Episode 45 |

Flip Houses and Follow Your Dreams: Margaret Wright

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This Week’s Guest:

Margaret Wright is a powerhouse in business and real estate and an expert at flipping houses. Her training program, FlipChick Coaching, teaches women how to successfully flip houses, and her book, Own It: A Girl’s Guide to Building Wealth in Real Estate, will come out in the next year or so. You can find Margaret on Twitter @TheFlipChick.

Episode:

Have you ever thought you were destined for more than your current job or career? On this episode of The Optimized Geek, Margaret shares how she went from the IT field with no free time, to flipping houses and living life on her terms. Even if you think that you don’t have the skills or resources to make serious money in real estate, Margaret can change your mind. This episode is a must-listen for anyone who dreams of getting into the flipping game.
We Discuss:

  • The insecurities that don’t have to hold you back anymore.
  • How to dress a house to increase interest.
  • Choosing contractors and vendors.
  • Your role as the owner.

Here’s what I learned:

Your Job Should Reflect Your Dreams

  1. Margaret worked in information technology, but she didn’t have the time to live the life she wanted by spending time with her children.
  2. By visualizing her ideal life, Margaret was able to figure out what kind of job she needed to choose.
  3. She started flipping houses because she loved the reality TV shows about it!

You Can Get Started Now

  1. You don’t need to be handy to flip houses; instead, hire experts to renovate each part of the property.
  2. If you can’t afford to flip a house, connect with someone who has the money but lacks the knowledge that you have on the subject.
  3. Start with a lower-middle class home that you can rent out if you have trouble selling.

Dress Your House for Success

  1. Unimaginative potential buyers will be turned off by extreme decor, so keep paint colors neutral and accent items elegant.
  2. Set hints about how to use different areas of the house, like placing mugs in a breakfast nook.
  3. Make sure that the house smells good when potential buyers show up! If you have time, bake some cookies. If not, just make sure to take care of any unpleasant odors.

Move Quickly to Make the Most Money

  1. Although it’s important to keep track of the progress on your property, don’t micromanage or take on projects that could more quickly be completed by someone else.
  2. If you can’t sell a house quickly, rent it out so that you’re still making money.
  3. Don’t sit on the sidelines! As soon as you decide to get into house flipping, start learning everything you can and make a plan for your first purchase.

Links and Resources Mentioned

FlipChick Coaching
Home Depot
Angie’s List
REI Blackbook

Get Optimized!

  1. Is your career getting in the way of your dreams? If so, it may be time to consider a change-visualize your ideal life so that you are able to create it.
  2. Don’t rule out house flipping just because you aren’t crafty or handy. In fact, being too involved in the reno/decor can slow the process.
  3. Similarly, don’t hire one contractor to do everything. You want an expert plumber, an expert electrician, etc., not a “jack of all trades.”

Thank you for listening!
As always, thank you for tuning in. Please feel free to contact me or leave a comment. If you enjoyed this episode, please share it!
-Stephan

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