Why You’re Going to Start Flipping Houses
House flipping shows have been all the rage the last few years. Have you ever watched a few episodes and thought "I can do that"? While these shows don’t portray all of the planning and hard work that goes into flipping, deciding to get into real estate investing is a sound decision.
Are you on the fence about diving into the house flipping arena? Here are the top six reasons why you want to start.
1. It’s a lucrative business
Whether you’re a part-time or full-time flipper, flipping houses can be quite lucrative. Even if you flip just 3-4 houses a year, you can easily make $30,000-$40,000 in profit. When taken on as a full-time job, flipping can easily match, if not exceed, your full-time income.
But remember, flipping isn’t something to do willy nilly. It requires making wise investments, careful planning, and knowing some of the nuisances that come with the industry.
What’s most important is to get and stay committed. You can’t make your million-dollar dream come true by working with a minimum wage work ethic. Success comes with hard work and hustle.
2. Can work part time
Not sure if flipping houses is right for you? The good news is that you don’t have to take a huge leap of faith to find out. Flipping houses doesn’t have to be a full-time job if you don’t want it to be. By using it as a side-gig, you can keep your daily job and flip houses to make extra cash on the side.
Part-time flipping is also a great way to get your toes wet before going into the deep end. By getting a feel for the industry and how real estate investing and flipping works, you can decide if it’s the best path for you before quitting your full-time job.
3. Be your own boss
It’s everyone’s dream to be their own boss. Many house flippers are self-employed and have full control of their career path. As a flipper you’ll have the freedom to take vacation when you want, set your own hours, and work from anywhere at any time.
While being your own boss has its perks, you must remember that you’re the only one in the driver’s seat. You have to bear the burden of holding yourself accountable. At the end of the day, as an entrepreneur, you’re the only one responsible for your successes and failures.
4. Minimal startup costs
One of the biggest misconceptions about house flipping is that you need a large amount of money to get started. Unlike other small businesses, flipping doesn’t have huge startup costs. This is because you don’t have to build out a storefront, invest in tons of inventory, or hire a huge workforce.
Flipping houses requires very little startup capital. And if your funds are quite slim, there are all sorts of financing strategies that you can use to obtain your first investment property.
5. Personal development
By making the decision to invest in real estate, you’re making the decision to invest in your future. Building a successful business isn’t easy, and you can guarantee that you’ll make mistakes and face unexpected hardships.
However, flipping houses presents an incredible opportunity to learn, gain tons of experience, and grow on a personal level. As a flipper you’ll learn crucial skills such as:
How to start and run a business
Real estate
Construction experience
Building a network of partners and contractors
Most importantly, you’ll grow as a person. There’s no better feeling than successfully flipping your first property. Transforming and renovating a home into one that’s livable is empowering and a good boost of confidence and courage.
6. Invest in your community
House flipping also allows you to make an impact on your local community. Each property that you flip is an investment in the community. Renovated homes boost property values, which in turn increases neighborhood wealth.
As a flipper, you not only build a legacy for yourself, but you transform neglected and distressed houses into beautiful homes for new families. What’s better than knowing that your hard work and dedication has created a place for a family to build memories?
Flipping goes beyond making a living. It improves the lives of others, which is what we should all strive to do.
Ready to take the plunge
If you are ready to make the leap and start flipping houses, partner with Home RX. Whether you are looking to start with one house or have a line up of projects ready to be completed, we are your go to team for house flips in Chattanooga, TN. We have the experience to make this new venture seamless for you. Contact us today to get started.