Flipping 100 Houses in 1 Year

[William Allen]

I recently sat down with Tyler Jensen and picked his brain for all his best tips and tricks for house flipping. I asked him everything from how he adapted in COVID to have his most successful year to date, to how he sees the market in the coming year.

Tyler is doing a truly impressive volume of deals this year. In his early days in real estate, he was flipping one or two houses at a time, and now he is in 4 different markets based around Utah and in Virginia with 100+ rehab projects going this year. He is someone who worked from swinging the hammer himself, to currently not personally seeing the majority of houses he flips. We are going to find out how he made scaling a priority and built business infrastructures to form the successful business he runs today.

Our discussion was so valuable I thought I would write them out for you guys below. I hope you enjoy and if you have any questions or further thoughts drop them in the comments below!

This year you had a goal to flip 40+ houses and met that goal so quickly you adjusted to 100+ houses. What changed?

I created a mindset shift by taking on the challenge of COVID and using it to adapt, expanding into multiple markets and bringing in new key players. Pre-COVID, I had formed basically a ‘franchise’ of my business by creating a system and process that I could apply in multiple markets. When I found a key player to join my team that complemented my skill set, my business had everything in place to really take off.

I know you probably get this one a lot but...Tyler, ‘What’s your secret?’

Having the preparation to take advantage of opportunities that come your way. Opportunities are everywhere. Are you putting yourself in a place where you can take advantage of them and be a good steward by choosing the best opportunities for your business right now? Are you taking on challenges and adapting your business by finding hidden opportunities in current difficult circumstances?

I learned that networking and relationships can only go so far. If you expand your market, it can be really beneficial. I went to a bigger pond to catch bigger fish. My employees had to drive an hour outside of our usual market but it increased deals and kept volume up.

Pro-tip:

Alongside expanding their market, his company also started doing some of their own organic marketing and taking more control in house, working out new marketing systems.

What is the best advice you could give someone starting out in the business?

1. When you are starting out, build your processes and stay in one lane until you have a foundation solid enough to create another branch.
2. Know your strengths and improve on your weaknesses

If you are great at flipping itself but struggle with marketing and acquisitions, focus on what you are good at and get it really dialed in. If you are naturally inclined toward project management and flipping, get that process running smoothly and then focus on developing your business in the other areas.

Construction Costs: How is that Affecting the Flipping Business right now?

Considering costs have doubled or even tripled in some areas, watching the fluctuation of prices, and being discerning about what you choose to do on the flipped house, will keep your costs down. Plan out your rehabs strategically and cost-effectively.

Is it More Cost-Effective to Whole-tail at the moment?

Whole-tailing is a simple rehab that covers basics such as carpet and paint. It isn’t a $20,000+ flip and it saves on time and costs. You can strategize deal by deal to what degree you want to rehab.

What do you think about the current market?

Stay aware and watch the market. Right now the market is heavily in favor of the seller, so be cautious that you don’t determine your long-term strategies according to the numbers you are making in the current market.

That being said, it’s a strong market. People are traveling now so it will be a seasonal summer but the market will still be hot. Inventory is low and with the housing shortage, it will remain a seller’s market. High demand/low inventory equals a great market for sellers.

Here at 7 Figure Flipping, we are on a mission to find the latest innovative tips, methods, and systems in real estate and pass them on to you! Stay tuned for more from flipping maverick Tyler Jensen coming soon!