So You Want to Flip Houses…

advice from a house flipper

A common theme to most of the emails I receive is that the sender is in search of some practical advice for getting started in the flipping business.

Some want to dip their toe into the flipping waters part-time, others are ready to jump in completely, and the majority aren’t quite sure how to proceed.  Here’s a recent example of one of those queries:

Interior decorating and house remodeling has been a passion of mine for the
last 5 years or so. I currently am an accountant for a large corporate
company. I have no intentions of quitting my job, currently. I would like
to flip houses (do what I love) and make money doing it. To me, that just
seems like pure heaven. In the last 2 weeks, I have started researching the
flipping business. I want to make sure I have every aspect nailed down
before jumping in. I was hoping that you could offer some advice or point
me in the right direction of how to begin. It’s always nice to speak to
someone with experience and who has been successful. Thanks so much for
your time!  ~ Krista

I love emails like this!  However, it’s pretty time-consuming to respond to each one – even though I would love to I just don’t have the free time these days (this post pretty much sums up why).  So, I thought it would be a great idea to put all of my get-into-flipping tips in one spot – and any new posts will be added here over time.  Sound good?

Here we go!

    Do you have a question about flipping houses that isn’t answered here?  Let me know and I might write a post about it!
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Comments

  1. Jenny says:

    Liz,
    I’m new to your site. Do you rent any of your properties?
    Id love to hear your take on why or why not.

  2. Read such a graceful post. Thanks for sharing this.

  3. Aimee says:

    Great post! I always love the photos, but the amount of information needed is incredible. I admire your writing style: it is understandable, non-patronizing, but conveys a great deal of specific information.
    Your also makes me realize how much effort goes into a flip; on TV home renovation shows, the husband always gets the house at a great price, tells the contractor in a walk through to “take care of it,” and the wife minces along saying “white cabinets and use granite.” The changes just HAPPEN in a few weeks while the husband and wife are off sunning at a luxury resort. The end of the show features a bidding war from the many excited buyers who end up paying more than the asking price. Somehow the nitty gritty details you wrote about are glossed over.

  4. Hi Liz – thanks for consolidating these resources! Always love hearing about your flips, especially the business side of your investments (those pie charts!). You mentioned that you and your husband have began acting as a general contractor on your flips. I’m curious how you structured that. Did you get a contractor’s license and/or form a separate business or are you acting without a license as the homeowner? My husband and I do the opposite of you guys – we buy homes, renovate them ourselves, and keep them as rentals – and have been pondering the merits of getting a contractor’s license. Just curious on your thought process.

    • Liz - It's Great To Be Home says:

      Hi Cathy! Actually, Texas doesn’t issue licenses to general contractors (although this varies state-by-state). However, we did set up an LLC and we have made sure to have insurance (both general liability and builder risk). I hope that helps! :)

  5. Katrina says:

    Liz, you always have such great advice!!

  6. Anne says:

    Every time I see a before and after like this, I’m always amazed at how much bigger the space always looks. And overall I really like the change. Impressive:).

  7. Wow, you did a great job with this one! Thank you for sharing some of your resources and tips.

  8. Lisa says:

    I just love your blog, (long time lurker:) Thank you so much for the great advice. I live a just little north of you in the burbs and I so admire what you and your hubby have done. Congratulations on your sweet new baby!! I would love to do something like this too in my area. I love to see how your vision gets finished and the decor is cool too. Just wanted to say hi.

  9. lovely advice , for people like me who knows nothing about renovation and designs we often rely on blogs like yours, so glad I found your site

  10. Great Job! You have done your job honestly. Thanks for sharing article.