5 Best things about doing a FLIP
- Everyone thinks its super cool - Thanks to HGTV, Bravo, Lifestyle and probably a few others I am forgetting the business of flipping has never been made to look more glamorous then it does today. Its a bit of a double edge sword because its increased the competition but on the other hand I’ve never met anyone who isn’t immediately interested in what we do. A little bit of glamour goes a long way for someone as vain as me.
- Flex your analytical muscles - I am a bit of a math nerd at heart. I enjoy running through spreadsheets and creating a scope of work for a project. The process of determining the improved value of a flip is somewhat of a science. Having the ability to know with reason if and how much of a profit you stand to make before you make a move is unique and very key.
- Letting out your creative side - This is one of those things that I was always intimidated by. I never felt like Joanna Gaines in my ability to picture what it would look like to move a wall, make a big change to the property. Those scenarios are fun, but even the simple things like picking out the granite countertops, choosing paint color schemes, and selecting light fixtures are exciting. It’s like you are getting paid to shop in some ways. It's a good way to scratch that materialistic itch.
- Profit Potential - Of course, in the end, this business is the pursuit of profit. There are few options out there that hold the potential of a flip. I have heard of people making up to $200k on a flip. Granted you hear those stories more than the stories of the one where the investor lost money, but having done this myself I can say that 20-30k is a realistic profit after all of the expenses holding fees are accounted for on a flip.
- The satisfaction of transforming a property - The reality is that most of what we buy is in major disrepair, has tons of deferred maintenance, a hoarder situation or has been abandoned. The property is typically the worst on the block. We get to take what was once an eyesore and drain on the neighborhood and turn it into something beautiful and desirable. Our properties tend to sell for the high end of market value and bring up the value of the neighbors. I get the most pride out of knowing that we turned a piece of coal if you will into a diamond and that the communities we invest in are marginally improved as a result.