Soooo…we decided to purchase a house to flip and closed on it last week. Since I am not already busy as it is, I figured I may as well just pile on some more.
You might think I am crazy, but even in this market, I couldn’t pass up this is the absolutely perfect home that landed on my lap. I’ve written about flipping a house several times in the past. Most of our investment clients inquire about flipping houses (almost daily). A lot of our baby boomer clients who are in semi-retirement (and wouldn’t mind trying their hand at making some passive income) also reach out asking us about opportunities. I don’t typically open the doors to my business, but thought that this would be a great opportunity for our network to see firsthand what goes on behind the scenes of a flip
I’m sure you’ve seen a lot of shows on HGTV regarding flipping properties. Those shows do give you a good idea of what it’s like, but they are also a made-for-tv version that sways from the reality of what flipping a property is. I would really like to approach this in the most authentic way possible, so I’m going to share everything throughout this process. All of the highs, all of the lows, the frustrations, anxious moments, and of course happy moments that come with this process. I will share how I selected the house and how I navigated through obtaining the financing in my next post.
Moving forward I will update you at least weekly on things like deciding what renovations we will be doing, sourcing the vendors and trades for the project, picking the materials for the project and most importantly how we hold ourselves accountable to making sure that what we’re sticking with our timelines.
If you know me well, then you know you’ll definitely get a good kick out of watching me go through this. I’ve done it a few times before so I have learned a few lessons, but there’s always a surprise. I’m going to try and video document as much as I can so you can follow me through the journey in detail. I hope this provides you some insight into the process of flipping a house, and at the very least, provides you with a few good laughs at my expense (I can guarantee at least five).
Wish me luck and stay tuned for our next post!