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There are 2 ways to flip houses – wholesaling and fix and flip. If you don’t know the difference be sure to watch this video…
Despite what most people think, of the 2 it’s actually easier to fix and flip as a part timer.
Wholesaling is very much a hustle business. You have to chase after leads constantly and be willing to drop everything to meet a motivated seller. The name of the game is speed. Not very conducive to a part time schedule.
I’m not saying it’s impossible to wholesale part time what I am saying is it’s easier to fix and flip part time.
As a part time fix and flipper you can completely eliminate the entire acquisitions department of the business by working with a wholesaler.
A wholesaler’s job is to provide fix and flippers with ready to go deals. They’ve done all of the work to find and acquire deals. By working with a wholesaler or a handful of wholesalers, you no longer have to farm for leads.
And when it comes to flipping houses, finding a good deal is like 80% of the equation. As a part timer, this saves you a ton of time.
Now you still need to do your due diligence and make sure the wholesaler’s deal is actually a good deal and meets your criteria.
Here’s the fastest way to find wholesalers to start bringing you deals.
Go on facebook and search for and join all of the real estate investor groups in your market. Then post that you are a fix and flipper looking for a deal. I did an entire video showing how to do this on facebook that you can watch.
When working with wholesalers be sure to be very clear about you deal criteria. There are 4 criteria you need to decide and make clear that your wholesaler understands.
1. Location:
Location is where you’re looking for deals. Focus on an area close to home since remember, you’re part time so you don’t want to chew up time driving far away when managing a deal.
2. Price
Tell them your ideal price point. As a part timer, I recommend focusing on neighborhoods where homes sell retail between $150,000 and $300,000. These are good entry level homes and good to start with.
3. Rehab
Tell the wholesaler you’re level of rehab. Focus on light or average rehabs. A light rehab is carpet and paint and an average rehab is carpet, paint, kitchen and baths. Stay away from extensive rehabs and gut jobs.
4. Profit:
The easiest way to help a wholesaler bring you a deal at the right price is to tell them your minimum profit goal on a deal. If they know how much you’d like to make, they can factor in all the other numbers such as ARV, repairs, closing costs and carrying costs and back into the numbers.
I suggest you have a minimum $20-25,000 profit margin on a light rehab and $30-35k on an average size rehab. This gives you a good buffer for unforeseens and still make a healthy profit.
As a part time fix and flipper, you’ll need to get funding for your fix and flip deal. The good news is you can get 100% of the capital for your deal.
Once you have a deal and funding for it, you’ll need to manage the rehab. Depending on the level of work needed, you may decide to hire a general contractor who can oversee the subs. This will save you a lot of time but will cost 10-15% more. If you’re willing to go to the property daily before or after work or during lunch, then you could manage contractors yourself. Be sure to watch this video where I break down how to hire the perfect contractor.
You’ll need to decide if it’s worth the effort and cost savings to manage yourself. Once the rehab is done, use a real estate agent to market and sell the home for you.
Now think about it…
If you did 3-4 fix and flips part time over the course of a year and made on average $25,000 per deal, that’s an extra $75-100k per year. Not bad for a side hustle.
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Jerry Norton is the nation’s leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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