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The Art of Flipping Homes: Our Journey and Tips for Success
If you follow along with me on TikTok, you’ve probably seen some of the homes that Burl and I have renovated for resale. In the real estate world, we often call this “flipping.” Every real estate investor has unique criteria for determining if a property has “flip potential.” What we look for might be quite different from what others prioritize, and that’s part of the fun and challenge!
What We Look for in a Flip
For us, ideal flip projects often start with homes that need a substantial amount of work—the type that’s a bit of an eyesore in the neighborhood. We love taking those neglected properties and transforming them into something that adds beauty and value to the area.
Of course, potential resale price is crucial. We aim to hit the sweet spot in terms of what buyers in the area are looking for. And then there’s the all-important factor: location, location, location! While any property can be remodeled, its surroundings matter. We consider the general condition of neighboring homes, as buyers typically prefer a renovated home in an area with well-maintained properties.
Putting in the Work
Burl, my husband, handles most of the hands-on work in our projects, making this his full-time focus whenever we start a new property. This is a huge advantage because it allows us to avoid contracting out a lot of the labor, which helps with profitability.
For anyone looking to try their hand at flipping, consider the impact of your own schedule. If you have a full-time job, keep in mind the carrying costs of holding onto a property while renovating. If you try to do all the work yourself and can only work nights or weekends, you might extend the project timeline. This means additional months of mortgage interest, property taxes, and utility payments. Hiring additional help may cut the timeline down significantly, often reducing your carrying costs in the process.
Budgeting and Planning for Success
Putting pencil to paper is essential before committing to a project. It’s almost guaranteed you’ll go over budget, so plan for a buffer! Be sure to include all potential expenses and carry contingencies to cover unexpected costs.
Working with a REALTOR® can make a big difference as well. Before I started flipping myself, I guided many clients through the process, helping them assess properties, estimate resale values, and even advising on paint colors, fixtures, and finishes. A REALTOR® will help you understand buyer preferences, so you can choose finishes that appeal to the market rather than just your personal style. This ultimately makes the home more attractive and sale-ready.
Ready to Flip?
Flipping is an adventure and requires commitment and planning, but the rewards can be worth it. If you’re interested in purchasing a flip property in Western Oklahoma, I’d love to help you find the right opportunity! Reach out, and let’s make it happen.