Who Do You Work For?
The answer may surprise you, especially if you are self-employed.
I’ve recently posted a series of blog and Facebook posts describing how it is getting harder to make money renovating and reselling houses. I’m not complaining. You just have to be aware of the market conditions to survive in this business.
“Flipping” is generally construed to mean completing the buy-renovate-sell process in less than a year. Some say in less than 9 months. Today, I want to explain why “flipping” houses is less profitable than renovating and holding them. And that explanation derives in part from who I want to work for.
I’m going to take one of the projects we did last year and show you how we could have dramatically increased the amount of money it put in our pockets. Since it’s impossible to handle the same deal two different ways, the numbers I’m presenting are projections based on the reality of the deal.