Real estate flipping can be a very lucrative way to earn money in real estate investing, and it can be very enticing for people who want to get their start. Real estate flipping is also often glamorized and portrayed as something that is fun and effortless. While the process can be fun, real estate flipping is no small undertaking. It’s very easy to get in over your head with a project, and a few small missteps can end up costing you big time. Nick Trimble is an expert real estate investor and house flipper. He sat down for an exclusive interview, and to share some tips, and his 2020 success strategy.
Nick, how did you get your start?
I grew up in South Carolina as a pretty average guy, and I fell in love with real estate investing. I think that’s important to note because I didn’t come at real estate investing as an expert, or as someone with a leg up in investing. I had to learn the ropes myself. So, I started off with buying my first rental property more than six years ago and fixing it up myself.
And how did that go for you?
It was definitely a big learning experience. Some key lessons I learned from that experience was that I was overly-confident, and lacked experience, but it was a necessary step for me. Ultimately, I consider that project a success story, because I’ve had the same tenant in place for years, which I think says a lot about both the property, and me as the owner. I recently shared some tips about things you should know before buying your first rental property.
What other areas of real estate investing do you work in?
I’ve tried my hand at house flipping, which is a whole different undertaking. My first experience with house flipping was quite honestly a nightmare. But again, it was one of those crucial learning experiences, and I feel I gained a ton of value from that experience.
What are some key points of your 2020 success strategy for real estate flipping?
When you’re looking at a property to flip, be really careful with making your selection. That was a misstep I learned along the way. I picked a property that was way too much of a “fixer-upper” and it was a financial and energetic drain. I lost money on my first house flip, but the experience I gained was invaluable. So, I’m definitely extra mindful of the condition of the property, and what repairs I’ll need to make once I’m working on it.
Any other advice for real estate flippers?
When you inspect a property beforehand, pay close attention to the types of repairs it needs. If they’re cosmetic, that’s something that can be done affordably and creatively. Mechanical repairs are going to really run up your costs, as are massive projects like foundations. So really take a close look at the type of work that needs to be done, because that’ll be a big factor in determining if your project is profitable or not. For those interested in learning more, I’m also always sharing real estate flipping tips and tricks on my website.