House flipping was almost a guaranteed win in 2020 and 2021. With home prices steadily rising and interest rates dropping, throwing on a new coat of paint was often enough to make a six-figure profit on what would otherwise be a basic home. House flippers got accustomed to doing quick jobs while walking away with almost unbelievable returns. But, many of them got overconfident. Now with the housing market in a correction and the US on the edge of a recession, flippers find themselves with inventory no one wants to buy.
But, this isn’t the case for every flipper. The time-tested expert investors knew that this would happen, and as a result, they’re still making a killing on their flips. Some of these flippers are joining us on the show today. As always, we’ve got Seattle-based superstar, James Dainard to give his multiple-decade-long take on house flipping. And, joining as new guests are Dominique Gunderson, New Orleans-based flipper, and Leka Devatha, luxury flipper and one of James’ favorite buyers!
These three house flippers operate in very different ways. James touches on multi-million-dollar luxury flips and multifamilies, Leka focuses more on high-end yet still affordable flips and Dominique provides high-quality housing at a reasonable price for residential buyers down south. These are three flippers who have NOT let the market change their business plans, and because of some smart moves (which they share on today’s episode), they’re still sitting pretty and getting deals done, even as the market starts to slide.
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.