Can I make money on house flipping if I don't rehab myself?

Question

If I sell my apartment, buy an apartment in need of rehab, and pay professionals to do the rehab, then sell it, can I still make money?

Because I know a lot of house flippers do at least some of the rehab themselves, which helps them save money. I can't even paint. And there are all these costs, paying a real estate lawyer, real estate agent, taxes, etc.

Jeremy H. · Answer

Only house I work on is the one I live in

If you buy right, then of course you can make money flipping a house. People do it everyday.

Shiela R. · Answer

Oh my goodness, YES! @Galit Garsiel I don't do my own rehabbing.  I mean, do I know how to lay tile correctly? Yes. Is it what I do daily? No.  It's a mentality of paying experts to do the work.  I see a lot of DIY and it is totally obvious and I would argue, takes away from the value of a property.

If you buy right, meaning at a discount* that subtracts holding costs and professional remodeling, you will do great :)

*some properties in A class areas don't allow for a discount, but don't overpay.  Don't be afraid to walk away if the numbers don't work.

Scott E. · Answer

I would argue that not only is it possible to make money if you don't rehab yourself, it's absolutely necessary that you don't do the rehab yourself.

Unless you are a licensed contractor, you shouldn't be doing things like removing walls, installing ceiling fans, swapping outlets, replacing windows, etc etc. What if the buyer of your property gets hurt as a result of your DIY handyman remodel? Leave it to the professionals.

Carlos Ptriawan · Answer

Dude you don't even need to be able to use any screwdriver for you to be real estate inventors. Investments are 100% about maths and execution only.

Carlos Ptriawan · Answer

we are all good at our own specialty. I'm good at analytical but zero point of anything handyman. I said to my painter sorry Jose I can't help you with anything, he said Okay I know you can't do it but you can make money out of nothing lol I have a brother that also invests but the difference is he wants to do everything by himself while I'm zero at a handyman task. Our investments although we both rentals investors are extremely different, he wants to stay local only since he can't trust any contractors while my properties are many OOS since I trust the property management to take care of that. I'm investing in various debt/MF syndication while he is not. While I did flipping with other professionals he never flip.My mind is already set as an analytical investor, while other investors think he/she wants to invest as he can use screwdriver/fix things.

Bruce Woodruff · Answer

I'm a Contractor...so I used to do most of my own work, with a small crew. OF course I made more money over paying another Contractor to do the work..

But you can make great money by just finding the right place, at the right price, pay the right money to the right people.

You're smarter to NOT do your own work, you should be out finding the next killer deal....

Wale Lawal · Answer

@Galit Garsiel

If you are thinking about flipping a house make sure to understand what it takes and the risks involved. Novice flippers can underestimate the time or money required and overestimate their skills and knowledge.

• Flipping houses is a business like any other: It requires knowledge, planning, and savvy to be successful.
• Common mistakes novice real estate investors make are underestimating the time or money the project will require.
• Another error house flippers make is overestimating their skills and knowledge.
• Patience and good judgment are especially important in a timing-based business like real estate investing.

Good Luck!

Bob Stevens · Answer

If you buy it right, remember you make your money when you buy ,

You are not ready to do anything yet. Connect with someone doing deals, learn and apply what you learn

Account Closed · Answer

Most professionals I talk to dont do the work of the repairs. They are an expert in finding good deals, evaluating what it's going to cost, then allowing another expert in repairs to handle the actual implementation of the fix. Getting good at one thing and then delegating the rest will make you a fortune!

Juan V Lopez · Answer

1000000%

I've never worked on any of the deals I've done. I don't manage any of my own properties. I barely likely fixing things at my own house lol.

But this all depends on your goals. If you are a DIY or handyman yourself, you can save on renovations and keep more in your pocket. Therefore, you can buy deals with tighter margins.

But if your goal is to have more freedom and you have the cash reserves to pay other people, you will need deals with larger margins to afford to pay others.

Is it doable? Absolutely. You just need to calculate at the beginning what this will cost you and if it still makes sense, then go for it.

Can I make money on house flipping if I don't rehab myself?

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