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AUCE05
Auburn Fan
Member since Dec 2009
31234 posts
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re: Flipping houses as sole income?
My BIL was sick of his job and quit to flip houses. It is a lot harder to find houses consistently to make money on when you need it to as a sole income. He ended up having to become a real estate agent to supplement income. He enjoys being his own boss, but it is probably more work, tbh.


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Auburn1968
Auburn Fan
NYC
Member since Mar 2019
759 posts
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re: Flipping houses as sole income?
There was a book/study many years ago that analyzed the facets of renovation relative to return on sales.


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
16785 posts

re: Flipping houses as sole income?
Flipping is about 50% of my income, whereas repping buyers and sellers is the other 50%. If you know what you are doing you can make very good money. My big 2 are structural and water damage/issues. I don’t mess with either. Everything else is fairly easy to address and in most instances I’m ripping everything out anyways so the more dilapidated the better. In this market just starting out I would recommend one project at a time, close, and go to the next. I have one closing this week and one next Monday, have two that I’m about to start, but I’ve been at this awhile now. You will learn something from every flip to take to the next one. Learn how to do things like tile, changes outlets/lightswitches, hang chandeliers, build wood closets, install cabinets, etc...those time consuming things will eat you up in labor costs and if you do those little things flip to flip at the end of the year it adds up to 10’s of 1000’s of dollars.
I also recommmend you get your real estate license and hang it at a pay per transaction brokerage to save money as well.

Good luck!
This post was edited on 5/26 at 5:15 am


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cgrand
New Orleans Pelicans Fan
HAMMOND
Member since Oct 2009
21500 posts
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re: Flipping houses as sole income?
quote:

Get a woman to do your design work, or at least approve any layout you come up with

the best advice in this thread.
I do simple commercial design and I’d never trust myself to lay a house plan out. Hire a no nonsense interior designer that knows how to work within a budget.

that money will come back 10x over


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