Discovering opportunities in quick flips
The sting of the housing bubble burst affected investors across the nation, my husband and I being one of them. Our venture in real estate investing began in 2004 when we purchased and flipped our first property. Our goal was to make enough profit to cover our daughters high school tuition. The profit covered three years tuition, so needless to say, we were eager to do more. We found it an opportunity to build our future.
The 2007 housing market decline
When the housing market declined in 2007, our plans took a sharp left hand turn. With a majority of our money invested in properties, and market values declining quickly, we were forced to sell our investments at a loss. Our savings was depleted. The private school I taught at ran into financial problems and closed. My husbands employer cut salaries by almost 50%, but with so many lay offs were thankful he still had a job.
Worried about how we were going to afford a mortgage and two college tuitions, we down sized from a two story home on the water to a modest rental and cut back where ever possible. Throughout it all we remained positive, knowing God would bring us thorough it. At times, it felt we just about kept our head above water, but we remained faithful and optimistic. Believing that words can either bless or curse our future, we avoided negative thoughts and words. We knew were going to come out better than we were before.
Flipping houses in 2013
As things started to turn around for us, we were able to save enough money for a small flipper. We purchased a villa for $79,000, fixed it up and within three months sold it for a profit of $27,000. After a few successful flips, friends and family saw the potential, and have partnered with us on some recent quick flips, allowing us to invest in more than one property at a time. Although flipping houses is a second income source for us, it has proven to be very profitable.
I no longer teach and have started a career in real estate. My husband is a local Sarasota builder. We have found our careers to be the perfect combination for quick flipping houses. I locate properties, any condition, for the right price. My husband purchases and renovates the properties to new home standards, significantly increasing the value of the property. Once re-listed, our properties on average sell within one weeks time, allowing us to move quickly onto our next investment.
If you are interested in learning more about real estate investing and our recent quick flips, visit:
Real Estate Investing: The Key to Success
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