There are many great questions to ask when it comes to real estate investing and one of the many that you should consider if you are thinking of flipping houses for your real estate investment is: why? Why flip houses? It certainly seems as though it’s a great deal of work and it is. In today’s podcast episode it’s answering the question Why Flip Houses.
Episode 18 of the Property Business Club Podcast
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Hello and welcome to the Property Business Club Podcast episode 18. I’m Lena Benjamin, property consultant at Benjamin Property Services, with over 10 years of real estate and built environment experience, helping you to find, purchase and refurb a home, investment or flip in London & Kent no matter where you are in the world. On today’s podcast episode it’s answering the question Why Flip Houses.
There are many great questions to ask when it comes to real estate investing and one of the many that you should consider if you are thinking of flipping houses for your real estate investment is: why? Why flip houses? It certainly seems as though it’s a great deal of work and it is. It isn’t an easy task to take upon your own shoulders and yet many people around the world purchase houses each and every day for the purpose of flipping those houses. Why? Profit is the long and the short answer but it goes much deeper than that for many who are interested in flipping houses even if profit is the ultimate goal.
Some people really enjoy working with their hands. Purchasing a property in need of light cosmetic repairs and retouches is a great way to get your hands dirty without risking too much money, time or effort. Properties needing more serious work may require a pair of hands that have some degree of experience rather than hands that are best suited for balancing books. That being said if you want to do the work yourself and enjoy the prospect you may find that you can save a great deal of money if you use your own labor rather than paying for the labor of others when it comes to flipping a house.
Other people go into this line of work because the idea of giving a family their dream home is so appealing. When you go in and flip a house you are putting your sweat into creating someone else’s dream. You are taking something that may have been plain, ugly, or drab and turning it into a beautiful home in which they can build their dreams. While it may seem a little romantic, it is in a way. This is part of the beauty of flipping houses though; there really is no wrong reason to do it.
Some people choose this line of work because deep down inside they need the pain that goes into turning a lump of coal into a diamond. I think the literal term for these people (and really this could apply to anyone who decided to flip houses for a living) is masochist. The shoe fits for most people who flip houses. If they didn’t know going into it the first time they certainly know before they go into it a second time.
Then there are those that are simply driven by profit. There really isn’t anything at all wrong with that. Most of us would never get into this business if there weren’t some hope of a pot of gold on the other side of the rainbow. This is hard work and there are days that the promise of a pay off is the only thing that gets you out of bed and hitting the ground running yet again.
Just remember that at the end of the day it doesn’t matter what your goal in flipping houses is. What matters is that you show up day after day and do the work necessary to pull off your house flip. This is what makes the difference between those playing at flipping houses and those who are doomed to be one hit wonders in this brutal business. Of course, there are still those few who flip houses just for the sake of seeing the finished product when everything is said and done.
Remember the pound is weak, ageing population, empty homes in need of repair and Brexit to capitalize on for flipping houses in the UK and in particular the capital London and going into Kent with great transportation links into central London for commuting.
At Benjamin Property Services, we source and acquire properties for clients between the value of £500,000 and £10,000,000. Area tours are from £195 to tour one area for the property search process and we also project manage refurbishments for £500 per day or establish a team of builders for free.
No matter where you are in the world if you’d like to help find, purchase and refurb a home, investment or flip in London & Kent go to benjaminpropertyservices.co.uk/contact-us or email firstname.lastname@example.org