Make EVERY Home Purchase a "FLIP" - Even if it's a SLOW FLIP

House flipping is when a real estate investor buys houses and then sells them for a profit.

SLOW House Flipping is when a HOME OWNER buys a house, moves in, and makes gradual improvements over the time they live in the house, and eventually sells the house for a profit.  I had read William Nickerson's, "How I Turned $1,000 into Five Million in Real Estate in My Spare Time" and thought his idea of ADDING VALUE to homes was brilliant.  
(YEARS before discovering the FIRE movement via the  blog in 2014)

My itemized history of SLOW FLIPPING - buying and selling homes, what I did to ADD VALUE, plus the purchase / sale prices for each:

House#1:  3br 2ba ranch house in Fremont, CA purchased in 1993 for $220K.  At the time, it was a huge stretch to make such a large purchase. I re-roofed the house using architectural 30 year shingles, and the experience I'd gained in college helping on a roofing crew.  A rented roof nailer, and shingles delivered TO THE ROOF were all great assets in this task.  Every room got new paint.  An old disused sprinkler system was cleared out, added to, and put back into service.  Before I tackled the much needed kitchen remodel, my job transferred me to corporate headquarters in WA state.  Sale price:  $220K.  Break even. [Zestimate 2020:  $1.19M]

House#2:  Bellevue, WA.  3br 3ba rambler. Purchased for $219.5K in 1994.  Added skylights to the master bedroom, added a deck covering an old concrete patio, converted tiny galley kitchen and large breakfast nook into a large kitchen with bar seating. Sold for $325K in 2000.  Profit $105.5K [Zestimate 2020: $990.9K]

House#3:  Bellevue, WA. Purchased for $1.19M in 1999. A 50 year old DIY "beach shack" added on-to for 50 years - with lake frontage ($$), and a boat dock. The house was in terrible shape, the profit was in the lakefront location.  Enjoyed easy boat access for 5 years, raising my sons with water safety always in mind, and made very few improvements.  Repaired the roof, dock lights, furnace, and under-dock pump system for lawn irrigation.  Sold for $1.3M in 2004. [buyer subsequently built large mansion on the land. Zestimate 2020: $7.98M]

House#4:  Bellevue, WA.  Purchased for $629K in 2000.  Adjoined House#2 - originally 1 lot, subdivided 30 years earlier.  Redid the kitchen, daylight basement, and bathrooms.  Granted shared-dock rights with the dock for House#2. Sold for $775K in 2003. [Zestimate 2020:  $2.84M]

House#5:  Bellevue, WA.  Purchased for $641K in 2004.  Built in 1981 - modern design 3br 2ba home from a famous architect, but built using the cheapest fixtures imaginable.  Finished the unfinished basement adding a 4th bedroom, 3rd bathroom, entertainment center, pool table & wet bar.  Hardwood floors throughout.  Replaced carpet upstairs with wall-to-wall hardwood.  Sold for $925.8K in 2013. [Zestimate 2020:  $1.95M]

House#6:  Seattle, WA.  Purchased for $298.9K in 2007.  3br 1ba rambler. Repainted exterior, refinished kitchen and bathroom,. Arguably my first speculative 'flip', but at exactly the wrong time.  Listed for sale in late 2007... just in time for the housing market in Seattle to crash.  Prior to this, I was thinking ONLY of home APPRECIATION, and *assuming* that real estate ALWAYS appreciates.  I was NOT treating Real Estate Investment as a Business, but as an INVESTMENT where the owner ALWAYS profited off the natural appreciation of real estate.  But between 2007 & 2011, property values went through a cycle of DEPRECIATION - aka "the housing bubble".  I lost my shirt on this one.  After being for sale continuously from 2007 to 2011, Short-sold in 2011 for $169K.  [Zestimate 2020:  $475.8K]

House#7:  Bellevue, WA.  Purchased for $400K in 2014.  3br 1-1/2ba rambler.  Refinished kitchen, and hardwood floors. Added wood burning fireplace insert.  Sold for $625K in 2018. [Zestimate 2020:  $648.7K]

Total profit via "slow flip" for ~30 years (including the $129.9K LOSS on house#7):  741.4K

* * * * *

After this, I discovered Long-Distance Real Estate Investing, and approached REI anew treating REI as a BUSINESS, and that has made ALL the difference.  Enjoy!  All The Best!

[Similar breakdown of investment properties bought & sold since 2018 is for a future post]