DIY flipping versus having a team is like night and day. With so many of today’s TV shows showing people making tons of money flipping houses, it’s no wonder why so many people try flipping houses every year as a way to earn a big profit from a small investment. Unfortunately, many first-time house flippers fail because they fail to understand the pros and cons of house flipping or whether they should flip houses by themselves or with a team. If you’ve been considering flipping houses as a fulltime job or as a way to earn extra income, then here are some tips to get you started.
DIY Flipping vs Having a Team: DIY
DIY house flipping does have some advantages over flipping houses with a team. Some of the benefits of flipping a house yourself include:
- Lower costs
- Higher profit potential
- Lower risks of construction accidents
DIY doesn’t necessarily mean that you will have to make all the repairs and upgrades yourself, but it does mean that the cost will come out of your pocket. The more money you save by making repairs and upgrades yourself, the more money you make when it’s time to sell. If you’re going to flip a house DIY, then the best way to make a big profit is to learn a few home repair and decorating skills or have some people on your payroll that can do the tougher jobs at a lower cost than a professional.
Construction accidents are always a concern for any home improvement or remodeling project, and there are a number of construction accidents that can happen on the job that can ruin your flip. Serious accidents can stop a project in its tracks, especially if the workers are not covered by insurance. Make sure you have insurance coverage for all workers you hire for repairs and remodels. If you use a contractor, make sure the company is bonded and insured.
Having a Team
DIY house flipping can wreak havoc on your stress level and emotions. It’s a difficult job when you’re responsible for every decision and detail when it comes to refurbishing a home for a flip. If DIY is not your style, then consider using a team. Some benefits of having a team include:
- Less stress
- More ideas and skills
- Faster flip times
Having a team, especially a team with skills in painting, plumbing, and carpentry, can make a flip much easier and faster. Having a team will also lower your initial investment since it will be divided among the other members. Keep in mind that you will also receive a lower profit since it has to be shared with the other team members as well.
Flipping houses can be a very rewarding and profitable investment. While it may look easy on TV, flipping houses require a lot of planning, skill, and knowledge of various aspects of the real estate industry. Before you get started flipping, it’s a good idea to educate yourself on real estate markets, housing costs, decorating, and basic home repair. Once you’ve educated yourself on the basics of flipping a home, you’ll be on your way to big flips and big profits in no time.
If you’re interested in investing, learn from other like-minded people. Learn more how to get started here!
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agents, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that it does not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
Click here for membership information
Get our meeting notices and market data emailed to you.