If you’re somebody thinking about getting into property deals or property flips, you should consider how many flips you need to do each year to replace your income?
Most people are working 48 weeks per year, you might be earning $100k, $200k or more…
So how many flips per year would you need to do to replace your income?
If I use say $60,000 profit per deal, for most people, two to three flips each year will replace their entire income!
An average flip takes me five or six weeks to do a cosmetic renovation..
That’s a total of 15 to 18 weeks per year of renovation time if you do 3 flips…
Of course there’s a bunch of other tasks to do including:
- Organising & scheduling your renovation before starting
- Finding new deals.
- Speaking to agents
- Attending home opens on the weekend etc
But three flips a year is not a full-time job, It’s all of 10-15 hours per week!
If you’re comfortable doing a few deals a year to replace your income, you are going to have a whole lot more time doing the things you enjoy!
