Every savvy real estate investor knows that there are a ton of things that can derail your house flipping project. Whether it’s running into an all too common permitting delay with the city, construction or zoning surprises, and/or budget overruns; your profit machine can quickly turn into a money pit. So plainly speaking, yes, there’s risk and you’d better do your homework. Additionally, make sure you’re always seeking education and stay up to date with market trends. But even amid the risk, there are also some fun perks if you play your cards right.
Here are a couple:
- Control of your Time! If you set it up right and the margin is big enough, you can win back your time. Professional full time flippers often come to realize, and rather quickly for that matter, that their time is not best spent painting walls or changing out the toilet. Now this is not to diminish the idea of sweat equity to bolster profits. Doing hard work on the job is valuable. But if the margin is right, flipping a house gives you the opportunity to sub out the work and still capture a huge profit. This not only wins your time back but also might free you from some liability issues possibly associated with the construction process. Plus, unless you are a professional at a specific trade, it is often found that the subcontractor can get the job done faster, with better quality, and sometimes even cheaper than you can trying to save a couple of bucks fudging your way through it. Your time is one of the most valuable assets you have. Use it wisely and win it back every chance you get. It’s a HUGE perk to real estate investing and flipping houses. This is also true for using hard money loans in a BRRR strategy to grow a rental portfolio for long term wealth.
- Go on a FREE Trip with your new found Time Freedom. (Time Freedom capitalized on purpose… you should be asking why?) And what, free trip?! Yes, that’s right – Free trip! With time freed up and subcontractors in place and running smoothly you could have the opportunity to sneak out of town on a free trip. Many of the responsibilities of the job can be handled these days with your smart phone using texts and FaceTime. (If you still have a flip phone you might be out of luck – sorry – and haha!!) But free, you mentioned FREE! Yep we did! Here’s the trick – you spend a lot of money when flipping houses: rehab, insurance, gas, occasional lunch for the workers as a nice treat, utilities, permitting, materials, etc. The list is long! Get a points based travel credit card and put everything on the card. Your points will add up very very quickly. We’ve gone on tons of free travel since 2014 including amazing places like Atlantis in the Bahamas (multiple times), Cancun (multiple times), and Vegas just to name a few. Do a little research to find the card you like and then assign the card to that flip project. An extra bonus is that it will also help you track all your purchases. We’ve found that the Points Guy is a good place to start when evaluating credit cards: https://thepointsguy.com/guide/top-travel-rewards-credit-cards/.
As mentioned above, If you like these ideas and are interested in more about how to flip houses review our LEARN MORE section (click here) and then get in contact with us to see how we can help you with your flip house or BRRR strategy for creating wealth.
Flip House Funding Texas