The Difference Between Flipping Homes as a Side Hustle vs. a Career

The Difference Between Flipping Homes as a Side Hustle vs. a Career

There are benefits to flipping homes regardless of how often you want to work or how many homes you flip. Determining how much responsibility you want to take on – especially if this is a new endeavor for you – is important to think about before you purchase your first house. This article will help you consider the pros and cons of flipping Santa Clara real estate, both on a full-time basis as well as a side hustle.

Full-time home flippers have more time to devote to each project

This point seems evident, but it’s worth mentioning anyways. You may find that successfully flipping a house (or multiple houses) requires more time than you think. If you plan on working on projects in the evening after you get off work or over the weekend, you’ll be limited in terms of how many homes you can expect to flip on a regular basis.
Think about all of the work that goes into flipping a home. In addition to researching different properties, figuring out the best location to purchase a flip house, and going through the entire process of closing on the home, you’ll have to do all of the work to fix up the property and get ready to sell it for a profit.
Taking on home flipping as a side hustle definitely isn’t for the faint of heart. However, if you understand what it takes to make a profit on a property and you’re willing to put in the necessary time to accomplish your goals, you can find this to be an incredibly lucrative side hustle. It’s also helpful if you have a background in DIY home projects or real estate.

Full-time home flippers are more dependent on their home profits for their living expenses

If you’re working on flipping homes on a part-time basis, you won’t have to worry as much about having money to live off of. You’ll continue to rely on your regular full-time job to pay your living expenses while putting aside some money to help fund your home projects and purchases. If you’re going to work on flipping houses on a full-time basis, there is a greater sense of urgency to generate income quickly. Be mindful not to let the increased pressure become a reason that you don’t perform upgrades and renovations in a high-quality manner.

Part-time home flippers can sometimes have more difficulty securing the necessary funding.

Home flippers go about securing funding for the properties they buy in a variety of ways. Some of them will use conventional loans that are similar to what you would take out if you were purchasing a home for personal use. Others will use non-traditional methods of funding, such as hard money loans and crowdfunding. The type of funding that you choose becomes especially important if you’re looking at having multiple properties or loans at the same time. Make sure you do plenty of research ahead of time to determine what the best method is to secure funding.

Part-time home flippers may struggle to schedule appointments with contractors

You’re taking on home flipping as a side hustle, but many of the contractors who you’ll be working with will need to meet with you during regular business hours. You may not be able to schedule a time for an inspector, appraiser, or another professional to come and do work on your property after hours. There are ways to work around this, especially if you have a flexible full-time job that allows you to leave the office during lunch (or at other times throughout the day) to be at the property when these workers can come. Regardless, you’ll need to think about your general availability during the day to be present when these jobs are happening.

Part-time home flippers will need to put in more work to develop the necessary skills

You don’t have to be a natural networker or negotiator in order to successfully flip houses, but it certainly doesn’t hurt. If you’re looking to make a name for yourself for the first time as a home flipper, there are several skills that you’ll need to develop in order to have the greatest chance at success in the business. If you find that a particular area of expertise is especially difficult or draining for you, you can delegate the responsibility or hire someone to help you. This may cost you money upfront, but if the change proves to be beneficial for your business, you can quickly make back the money you spent to get the help that you need.

Full-time home flippers may feel more fulfilled in their work than part-time home flippers

If you’re truly passionate about flipping homes and if you enjoy the work that you do, you’ll want to spend more time completing home projects and looking for properties that you can improve and turn a profit on. As you get into the business for the first time, be thinking about your long-term goals. Are you hoping to keep your full-time position while flipping homes on the side, or would you prefer for this project to turn into your main role? Determining what you hope to see happen in the future will directly impact the actions that you take today and how you work to structure your home-flipping business.

Reach out to Martin Quintana when you’re ready to begin shopping for Santa Clara real estate. Martin has worked with plenty of home flippers during his time in the industry. He understands the unique situations and concerns that home flippers bring to the table when shopping for property. He has the knowledge and expertise needed to answer all of your questions and help you successfully navigate your way through the process. Contact Martin if you have additional questions or if you’re ready to begin seriously shopping for Santa Clara houses for sale.

Work With Martin

Whether it's finding you a home with everything on your checklist or helping you get ready to move, Martin has got you covered - advertising, financing, inspection and closing assistance, he will handle it all from start to finish

Follow Us on Instagram