How it started
I like to say I just fell into flipping houses but when I look back over my life, real estate was always there. As a child, I remember my step father starting his own business. He could build or renovate just about anything. I would always create his invoices. I guess somehow it was fate that decades later I would start to renovate and build houses.
I had just moved back to Atlanta from Chicago, and I knew renting was not my thing. It always sort of felt like a waste even though I definitely understand one’s reasoning for renting, like flexibility. I started looking at townhomes and I came across a nice 4/3 in my preferred side of town. Smyrna, GA is a sought after area with good schools, close to the center of Metro Atlanta, and most important it’s an area that historically maintains its real estate value.
The beginning
When I saw this home, I immediately loved the dark wood floors, and I was excited about all the extra space. The kitchen was not horrible but the old oak cabinets and black granite was not my style. When I saw the bathroom, I knew immediately if I purchased this home a renovation would have to happen on site (right away). The shower was a one piece plastic situation and was dirty. It was a no for me! So, this home, let’s call her Abbey (street name) was my first official project. I fully renovated the bathroom before moving in and I updated the kitchen while moving in. I reached out to everyone I knew for referrals and/or contractors. I also reached out to renovations.com or a local company specializing in renovations. These companies tend to be more expensive. If a renovation company has a salesperson that comes out to give you a quote, you are basically paying for that their salary and your renovation.
A friend gave me a contact who turned out to be a great resource for all the contractors I needed. I managed the project and coordinated all the different contractors. I wouldn’t say I was totally surprised because projects are my jam, but I was impressed with myself. My renovations were everything I wanted. I also saved a lot of money. I purchased my house for $215,000. I spent about $7,000 on the bathroom and $10,000 on the kitchen. I sold my home for $275,000. This was basically my first flip on accident!
The start of a business
The idea is to purchase undervalued property. Then you want to add value by making small (cosmetic) or large (structural) changes. I learned so much from this project. First, I learned sometimes the best way to get what you want is to create it yourself. Secondly, I learned to be cost efficient by purchasing my own supplies. This way you know all the costs. This knowledge will greatly help you as you do more projects. Lastly, I learned that finding a good contractor is important for quality work and keeping your timeline. After my project went so smoothly, I thought to myself, wow this could be something.
I have somewhat of an eye for design, I manage people well, and I get things done which prompted my decision to obtain my project management certification. Somehow, we always feel we need some type of certification that tells us we are qualified. When, I had already proven I was qualified by successfully completing this project. But that’s another story, for a different day.
Fast forward maybe a year later, I randomly meet two people at a gathering who tell me they build houses. I was extremely intrigued. I asked so many questions. It thought it was rare to see people my age (I mean I consider myself mature but young) who were builders. I basically told them I was going to be their intern. That relationship jumpstarted everything!
How it’s going
I have successfully flipped four houses in two years all while having a career. And you can too! Here is how you start – find something you are interested in. It may not be real estate; it could be cooking or fitness. Maybe you like books or golf. Whatever it is, think about where there is a gap in the market for a product or service you can provide related to your interest. Then start testing the waters. If it’s cooking, start making new recipes that you can sell. If it’s fitness, start creating content to share your knowledge.
That’s what I did. I had an interest in renovating houses. I let my interest be known. When an opportunity to learn more about renovating houses became available, I accepted it. I was assertive and willing to put in the time even as an unpaid intern to explore this interest. Challenge yourself to do the same thing. What is that thing you have always thought about doing or had an interest in? Go do at least one thing to explore it. Then come back and drop a comment about what you did.
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