Tentmaking Tips

You make your money when you buy.

What does that even mean?

It means that the price you pay for the house is the best indicator of your future return on investment.

Many house flippers have learned this lesson the hard way. What looks easy on HGTV can be very difficult in real life.

Regardless of how good your remodel is or how tasteful your decorations are, if you didn’t buy the house right, you could end up making very little money, or even worse, you could lose a lot of money!

An example:

• Mr. Flipper buys a house on the market using a real estate agent who tells them they are getting a good price.

• Mr. Flipper begins the remodel and after he takes up the floors, he sees issues with the foundation that will require extra money.

• Mr. Flipper tried to save some money by doing some of the project DIY and spends nights/weekends painting, laying tile, and installing cabinets.
...

Usually it’s something along the lines of what you see on HGTV. A couple like Chip & Joanna:

• Find a house on the market

• Purchase it using financing

• Do a full remodel (which is expensive)

• Sell 6-9 months later for a profit (hopefully)

Let’s call this Fix & Flip.

#1 - Fix & Flip

This the most well-known way to flip. And also the most intimidating due to the amount of money/expertise needed to accomplish it. But it has the greatest profit potential.

Most people don’t realize there are other ways to flip houses too. Some that are much simpler than what I described above. And require far less money. Or no money at all.

#2 - Lipstick Flip (also called Cosmetic Flip)

With this type of flip, you do far less to the house. Basically you’re just putting a little “lipstick” on it. You’ll:

• Clean it up

• Touch up some paint

• Fix a few other cosmetic issues

• Then...

Needed: ~$60k+

Ways to make an extra $60k+:

1. Social Media Management - work with clients to create social media accounts and post regular updates to them

2. Commission Sales - many sales jobs are flexible and allow you to get paid for results rather than for time

3. Online Courses/Coaching - online education has become a very large industry with great potential for full-time income

4. Realtor - this can provide a little extra money, part-time income or full-time income depending on the time you can spend

5. Moving Company - I have friends that are running a moving business to provide for themselves full-time for ministry purposes

6. Real Estate Acquisitions - real estate investors are often looking for people to help them find and purchase new properties

7. Freelance programming - learn to code and monetize your ability online

8. Network Administration - offer IT...