between those three steps.

Here’s a basic breakdown to fix and flip real estate investing:

Again, this is a more involved investment option, and a learning curve is associated, like most things. To learn more about the ins and outs of flipping, click here. 

Strategy #3: Live in Flip

Next, we have the live-in flip. It’s just as it sounds: You are flipping a home while you live there. As you can imagine, this option has quite a few pros and cons.

Live-in flips allow the investor to pay zero capital gains on a property that earns upwards of $250,000 for single filers and $500,000 for a married couple filing jointly. This is because profits made from properties held for more than twelve months are typically in a more favorable capital gain bracket.

The general timeline for a live-in flip is as follows: Buy a house below market value or with the potential to increase value, move in, fix it up while you live there, and resell after the two-year waiting period. 

Strategy #4: Wholesaling

Wholesaling is similar to fix and flips as they’re not passive income. Wholesaling is a good option for someone with zero or “bad” credit.

Real estate wholesaling can be defined as: When an individual (the wholesaler), acquires a contract from the seller of a property and assigns that same contract to an end buyer. The property is not purchased by the wholesaler. Instead, the owner’s temporary contract allows them the right to sell on their behalf and receives their revenue through an associated fee (usually a percentage of the overall property cost).

Wholesalers can make a steady income, but it is not a passive option. That’s because the wholesaler works with the seller and creates a contract, including the selling price and timeline. For example, the wholesaler may agree to sell a property for $250,000 in 2 months.

The wholesale option is a bit more complicated than we’ll get into today, as there are specific steps and contract inclusions. The important things to note for wholesaling is:

Strategy #5: BRRR

The final strategy I’ll touch on is BRRR. This means: Buy, rehab, rent, refinance, repeat. This option is very similar to the fix and flip but is flipping and renting. This strategy focuses on especially distressed properties. 

Once BRRR is completed, it allows for passive income. A BRRR requires the following:

There are pros and cons to the BRRR strategy. Some pros include adding to your rental portfolio and reaching passive income. Some cons include the high cost for extensive rehabbing and expensive or risky loans.

Getting Started in Real Estate Investing

The above five strategies are not the only ways to invest, but they’re the most common and great options for the new or seasoned investor. None of these strategies take away risk or the possibility of problems arising. Fully research your options and choose the best strategy for you and your business.

Ready to take that next step when it comes to flipping?  

Here are some resources I’ve put together 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 critical to added value in a home.

If you are interested in learning more about the House Flip Blueprint course, go here!

There are several videos on finding houses, renovations, and funding on YouTube.  Check out your favorite flipping topics and new videos weekly.

Luxury homes are more than grand staircases and expensive additions. The good news is, luxury design items don’t have to cost more. Some of the items found in more expensive and new homes can be added to your flip without adding a ton to your budget! To add value and give a flip a luxe feel, I like to focus on layout and function, upgraded materials, and comfort. 

Let’s get into my top tips and examples to reach a luxurious level without breaking the bank. 

Luxury homes are more than grand staircases and expensive additions. The good news is, luxury design items don’t have to cost more. Some of the items found in more expensive and new homes can be added to your flip without adding a ton to your budget! To add value and give a flip a luxe feel, I like to focus on layout and function, upgraded materials, and comfort. 

Let’s get into my top tips and examples to reach a luxurious level without breaking the bank. 

Layout and Function

We’ve discussed layout and function before. When you’re looking for a home, keeping layout and function in mind is crucial. With that said, many homes can be revamped from their existing blueprint to provide more function and value. By mindfully making changes to the home, you can give the feel of luxury at the same time. 

One way I have used layout and function to improve the look and feel of a home is relocating the laundry room. Moving the laundry to the second floor where more bedrooms are located does a few things for buyers. It is a quick way to add functionality and convenience and is a space for extra storage. I like to include tile floors, counter space, and some open shelves. Ask yourself: How can I make the buyer’s life easier?

Similarly, a newly created mudroom can elevate from function to “wow” status with a few additions. An affordable option that is useable and exciting for buyers would be adding benches and extra cabinets. Storage is a universally appreciated aspect in homes, so wherever you can add it will automatically tick a box for buyers. 

Finally, another awesome idea to upgrade your flip to “luxe” status is a basement bar. There’s almost always a wall in a newly finished lower level that’s just waiting to be useful. A bar is a great way to add in function and make the most of the lower level. Add in a few cabinets, a countertop, and a mini-fridge and you’ve created another gathering area in a space that would otherwise sit empty.

Unexpected Materials

Instead of going through the motions with materials and choosing the basics you always do, consider unexpected materials throughout the home. Unexpected or upgraded items buyers aren’t necessarily used to will impress buyers and increase profit. 

You’d probably expect I recommend hardwood floors. Hardwood gives a cleaner, cozier feel with the potential for the buyer to choose their own decor and bring the room where they imagine. While installing hardwood floors can be a pretty penny, adding it to staircase landings is an affordable way to elevate a staircase. I also recommend installing railings where wood would typically be. Instead of the wood railings, opt for metal railings.

Along with changes to your materials for a fresh, upgraded feel, give some more time to find lighting that catches the eye. Your lighting selections can make a difference in even the most basic of rooms! In the same vein, choosing upgraded hardware, tile, and other items can be a small price for a big improvement.

Comfort and Luxury 

The above are “simple” additions and considerations that can provide a luxe feel to a home. Focusing on comfort and luxury directly include bringing in features you see in more expensive and newer homes that don’t have a high price tag. 

For example, in the bathroom. When you think of a luxurious home, you probably think of large, upgraded, clean bathrooms with storage and natural light. Buyers will be excited about heated tile floors, a soaker tub, and a private toileting area, and it doesn’t break the bank. These details likely won’t add more than $1,500 or so to your budget. This small investment can bring big results in impressing buyers and standing out from other homes.

You can do a lot to stage homes to promote a sense of comfort and luxury as well. Here are a few ways to do that:

Why Luxe?

When it comes to selling your flip in any market it helps to have a home that goes above and beyond. Luxury is sometimes associated with more money, but like we discussed, it doesn’t have to! Consider the layout and function, materials and fixtures, and where comfort and upgrades can make a difference. 

Ready to take that next step when it comes to flipping?  

Here are some resources I’ve put together 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.

If you are interested in learning more about the House Flip Blueprint course go here.

There are several videos available on finding houses, renovations, and funding on YouTube. Check out your favorite flipping topics and new videos weekly!

We’ve talked about it before: You don’t need a real estate license to flip houses. But if you do have your license, you should know the opportunity available. Real estate agents looking for additional income streams should consider real estate investing. There’s no clear answer to how many agents pursue investing, but experts estimate between 10 and 20%. It is a natural addition, but can also help their retirement.

Unfortunately, a 2019 survey found only 10% of US-based respondents believe they’ll

We’ve talked about it before: You don’t need a real estate license to flip houses. But if you do have your license, you should know the opportunity available. Real estate agents looking for additional income streams should consider real estate investing. There’s no clear answer to how many agents pursue investing, but experts estimate between 10 and 20%. It is a natural addition, but can also help their retirement.

Unfortunately, a 2019 survey found only 10% of US-based respondents believe they’ll have enough money for retirement. Agents can add a revenue stream and realize more profit while doing it through the advantages they have. 

Agents have several advantages helping them succeed in investing. As an agent themselves, they will save money and time. There are three main advantages to investing as an agent: access, knowledge, and network. 

Knowledge

The most apparent way agents have a leg up for investing is knowledge. Regardless of how long an agent has been working, they have learned a ton to get their licenses and have a great foundation of knowledge that can be applied to real estate investing.

Agents also know about desired locations and what buyers are looking for. This allows agents to be laser-focused on properties that will sell. Along the same lines is their knowledge of trends and value. Working as an agent requires getting into their client’s brains and learning what they want and don’t want out of a house and location.

Agents have the skill to recognize the value and go all in on homes that show the most potential and know how to get the most value out of the properties.

There are also advantages to knowing the financial side of things. This knowledge helps agents choose the best options and work with the lenders and financial institutions that make the most sense for them. And similarly, an agent’s experience in negotiation is invaluable in their own investment processes.

Access

The next advantage to agents is their access. As agents pursue investing in real estate, they have access to more tools and a network others aren’t privy to.

Agents have access to the multiple listing service (MLS) data the public cannot see. 64% of National Association of Realtors members consider it their most valuable technology tool. The MLS shows listings sooner than other tools (think Zillow) and shares data about the properties, including rooms, square footage, updates, days on the market, and HOA status. 

Access also helps for easier financing. Agents are aware of the financial options, including conventional mortgages, FHA loans, private money lenders, hard money loans, and many others. After hands-on assistance to clients, agents can take that experience to prepare the requirements and expect the interest rates. Not to mention, real estate agents naturally help lenders trust them and provide a level of credibility.

Network

A real estate agent’s network helps in the above, including access, financing, and helpful tools. An agent’s network comprises a diverse group of lenders, contractors, other agents, homeowners, flippers, and more. 

Experienced agents will have a diverse network of lenders, contractors, real estate agents, renters and landlords, buyers and sellers, and many others in the industry. Using an established network helps the process of investing and flipping from beginning to end.

An agent’s network can eliminate the time needed to find homes or buyers, find lenders, and vet contractors. A strong network is a game-changer.

The Bottom Line

For all of these reasons and more, getting into investing as an agent is a great route to go. These advantages help agents buy, renovate, and sell quickly, which is crucial in successful house flipping.

If you’re an agent, getting into investing is a smart move to leverage your expertise and secure your future.

Ready to take that next step when it comes to flipping?  

Here are some resources I’ve put together 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.

If you are interested in learning more about the House Flip Blueprint course go here.

There are several videos available on finding houses, renovations, and funding on YouTube. Check out your favorite flipping topics and new videos weekly!

Now that we’ve talked about how to find a flip property and how to fund your flip project, let’s discuss renovation and selling.

While you’re likely eager to get to the demo day and renovations, it’s critical to have a foundation of knowledge and expectations. For those who are considering a fix and flip for the first time, it’s important to know there are many unknowns. Even if you’ve renovated your home, it is much different when you’re overseeing an entire house renovation.

The

Now that we’ve talked about how to find a flip property and how to fund your flip project, let’s discuss renovation and selling.

While you’re likely eager to get to the demo day and renovations, it’s critical to have a foundation of knowledge and expectations. For those who are considering a fix and flip for the first time, it’s important to know there are many unknowns. Even if you’ve renovated your home, it is much different when you’re overseeing an entire house renovation.

The reality is, that the majority of problems come at the renovation stage. Therefore, a plan is absolutely necessary. Your renovation plan needs to be solid, that means sticking with a budget and a schedule.  No one else will care as much about those two things as you do! Without those, you could lose time and money.

No Experience Required

The first thing to know is experience isn’t necessary. When I got started over a decade ago, I had plenty of motivation but not any hands on experience. The extent of knowledge came from watching flipping shows on TV and reading about the business side of real estate investing. The key here is recognizing your lack of knowledge and look for resources that can help to build your expertise. 

You don’t have to have experience, but you do need to hire the right people to get your renovation from start to finish! We’ll get into how to effectively hire for your fix and flip later. 

How to prepare for starting your flip –

The key to successful flipping is action. Even if you have all the information at your fingertips until you’re actually in the project you’re not going to know what will come up and how you’ll handle it. We’re going to dive into the most important parts of the flip project which are making decisions around these areas:

Remember, if house flipping was easy, everyone would be doing it. It’s not easy, but it’s absolutely doable and gets easier with time. 

Each property is unique and varies in value from neighborhood to neighborhood. Your primary goal is to think about how to maximize your ROI (Return on Investment) without doing too much or overspending. One of the biggest mistakes of both new and experienced house flippers is going over budget.  

Before you start, decide what type of project your flip will be. That means, will it be a full renovation or just an update? 

Ideally, this is something you would have decided when you were looking at the numbers for resale but some homes may offer the opportunity for both. Confirm your plan prior to starting to make sure your original plan still makes sense.

Renovation is when you remove what is there and replace it with something new. For example, in a kitchen, that would include removing all old cabinets and fixtures and installing new cabinets, countertops, fixtures, and appliances.  It may also include removing walls to create an “open concept” floor plan.

For an update, you would keep much of what is existing in the home.  These projects would consist of a lot of paint and flooring for the changes.  Replacing high-use items like sinks, countertops, appliances and light fixtures will also add value. The overall layout and spaces will stay the same. 

Choosing between a renovation or an update is a budget choice. If the existing cabinets and fixtures are in good condition, it’s less expensive to keep them, clean them up and paint them. This will help maximize your profit.

If you have the budget or the area supports a renovation, then it will help increase the value of the house. Either option may work and you can incorporate ways to sell for more with both. 

Tip:  Even if you think you want to keep the cabinets,  always compare the price of cleaning, repairing, and painting to replacing.  You may be surprised that the time and labor for the painting are comparable to the cost of replacing them.

Let’s get back to ROI. Decide improvements through the lens of potential ROI. For instance, in older properties, renovate the kitchen because the area won’t have the layout that modern homes have. Another key room to renovate is the bathroom. Changes to these two areas will add significant value.

Not every room needs to have a major overhaul! Sometimes adding fresh paint, changing out the flooring, and swapping out light fixtures can add enough value while creating an opportunity for profit too.  

For those who don’t have renovation experience, hiring a contractor is the best way to ensure that your renovations are completed according to the required building code.

Finding a contractor doesn’t have to be difficult. I suggest always starting with referrals from friends and family. Who do they know? Who have they hired and had a good experience with? Real testimonials or knowledge of someone who is a contractor is the easiest place to start. 

There are more ways than ever before to connect with contractors.  You can see projects, read reviews, and research companies from your phone. Websites like Angie’s List or Home Advisor can provide potential leads.

Always vet any contractor thoroughly. All contractors should be bidding on the same scope of work you provided so that all the bids are comparable. Get multiple bids and compare them carefully. Beware of thinking that the cheapest bid will end up saving you money; it could actually cost more money because of poor work or a lower initial bid that was designed to win the job.

Work with your contractor closely on schedule. An experienced contractor will be able to review the schedule and make suggestions.  Be clear on who will be responsible for materials and other necessities.  If you’re going to provide lighting and tile then you will need to know the dates those items are needed on the job site. 

A timeline is just as important as a budget. Your contract should include both a start date and a completion date. Ideally, your contractor will be able to complete renovations on schedule, but they could encounter situations that cause delays or setbacks. For example, they might find additional repairs needed behind walls or items during construction that need to be addressed.

If you have setbacks and need to change your timeline, don’t worry. Stay calm and figure out the proper solution with your contractor.  It may increase costs but the alternatives will cost much more.  Trying to sell a house where you started and then walked away isn’t going to yield any profit. If you ignore the problems, it may cost you a sale when a buyer’s inspection reveals the issue. The bottom line, take care of it. It’s worth it.

At the end of construction make sure you complete a walk-through.  This should be done before the final payment is made.  You’ll confirm all the work was completed and the house is ready to be shown to potential buyers. This is the time for paint touch-ups, caulking, and checking doors to make sure they open and close properly. Look at the house as though you were a buyer and if it looks like something that needs attention, make sure it’s addressed.

As renovations get underway it’s going to be exciting.  There seems to be a lot happening in the beginning and then all of the sudden, things will slow down a bit, or a lot.  Don’t worry, that is the nature of construction.  This is where it’s key for you to continue to check in on the project.  Especially if you’ve hired a contractor to oversee the project.

When you’re starting out and working with someone new you’re still managing the project. It’s up to you to ask questions and don’t be afraid to ask a lot of them.

I also recommend you ask the contractor to let you know when inspections are scheduled. That way you can add that to the job schedule and know how things are moving along.  Delays are part of the process and are often out of your control, but being aware of when and why is essential.

Along with your schedule, you will have a budget for every job. This includes materials and labor. You must be strict with your budget. To maximize potential profit, you’re flipping for the best ROI, and that means making smart decisions.

Some flippers will make changes along the way, and this is a big mistake that will cost you. Unexpected re-routes not only delay the project but can cost a premium. Do your best to cover all the work initially. If there’s something small you really want to change that may be doable but deciding to remove a wall after the drywallers have finished would be extremely difficult.  

The second-last step to wrap up your flip is preparing for market and in-person and online viewing. That means staging and getting professional photos done! Staging can be done by you or professionals. I recommend bringing in the professionals and learning from what they do, you might be able to pick up enough tips to do it yourself next time.

Photography is also crucial. Photos tell a story and help potential buyers imagine themselves in the home before stepping foot inside. Photographers will take the photos at the right angles, ensure adequate light, and overall look better than phone photos.

And finally, once the renovation is complete you are ready to sell the house! Your goal here is to sell the property quickly so you can move on to another project.

Having a good realtor is key.  They will help you with pricing recommendations and represent your interests when working with buyers.  They’ll negotiate on your behalf when it comes to pricing, concessions, and inspection requests.  

Though you will pay a commission, they bring expertise to the process and can potentially secure you a higher price and more favorable offers.  

If at this point you are considering your next project, congratulations.  You’ve just learned something new about yourself and what you are capable of.  As you continue to gain more experience, taking on larger projects may be on your horizon.  These will feel so much more possible with the experience you’ve built.

Along the way, there’s a chance you’ll make a mistake.  It is, after all, your first fix and flip. Don’t get discouraged because you will learn that all problems have a solution.  When something is new, it just may take a bit more to figure out what that solution may be. Learning by doing is always the best educator.

Fix and flip isn’t for everyone, but anyone willing to take on the challenge will learn how to be successful.

This series of tips is the beginning of your fix and flip journey. With every single project, you will find your knowledge and skill growing.  Soon, you may be looking to pivot to larger projects or different neighborhoods.  These choices are yours to make so get ready to take control of your flipping future.

Ready to take that next step when it comes to flipping?  

Here are some resources I’ve put together 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.

If you are interested in learning more about the House Flip Blueprint course go here.

There are several videos available on finding houses, renovations, and funding on YouTube. Check out your favorite flipping topics and new videos weekly!

I have been scaling a house flipping business for over a decade. When I started, I was between various media to learn all I could about real estate and flipping. Now, with many years of experience (all successes and failures), I put together this step-by-step guide for a profitable flip in 2022!

House flipping is an involved process with many steps. To break it down broadly, the steps are: Find a house, buy the house, renovate it, and sell it for profit. Again, this is a very broad ist but since the

I have been scaling a house flipping business for over a decade. When I started, I was between various media to learn all I could about real estate and flipping. Now, with many years of experience (all successes and failures), I put together this step-by-step guide for a profitable flip in 2022!

House flipping is an involved process with many steps. To break it down broadly, the steps are: Find a house, buy the house, renovate it, and sell it for profit. Again, this is a very broad ist but since the process of flipping is critical, it’s important to understand it from the beginning. 

Missteps can ultimately result in an outcome that may not be profitable if you are not diligent with the process you follow.  

Within your house, flipping processes are many essential steps that often require their own decisions. Each one of these steps can set up the project for success or failure all on its own. 

Let’s get into my top tips and process recommendations to flip a house and make a profit this year. 

Potential and Opportunity

Not every house is a good flip, and it comes down to potential and opportunity and it takes time to find homes where you get the right combination of features, including space, location, and price to offset the commitment and financial responsibility when you tackle a flip. 

When searching for your flip project, focus on these three things: 

Each component plays a significant part in finding a good house to flip.  If you overlook the importance of any of these, you could find yourself with a renovated house sitting on the market without showings or offers.  

The Market Conditions

Market conditions fluctuate. There’s no tried and true way to determine where the market is currently, but you can ask others who work in the market.

One of the best resources to get a handle on the market in your desired areas is local investors and realtors. Ask them about business, and what they are experiencing on their end. Most specifically, ask if they are seeing an uptick or a lul.

Some more questions to ask others in the industry include: 

You cannot assess these questions simply from reading information on a national scale.  Real estate is often more localized and can vary from neighborhood to neighborhood.  Educating yourself on these nuances can narrow down the areas you would consider purchasing in. Most importantly, they can help you focus on what your offer may look like when you find a house with flip potential.  

Market data information is also an essential part of the equation when it comes to buying a flip property. When you’re looking to buy property, follow a few steps to ensure it’s the right choice.

Check into the average days on the market, inventory, and pricing information (including comparable sale information), will all show you the most broad view of a variety of areas and help you to best determine not only the areas which may be best for flipping but also the price point at which homes are selling in that area.  

The Property

Once you have established the location or locations, it’s time to search. There is a basic formula that many house flippers refer to when it comes to finding a house that is a good flip opportunity: You will look at 100 houses and of those, only 10 will have potential. If you are to put offers in on those 10 houses you will have 1 offer accepted. The reason for these numbers just confirms that not every house will make a good flip.  

Here are a few reasons a house would not be a good flip…

Anything that a homeowner would need to overlook is a red flag. My advice is to not talk yourself into buying a house, especially when you’re getting started, where these areas bring up a red flag for you.

If it’s something that is making you think twice, the same will happen for a buyer once you’ve completed the renovations.  Nothing like a pretty house that you’ve spent time and money improving isn’t generating an offer. 

What to Look for in the House That Makes it a Good Flip

These recommendations are flexible. Seasoned flippers will approach finding the best home differently than a newbie. But that’s ok; the basic processes are the same. 

Ideally, you would look for houses that require primarily cosmetic repairs, particularly if you are just starting.  Cosmetic repairs are easier and faster to complete. 

Some great examples of these repairs are:

There are many neutral and design-friendly options to choose from and buyers will appreciate the convenience of moving into a home with fresh flooring.

If you are more experienced when it comes to construction and house flipping you may consider homes that would need more significant renovations.  Those types of projects are more expensive and more time-consuming but they can also provide a larger profit since they can increase the value of the home more.

These types of improvements are often the ones that create the wow factor for buyers. These include:

Finding the House

So you’ve identified your market, you know what to look for in the house to see if there is potential, and now you need to figure out where you will look for homes to flip.

It is easy to overpay for a flip project, so you will want to remind yourself that you make money when you buy the house.  That is a great way to help keep you from overpaying and thinking that you can compensate on the sale side once the project is completed.  

You can search for properties in several ways, and you may even find that you use a combination of them as you search.  

The MLS

This is the number one place that I purchase my flip properties. It is also the most utilized platform for sellers. When people inherit houses or have a problem rental property, they often look to a local realtor to help them solve that problem, which is great for people looking to buy less than perfect properties.

Not all houses on the MLS are retail buyer ready, and the longer they sit, the better opportunity you may have to negotiate the right flip price.

FSBO

Not everyone who has a house to sell wants to use a realtor.  For some sellers, the idea of having showings or making repairs is not an option.  That’s why these sellers can be so great to work with. Online real estate sites like Zillow and Realtor offer “For Sale by Owner” listings.  And, since most people aren’t looking for these listings, they are often missed.

Auctions

Buying properties online can be another option.  Auction.com and Hubzu.com are two that are commonly used to list homes. Be aware that there may be time limits and additional fees when you purchase through these platforms so if you’re new to purchasing, enlist the help of someone experienced to guide you.  

With the outline of how to find a house to flip it’s vital to mention the people who will help you find, fund, renovate and sell your flip for profit. 

A realtor, lender, and contractor are fundamental to any successful flip.  Starting with a realtor, or, preferably, an investor-friendly realtor can set you on the right path quickly so you can submit an offer quickly and confidently.  

Having the right lending relationships and being prepared to use them when and if needed can keep you from having to pass on a perfect flip if the timing isn’t right.

And asking friends, family, and acquaintances for contractors will get you building the list of those you will call on when you need to get your bids together for that flip.  Or even when you need to have someone walk through and provide a professional opinion.  

Ready to take that next step when it comes to flipping?  

Here are some resources I’ve put together 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 critical to added value in a home.

If you are interested in learning more about the House Flip Blueprint course, go here!

There are several videos on finding houses, renovations, and funding on YouTube.  Check out your favorite flipping topics and new videos weekly.

Zillow’s Home Buyer press release, “75% of Home Buyers have Regrets About Their New Home,” has quite the shocking title, but there’s a lot to learn as a flipper. The survey is from February 2022, where new home buyers shared their top regrets. As we know, the real estate market has been in overdrive for […]

The post What Zillow’s Home Buyer Regret Survey Says

Zillow’s Home Buyer press release, “75% of Home Buyers have Regrets About Their New Home,” has quite the shocking title, but there’s a lot to learn as a flipper. The survey is from February 2022, where new home buyers shared their top regrets. As we know, the real estate market has been in overdrive for […]

The post What Zillow’s Home Buyer Regret Survey Says About Flipping appeared first on Threshold Homes | Minnesota.

House flipping success is dependent on time and budget. A critical aspect of both of these is your plan for renovation. Proper planning can save you time and money. I recommend getting started and detailing your plans as much as possible to ensure you’re starting on the right foot. I’m going to break down when […]

The post How to Plan Your Flip Renovation appeared first on

House flipping success is dependent on time and budget. A critical aspect of both of these is your plan for renovation. Proper planning can save you time and money. I recommend getting started and detailing your plans as much as possible to ensure you’re starting on the right foot. I’m going to break down when […]

The post How to Plan Your Flip Renovation appeared first on Threshold Homes | Minnesota.

Updated, welcoming and beautifully designed bathrooms are a huge plus to buyers. We see trends come and go, and while I enjoy jumping on a trend here and there, an emphasis on balance and not “overdoing” anything are true priorities. When tackling a bathroom design, there are many things to consider. Today we’re getting into […]

The post 2022 Bathroom Design Tips and Trends appeared

Updated, welcoming and beautifully designed bathrooms are a huge plus to buyers. We see trends come and go, and while I enjoy jumping on a trend here and there, an emphasis on balance and not “overdoing” anything are true priorities. When tackling a bathroom design, there are many things to consider. Today we’re getting into […]

The post 2022 Bathroom Design Tips and Trends appeared first on Threshold Homes | Minnesota.

I have said it before, flipping houses is a lot of learning on the job. Over time, you’ll cultivate timelines and workflows that work for you, and you’ll learn and make changes as needed. One thing I am asked about often is if a real estate license is required to flip. While the answer is […]

The post Is a Real Estate License Required to Flip? appeared first on

I have said it before, flipping houses is a lot of learning on the job. Over time, you’ll cultivate timelines and workflows that work for you, and you’ll learn and make changes as needed. One thing I am asked about often is if a real estate license is required to flip. While the answer is […]

The post Is a Real Estate License Required to Flip? appeared first on Threshold Homes | Minnesota.

When it comes to changes this one is going to definitely be a standout. Not necessarily from the renovations though there’s plenty to see, but from a purely visual perspective. As it so happened this was a house that was inherited by a distant relative of the homeowner. Knowing that the home would require some […]

The post Before and After Flip Reveal: City Living with a Lake View appeared

When it comes to changes this one is going to definitely be a standout. Not necessarily from the renovations though there’s plenty to see, but from a purely visual perspective. As it so happened this was a house that was inherited by a distant relative of the homeowner. Knowing that the home would require some […]

The post Before and After Flip Reveal: City Living with a Lake View appeared first on Threshold Homes | Minnesota.

If you’re interested in making house flipping your full-time job, there are some considerations and initial steps I recommend before going all-in. Before deciding that house flipping is your new career, you’ll need to get one flip under your belt to have the experience, analyze your experience, and make an educated decision about your future.

The post How to Flip Houses Full Time  appeared first

If you’re interested in making house flipping your full-time job, there are some considerations and initial steps I recommend before going all-in. Before deciding that house flipping is your new career, you’ll need to get one flip under your belt to have the experience, analyze your experience, and make an educated decision about your future.

The post How to Flip Houses Full Time  appeared first on Threshold Homes | Minnesota.

The internet is a wonderful place for newbies in house-flipping. But there’s a lot to sort through, and you can be led in the wrong direction. One term that no doubt comes up in new flippers’ research is the “70% rule.” The 70% rule in house flipping is a well-known and often-utilized principle for house […]

The post The Good and Bad of the 70% Rule in House Flipping

The internet is a wonderful place for newbies in house-flipping. But there’s a lot to sort through, and you can be led in the wrong direction. One term that no doubt comes up in new flippers’ research is the “70% rule.” The 70% rule in house flipping is a well-known and often-utilized principle for house […]

The post The Good and Bad of the 70% Rule in House Flipping appeared first on Threshold Homes | Minnesota.

Let’s get one thing out of the way. You will make mistakes, and I urge you to reframe those mistakes as lessons. As a new flipper, you will learn on the job and improve as you go (like how I did). With that said, I want to touch on five of the most common mistakes […]

The post 5 Common Mistakes New House Flippers Make appeared first on Threshold

Let’s get one thing out of the way. You will make mistakes, and I urge you to reframe those mistakes as lessons. As a new flipper, you will learn on the job and improve as you go (like how I did). With that said, I want to touch on five of the most common mistakes […]

The post 5 Common Mistakes New House Flippers Make appeared first on Threshold Homes | Minnesota.

Like any other business, some people excel, and others struggle. Flipping houses is not a specific science, but several things set the ones who do it well, apart from those who don’t.  I came up with four things that set successful flippers apart. Let’s get into four ways people who excel at house flipping differ […]

The post Why Some People Excel at House

Like any other business, some people excel, and others struggle. Flipping houses is not a specific science, but several things set the ones who do it well, apart from those who don’t.  I came up with four things that set successful flippers apart. Let’s get into four ways people who excel at house flipping differ […]

The post Why Some People Excel at House Flipping and Some People Don’t appeared first on Threshold Homes | Minnesota.

A successful flip is within your reach! Your first (or next) successful house flip starts here, with the following six steps. I learned and refined my processes over my decade-plus in the house flipping business. I will share with you the first six steps you must take before getting into the nitty-gritty with your flip. […]

The post Successful Flips Start Here appeared first on

A successful flip is within your reach! Your first (or next) successful house flip starts here, with the following six steps. I learned and refined my processes over my decade-plus in the house flipping business. I will share with you the first six steps you must take before getting into the nitty-gritty with your flip. […]

The post Successful Flips Start Here appeared first on Threshold Homes | Minnesota.

Each year flips are looking better and better! Investors who take the time to meet and exceed the expectations of buyers and comparable properties stand out and get quick sales. What does that mean for you? Small things will make a difference when buyers walk through your flip. There are tons of design choices you […]

The post 2022 House Flip Design Tips appeared first on

Each year flips are looking better and better! Investors who take the time to meet and exceed the expectations of buyers and comparable properties stand out and get quick sales. What does that mean for you? Small things will make a difference when buyers walk through your flip. There are tons of design choices you […]

The post 2022 House Flip Design Tips appeared first on Threshold Homes | Minnesota.

Flipping houses is a business full of decisions. Each choice you make has the potential to impact your timeline and profit. A wrong choice can cut into your final profit and throw off your schedule completely. We’re not only talking about the big choices here. There are dozens of small decisions you’re making that individually or collectively […]

The post Steps in a House

Flipping houses is a business full of decisions. Each choice you make has the potential to impact your timeline and profit. A wrong choice can cut into your final profit and throw off your schedule completely. We’re not only talking about the big choices here. There are dozens of small decisions you’re making that individually or collectively […]

The post Steps in a House Flip Too Costly to Miss appeared first on Threshold Homes | Minnesota.