I work for a realtor company but also flip my own houses on the side. I have flipped 4 houses so far and plan to flip more. I have made profits of $450,000 on these houses. I spend a total of $364.000 on the houses. So not a bad profit.
Have you ever flipped a house? How many have you flipped?
Congrats on flipping that amount of houses and making a profit. That's something I hope I can get to one of these days. I am working to flip houses myself, and it's a learning experience for sure. Here's hoping you sell a lot more homes.
Thus far, I have done about 10. I say "about" as I have fixed some up and kept them as rental properties. I can't tell you how much I spent off the top of my head but my profit margin is over half a million. This is over roughly 7 years.
I've only done 2. One of which took me nearly 4 years to completely redo and bring up to code. It was a nightmare and I had to work on it while working my 9 to during the week.
I did make $60,000 from the sale which was great. I had to put a lot in but to profit that much was a blessing.
I considered this before getting my real estate license but it seems like this is only practiced if you have the time, the money to invest, and know what you are doing. I do not know that much about fixing up homes myself.
It looks so easy! Buy a house, make a few cosmetic fixes, put it back on the market, and make a huge profit. At any given time, a half-dozen shows on television feature good-looking, well-dressed investors who make the process look fast, fun, and profitable. And plenty of homes are getting flipped. Flipped homes accounted for 6.2% of all home sales in the U.S. in 2019, an eight-year high, according to data ATTOM Data Solutions published in its 2019 U.S. Home Flipping Report
Fixing up a home to turn into a rental is a wonderful strategy. Because the home needs work, you’ll purchase it at a discount. You can then install tenant friendly finishes. You’ll also have a mortgage at the lower rate of a home-owner (rates are higher for properties that will be immediately rented). If you decide that landlording isn’t for you, you have 3 years after you move out to still sell tax-free.
Flipping houses can be a lucrative business for full-time flippers or provide substantial side-income for part-time flippers. If you can flip just 2 to 3 houses per year that generate $20,000 to $30,000 in profit, you could easily match or exceed your full-time income. If you can scale your house flipping business to 5 houses or more, you could easily be making over 6 figures in profit every year.