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PropertyLarkThe Pros and Cons of Fix and Flip Real Estate Investment
Last week, we covered The Pros and Cons of Buy and Hold Real Estate Investment for rental property investors. This week, we want to talk about the other most common type of real estate investment: “fix and flip.”
The Appeal of House Flipping
We all love the house flipping shows on HGTV and other reality channels. They’re great and they make the prospect of buying, renovating and flipping homes for big profits seem super sexy and fun. However, any experienced real estate investor will tell you it’s not quite as easy as they make it look. There’s a lot of work that goes into a successful fix and flip investment.
The basic premise of a fix and flip investment is pretty simple. You buy a property, usually one that needs some work and is available at a great price. You renovate the property, making the necessary repairs and upgrades to maximize its resale value. Then, you sell the property on the open market for the highest possible price. You get in and out as quickly as possible. Full-time flippers will move from property to property or will have multiple properties being worked on at the same time. Rather than the “buy and hold” strategy where you keep the house while earning rental income and equity over time, you are looking for the quick sale to earn your profits.
If you are going to explore house flipping—whether as a full-time career or just a side hustle—you will want to know exactly what you are getting into. That is why we are going to cover the pros and cons of fix and flip real estate investment in this article.
The Pros of Fix and Flip
Here are some of the pros of fix and flip investing:
Faster Return on Investment—The biggest appeal of fix and flip investing is that it gives you a quicker return on investment. Buy and hold will take you longer to see your ROI. House flipping allows you to see your full profit (hopefully) as soon as the house sells. The average house flip for an experienced investor is around six months. It may take longer for a first-timer who is just learning how to do certain things.
Fairly Safe Investment—As long as you do all your projections and calculations carefully and avoid any major problems along the way, house flipping is a relatively safe investment strategy compared to something as turbulent as the stock market. Real estate markets are generally predictable and the short time frame of a flip helps you avoid losses if the property happens to depreciate over a longer period of time.
Exciting—There is a reason why there are so many reality shows based around flipping and none based on buy and hold investing. It’s an exciting process to buy a home, gut it and completely renovate it. Then, you get the ultimate reward of selling it and collecting the profits—as long as you do things right.
The Cons of Fix and Flip
Here are some of the cons of fix and flip investing:
Upfront Expenses—A house flip will require a lot of upfront expenses. We’re not only talking about financing the house itself, but all the renovation costs and other expenses involved in the flip. You are laying out all that money at the beginning and only seeing your returns when the property sells. This can create cash flow issues and stress if you fall being schedule or go above your initial budget.
Taxes—House flips will usually create dramatic swings in income year over year, and that can increase your tax bill. You have to pace things correctly to take advantage of specific capital gains tax rules. Capital gains taxes are higher on any property owned less than a year, so you have to find that balance of how long you own any specific investment properties and how long it takes to complete the renovation and sale. Before you get too deep into fix and flip investing, you will want to talk with your tax advisor to make sure you have the right plan in place.
Surprises—All real estate investment is susceptible to surprises. You don’t always know what lies behind the walls until you start the renovation process. You cannot plan for everything as a real estate investor, but you have to be prepared for anything. It is a good idea to add some wiggle room in your budget and overestimate your renovation expenses/timeline to cover any surprises that may come up.
These are some of the biggest pros and cons of fix and flip real estate investment. Of course, there are other things you need to know as an investor, so be sure and do your homework in order to get the most out of your investment portfolio. Both fix and flip and buy and hold strategies can be highly lucrative if you do things right. There are no wrong answers, but there are wrong ways of doing things if you truly want to be successful in this field.
If you are looking for great investment properties to fix and flip, join the exclusive PropertyLark home buyers’ network. If you qualify, you’ll have access to our exclusive off-market deals and analytics tools that will help you identify the best investments and get the highest possible ROI. Fill out the contact form and questionnaire on the PropertyLark buyer’s site to apply!
Bellingham Bay BuildersThe owners of this home came to us with a plan to build a new high-performance home that physically and aesthetically fit on an infill lot in an old well-established neighborhood in Bellingham. The Craftsman exterior detailing, Scandinavian exterior color palette, and timber details help it blend into the older neighborhood. At the same time the clean modern interior allowed their artistic details and displayed artwork take center stage.
We started working with the owners and the design team in the later stages of design, sharing our expertise with high-performance building strategies, custom timber details, and construction cost planning. Our team then seamlessly rolled into the construction phase of the project, working with the owners and Michelle, the interior designer until the home was complete.
The owners can hardly believe the way it all came together to create a bright, comfortable, and friendly space that highlights their applied details and favorite pieces of art.
Photography by Radley Muller Photography
Design by Deborah Todd Building Design Services
Interior Design by Spiral Studios
Circa Interiors LLCExample of a country enclosed medium tone wood floor and brown floor family room design in Denver with a media wall
Find the right local pro for your project
Able Repair & Remodeling Apart from the bathroom, the kitchen is the most used part of the house and giving the area a makeover will give your home an instant facelift.
Remodeling your Yakima kitchen requires a lot of work – replacing old cabinets, repainting the whole room, making improvements on the existing plumbing system, or changing the countertops. It does require a lot of work and you will need the help of a professional to make this project a success.
Finding a Yakima remodeling contractor is not that difficult anymore. You will even find that our company specializes in both bathroom and kitchen remodeling. It might even save you some money if you have both these areas done at the same time.
Whether you are wanting your kitchen completely remodeled or you are just wanting an update to your cabinets, flooring, or countertops. We are happy to talk to you about your options.
Sometimes your cabinet boxes can be in great shape, but you want a new look for your kitchen. A cost effective solution would be to reface your existing boxes with new face frames, doors, and drawer fronts. Add a new counter top, whether it it be a solid style top like granite, tile, or economical but attractive laminate, and your old dated kitchen has a new look you will enjoy for many years.
Able Repair & Remodeling Apart from the bathroom, the kitchen is the most used part of the house and giving the area a makeover will give your home an instant facelift.
Remodeling your Yakima kitchen requires a lot of work – replacing old cabinets, repainting the whole room, making improvements on the existing plumbing system, or changing the countertops. It does require a lot of work and you will need the help of a professional to make this project a success.
Finding a Yakima remodeling contractor is not that difficult anymore. You will even find that our company specializes in both bathroom and kitchen remodeling. It might even save you some money if you have both these areas done at the same time.
Whether you are wanting your kitchen completely remodeled or you are just wanting an update to your cabinets, flooring, or countertops. We are happy to talk to you about your options.
Sometimes your cabinet boxes can be in great shape, but you want a new look for your kitchen. A cost effective solution would be to reface your existing boxes with new face frames, doors, and drawer fronts. Add a new counter top, whether it it be a solid style top like granite, tile, or economical but attractive laminate, and your old dated kitchen has a new look you will enjoy for many years.
Amado RoofingWhen it comes to roofing repairs in Pasaena and neighboring cities, we can make the necessary repairs to prevent your home from encountering any unnecessary damage during the rainy season. Our Pasadena roof repair crew can come out to determine the exact issue and keep your roof sound until that time comes to re-roof.
Roof Repair in Pasadena, CA - https://www.amadoroofing.com/
JC Brothers General Contractor Siding RepairWest Orange NJ chimney repair pros. While roof leaks can occur anywhere on your roof, they commonly develop around chimneys, vents, skylights and other roof penetrations. If your notice your chimney leaking during inclement weather, it’s time to schedule a roofing inspection.
Leaky chimney problems can quickly become costly, and may include drywall warping, ceiling stains, insulation saturation, mold growth and interior home damage. Address your leak as quickly as possible; don’t wait to call your Jc Brothers Construction roofing contractor!
JC Brothers General Contractor Siding RepairWest Orange NJ chimney repair pros. While roof leaks can occur anywhere on your roof, they commonly develop around chimneys, vents, skylights and other roof penetrations. If your notice your chimney leaking during inclement weather, it’s time to schedule a roofing inspection.
Leaky chimney problems can quickly become costly, and may include drywall warping, ceiling stains, insulation saturation, mold growth and interior home damage. Address your leak as quickly as possible; don’t wait to call your Jc Brothers Construction roofing contractor!
Able Repair & Remodeling Apart from the bathroom, the kitchen is the most used part of the house and giving the area a makeover will give your home an instant facelift.
Remodeling your Yakima kitchen requires a lot of work – replacing old cabinets, repainting the whole room, making improvements on the existing plumbing system, or changing the countertops. It does require a lot of work and you will need the help of a professional to make this project a success.
Finding a Yakima remodeling contractor is not that difficult anymore. You will even find that our company specializes in both bathroom and kitchen remodeling. It might even save you some money if you have both these areas done at the same time.
Whether you are wanting your kitchen completely remodeled or you are just wanting an update to your cabinets, flooring, or countertops. We are happy to talk to you about your options.
Sometimes your cabinet boxes can be in great shape, but you want a new look for your kitchen. A cost effective solution would be to reface your existing boxes with new face frames, doors, and drawer fronts. Add a new counter top, whether it it be a solid style top like granite, tile, or economical but attractive laminate, and your old dated kitchen has a new look you will enjoy for many years.
Studio GianaBeautifully designed modern kitchen with a large central island made of white marble. The island features a sleek gold faucet, integrated sink, and seating for four with stylish black and white bar stools. Above the island, there are three black pendant lights with wide shades, giving the space a contemporary feel. The cabinetry is a soft, neutral tone, with upper cabinets featuring glass fronts. The design incorporates natural light from two large windows, and the brass accents on the lights and hardware complement the warm tones of the kitchen. A vase with fresh flowers adds a pop of color and liveliness to the space.
Allison Crawford DesignInspiration for a transitional 3/4 white tile mosaic tile floor, black floor, single-sink and vaulted ceiling bathroom remodel in Austin with shaker cabinets, white cabinets, white walls, an undermount sink, white countertops and a built-in vanity
BLOM Design StudioInspiration for a mid-sized scandinavian master beige tile and ceramic tile ceramic tile, gray floor and double-sink alcove shower remodel in Other with flat-panel cabinets, light wood cabinets, a two-piece toilet, an undermount sink, quartz countertops, a hinged shower door, white countertops and a floating vanity
GCDD GroupSarah Natsumi Moore and Andres Galindo
Trendy medium tone wood floor bedroom photo in Austin with white walls
Trendy medium tone wood floor bedroom photo in Austin with white walls
Tile Doctor LtdShipley is a town in West Yorkshire that was heavily shaped by the Industrial Revolution and the Victorian period. It became particularly well-known for its textile industry and some of the original mills in which textiles were manufactured still survive in the town today. Being in West Yorkshire, Shipley is also part of what is commonly known as ‘Brontë country’ – once home to the famous Brontë sisters.
Many Victorian era properties still survive in the area too and all too often the original Victorian tiled floors contained within are not well maintained. I recently visited a customer in Shipley who had a Victorian tiled hallway that was in need of a deep clean and seal. What’s more, the customer told me that there were around 20 loose tiles in the hallway that would need to be reinstalled.
On the first day, I started by refitting the 20 loose tiles in the hallway. The problem however was a lot worse than originally thought and, in the end, I had to take up 108 tiles, so I could rebuild the base of the floor, and then relay them. This process took up most of the day but at least the adhesive and grout would be set in time for cleaning the next day.
On day two I focused on deep cleaning the tiles and removing any remaining sealer by applying a strong dilution of Tile Doctor Pro-Clean. Pro-Clean is a strong alkaline heavy-duty tile and grout cleaner that serves the purpose of both cleaning the stone and when used in a strong dilution will strip off sealers.
I applied the Pro Clean liberally across the length of the hallway and left it to soak into the tiles for about twenty minutes. This allows the product time to breakdown the sealer and dirt before being scrubbed in with a black scrubbing pad.
Special attention had to be paid to parts of the floor which had suffered paint splashes from previous decoration. I was also surprised to find that there were even some chewing gum stains marking the tiles. These were removed using the combination of a steam cleaner, more Pro-Clean and the careful use of a handheld scraper.
The floor was then given a thorough rinse with fresh water and then dried as much as possible with a wet vacuum. It was then also left to dry off overnight.
Upon returning to the property the next day I checked for any moisture issues with a damp tester. Thankfully, the floor proved dry and I could proceed with sealing the tiles which was done using four coats of Tile Doctor Seal and Go that leaves a deep satin finish that the customer had requested.
Nigel Stoker
North West Yorkshire Tile Doctor
Geoff Chick & AssociatesInspiration for a large coastal backyard patio remodel in Other with decking, a roof extension and a bbq area
Wills CompanyWiff Harmer
Example of a huge transitional men's medium tone wood floor dressing room design in Nashville with light wood cabinets and recessed-panel cabinets
Example of a huge transitional men's medium tone wood floor dressing room design in Nashville with light wood cabinets and recessed-panel cabinets
Tile Doctor LtdI was recently called down to a client’s house in the market town of Wellingborough, situated approximately 11 miles from Northampton. My client’s situation was an interesting one, as she had an old gas pipe sticking out of her Victorian tiled floor, very close to a doorway. Not only was this a bit of an eyesore, it was also significant trip hazard. The floor had been previously covered by carpet, so it is understandable that my client would have been initially unaware of the obstructive gas pipe.
Rather than risking an accident in the future, she asked me to see what I could do to rectify the issue. At the same time, I was commissioned to give the floor a much needed clean and re-seal.
My first priority was, of course, to deal with the exposed gas pipe. I was unsure whether the pipe was live or not, so I carefully removed the surrounding tiles, allowing a certified engineer access to it. He ensured that the pipe was capped below the tile line, allowing me to safely proceed with my repairs.
I returned a few days later, rescreened the area, and began to refit the tiles, carefully hand painting some of the black tiles to hide the damage and cracks. I also applied new grout to fix all of the replaced tiles into position, and this was left to set overnight.
Returning to the house the next day, I set about treating the floor to a normal strip, clean and re-seal of the entire floor. There was very little old sealer still remaining on the tiles, so I mixed a solution of Tile Doctor Pro Clean and water, before applying this to the floor. Pro Clean is a strong alkaline cleaner which also contains stripping properties, allowing it to both clean and break down any old sealer. The solution was worked into the tiles using a black scrubbing pad, and any excess residue was quickly absorbed using a wet-vac machine.
With older floors you never can tell if a damp proof membrane was installed and it can be troublesome applying a sealant to a damp floor so I left the whole floor to dry for seven days, giving it more than sufficient time to dry completely before the re-seal. To seal the tiles I used five coats of Tile Doctor Seal & Go Extra, which provides both a robust surface seal and the pleasing sheen finish requested by my client; Seal and Go Extra is especially suitable for exterior applications or damp floors due to its increased breathability.
My client was very glad to see the back of the gas pipe and pleased with the overall results of the clean and seal, as it had given this Victorian tiled floor – once hidden under carpet – new life and character. Additionally I’m sure that restoring such an original feature for the property has increased its value.
Phil Vissian
Northamptonshire Tile Doctor
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