In my opinion, the best way to start flipping houses is to buy a live-in flip that needs a ‘cosmetic rehab’.
My first flip project was my first personal residence. The property needed a new kitchen, new bathrooms, new flooring and paint. Other than that, the home was structurally sound, so it was a pretty straight forward cosmetic rehab.
I ended up renovating the entire house myself with the exception of a few MEP (mechanical, electrical, plumbing) items that I subbed out…
I started by renovating the hall bathroom, moved on to the kitchen, & gradually updated the rooms throughout the house. This allowed me to rehab the property at my own pace without the pressure of deadlines from banks, lenders & business partners.
The process of renovating the property myself taught me a lot about rehabbing houses.
#1 Learned What Materials Costs
I made countless trips to Lowes and Home Depot to purchase materials, and that process helped teach me what materials costs for my rehabs.
#2 Learned How Things are Built
I had a Construction Management degree, but had limited hands-on experience in construction, so the process helped me take what I learned in school and put it into a real world application. I learn way more from doing, than reading!
#3 Learned How Much Time it Takes
Although I’m sure I did things much slower than a professional, it was a good learning experience to understand how much time things take to be built, such as laying tile, hanging cabinetry, etc.
#4 Learned What Skills I Was Good At...and Not So Good At...
Through the renovation process, you learn what skills you are good at, and learn what stuff should be left to the Pros. I actually enjoy carpentry, but can’t stand Electrical or Plumbing…
#5 Learned That I Enjoyed the Rehabbing & Renovation Process
Renovating your own home can help you discover whether you actually enjoy renovating houses before you make the huge financial decision to buy your first flip or quit your job to flip houses full time. My first personal residence inspired me to take on my next flip and flip houses full time.
NEXT: BENEFITS OF FLIPPING HOUSES
My very first personal residence was hands down the best learning experience for me…Again, I personally learn way more by doing, than reading…I had been stuck in a vicious cycle of research and analysis paralysis, but my first personal residence provided a low risk, easy way to get my feet wet rehabbing houses.