Depending on how long you’ve been daydreaming about flipping houses full-time while plugging away at your desk job, you may feel like it’s more of a pipe dream than a possible future reality. Corporate nine-to-fives can wear you down, especially when they’re more like seven-to-sevens. I know. I’ve been there. Of course, the long hours spent under fluorescent lights doing thankless work can also serve as a powerful source of motivation to eventually embark on the career you’ll love. I’ve been there, too.
To sustain the dream and have a chance at turning it into a reality, however, you’ll need to focus on more than just the reasons you want out of your current gig. Spend at least as much time concentrating on why flipping houses for a living is important, even beneficial to you and your family. That’s what finally gave me the motivation to get out of my office chair and start my new career. After all, you know what they say: when you’ve got a good why, you can figure out the how. I can help you with both.
The Benefits of Flipping Houses for a Living
For as much as I complained about my desk job, I remained a cog in the corporate wheel for a couple of decades before I ever bought, rehabbed, and sold a single house. There was a lot I didn’t like about spending most of my waking hours staring at numbers on a computer in an office run by someone else. But, there were things I did like—and that I did not want to give up. For example, I liked my team. And, I really liked my salary.
In fact, it was my paycheck that kept me clinging to my desk longer than I should have. I’d think, “just how much money can you make flipping houses, anyway? I can’t give this up.” Of course, after doing a little bit of digging, I learned that how much you can potentially earn is just one of the benefits of flipping houses for a living. There are seven big ones in all and I’ve listed them here:
1. No limit to what you can earn
With very few exceptions, a corporate career will only take your earning potential so far. Sure, there are raises with promotions, year-end bonuses, and paid vacations—usually. And, you can leverage your experience at one company to gain the attention, and possibly more money, from another. But, your salary will still be up to someone else.
As a real estate investor, there is no limit to what you can earn. You determine your financial goals, your desired timeline, and how hard you’re going to work to get there. Though buying and selling homes for profit is no get-rich-quick scheme, despite what reality TV tries to sell you, you can potentially earn more than you ever would sitting at a corporate desk. At the very least, your earnings will be up to you.
2. Previous experience not required
Whether or not you have previous experience buying, renovating, and selling houses has no bearing on whether or not you can make a living doing it now—and neither does a college degree. You don’t even have to have extensive knowledge about the real estate market, be handy with home repairs, or know how to make savvy investment decisions about stocks and bonds. All you need to start is a strong work ethic, a willingness to learn, and access to a comprehensive, and reputable, investor training program that offers classes on flipping houses.
3. You are in the driver’s seat
As your own boss, you are in the driver’s seat—and you can take your business in whatever direction you like, moving however fast or slow you want to go. From the number of houses you flip to the experts you hire and for how much, the choice is yours. And, you can change your mind as your personal or professional circumstances change. Want to shift to part-time for a while to spend more time with the grandkids or ramp up your staff as part of next year’s plan to expand? You can do it all when you’re the one in charge.
4. You always have options—even on your exit
The choices you can make extend toward your preferred exit strategy, too, which is an important option to have as a real estate investor. Provided you’ve got a reliable way to find fixer-upper homes for sale, and can purchase them at a below-market price, realizing a return on the houses you flip shouldn’t be a problem. But, mistakes do happen and markets sometimes change quickly—for the worse and the better.
You might have to occasionally shift your exit strategy and hold a property for a while or wholesale the house if the potential profit margin is right. Even if you never have to switch gears, at some point you may want to diversify your real estate portfolio. The point is, even as an investor who specializes in house flipping, your options, like your income, don’t have to be limited.
5. There is never a dull moment
Since the houses you flip will be as different as the people you buy them from, your day-to-day will never be dull. From the first time you encounter damage caused by a fire to your first experience helping a scared homeowner facing foreclosure, the opportunities to learn a new skill, overcome a unique challenge, and build trust always exist in this business. You’ll never have to look far for ways to move beyond your comfort zone—or reasons to get excited about getting up and going to work.
6. Enter into contract with your buyer and double close on the deal
With any new startup there are no guarantees—no matter what industry you’re in. And, starting a real estate investment company is no exception. But, lifetime employment with a company owned by someone else isn’t guaranteed, either. In fact, you may have more job security as an entrepreneur.
Additionally, when compared to other types of investments, whether they are stocks, bonds, or even REITS, real estate is almost always a safer investment bet. Rehabbed, move-in ready homes are in constant demand. And, with the normal ups and downs that come with the territory, real estate market shifts are rarely severe. Since you can change the exit strategy for your real estate investments anyway, any shifts that do occur don’t have to inflict severe financial damage.
7. There is no limit to the good you can do
Whether you intend it or not, investing in real estate can have a social impact that’s positive. Personally, that’s an aspect of the work that makes me the most proud. Financially distressed homeowners experience relief when they sell their homes, and after the homes are rehabbed, they help to reduce neighborhood blight and raise property values. Your projects also create jobs and, of course, provide families with homes. So, though flipping houses may make you good money, there’s no limit to how much good your new career can do, too.
Getting Set Up to Start Flipping Homes for a Living
Now that you’ve got a good list of the best reasons why flipping houses for a living is better than white-knuckling it at the nine-to-five, let’s take a look at how getting into flipping houses can be done systematically, effectively, even easily.
- Get trained. Skip the online real estate investment courses, weekend seminars, and books. Get into a week-long program taught by experienced investors who can get you flipping houses out in the field fast.
- Get a mentor. After training, continue working one-on-one with a mentor who wants you to do well. They should be on call to guide you through every tough spot you encounter and help raise your business to the next level when you’re ready.
- Get a network. For as long as you’re flipping houses for a living, you’ll need a team of industry professionals to work with. But, a network of your investing peers is a valuable resource of market information, expert recommendations, and general support as well.
- Get the leads. Repeatedly getting qualified leads that have a good chance of converting to sales is a must when you’re flipping houses. The best way to do that is to market to distressed homeowners and motivate them to bring their houses directly to you.
- Get the tools. You’ll want more than the usual project management and CRM programs that many small business use. You’ll also need a real estate investment and valuation tool to run the numbers so you can buy, rehab, and sell homes at the right price.
- Get financed. Unless you’ve already got access to boat loads of cash, you’ll need a way to finance your flips. The fix-and-flip loans offered by some of the nation’s best hard money lenders are an ideal option for getting financing fast.
Now that you’re armed with why buying, renovating, and selling homes is the right path for you, as well as how to get moving towards your new career, you’re off to a good start. Truth be told, you’re better positioned than most new investors at potentially turning flipping houses into a good business.
Once you jump ship from that corporate gig, I have no doubt you’ll land on your feet. And, if you want to take the leap sooner rather than later, there’s a team that will help get started faster.
Make Your Career Move Today With the HomeVestors® Team
Not coming from an investment background of any kind, and having a case of cold feet for the better part of 20 years, I needed a team to help me start flipping houses for a living. As driven as I was to get out from behind the corporate desk, the thought of building a real estate investment company from scratch almost kept me in my seat. It was by joining a team—the HomeVestors® team—that I was able to turn my good idea into a great one.
To start, I received a comprehensive week-long training on how to buy, rehab, and sell homes, ongoing mentoring by my own Development Agent once the coursework was done, and access to a network of regional franchisees who offered support when I needed it. I got all of this just by becoming an independently owned and operated HomeVestors® franchisee. And, though it’s plenty, the benefits of being a franchisee didn’t stop there.
I also got access to all the marketing tools and resources that a house flipper needs to keep a career moving forward. Qualified leads come to me thanks to the nationally-known and trusted “We Buy Ugly Houses®” ad campaign. I’m able to correctly and easily calculate my numbers with the proprietary valuation tool, ValueChekTM. And, hard money lenders compete to fund my deals because I’m a franchisee. Making a career move into real estate investing just doesn’t get any better than this.
Want to start your professional real estate career investing now? Call HomeVestors to request more information about the franchise opportunities in your area. Franchises are limited, so call today!