These are the questions I hear most from people who want to start flipping houses — at meetups, in my inbox and inside REI Skool.
I’m Ben Lovro, a real estate investor who buys and renovates houses across the South Carolina Midlands. The short answers are below. Each one links to a deeper guide, because the honest answer to most flipping questions is “it depends — here’s how to figure it out for your deal.”
If you want the big picture first, start with the flipping houses guide. If you want to run the numbers on a real house, use my underwriting sequence to work out value, repairs and your offer. And if you’re working in the Midlands, read flipping houses in Columbia SC.
Still have a question that isn’t here? Bring it — and a real deal if you’ve got one — to REI Skool. It’s free, and there’s a room full of investors ready to help.
Straight answers
How long does it take to flip a house?
It depends on the scope, your contractors, permits, financing and the market. A light cosmetic flip moves much faster than a full renovation, and the selling period after the work is done is part of the timeline too. Plan for longer than you expect and underwrite the deal at a slow timeline so it still works if things drag.
Is flipping houses profitable?
It can be, and it can also lose money. Results depend on what you pay, how accurately you estimate repairs, how well you manage time and how the market behaves while you own the house. No one can promise a profit on a flip. The 70 percent rule page shows how investors build in room for costs and risk.
How much money do I need to flip a house?
It varies by market, property and financing. You’ll typically need funds for any down payment, closing costs, holding costs and reserves for surprises — even if a lender covers part of the purchase and renovation. The trade-offs between sources are on how to finance a house flip.
What is the 70% rule in flipping?
It’s a quick screen: maximum allowable offer = (ARV × 0.70) − repairs. The 30% is meant to cover buying, holding, financing and selling costs plus risk and your margin. Use it as a first filter, then do a full line-item analysis.
How do I estimate repair costs on a flip?
Walk the house with a repair sheet organized by system — roof, HVAC, electrical, plumbing, foundation, windows, kitchen, baths, flooring, paint and exterior. Price each line with local ranges you’ve built with a contractor, then add a contingency. The full method is on how to estimate rehab costs.
Do I need a real estate license to flip houses?
Generally, buying a property you own, renovating it and selling it isn’t the activity a license is designed for, but rules differ by state and situation. Marketing property you don’t own is a different matter — in South Carolina, that can fall under the 2024 wholesaling definition. Read the South Carolina wholesaling guide and talk to a local real estate attorney.
What's the best type of house for a first flip?
A cosmetic project in a neighborhood where renovated homes sell regularly. Sound roof, foundation and systems; dated finishes. No moved walls, no additions, no new rooflines. The beginner rules are on how to flip a house for beginners.
Should I do the renovation work myself?
Only work you’re skilled at and can do quickly. Your time is often better spent managing the schedule, the budget and the crew. Slow DIY work can cost more in holding time than it saves in labor.
How do I find good contractors for flipping?
Ask other investors who they use and who they fired, ask supply house staff which crews are reliable, and talk to crews on active job sites. Vet license, insurance and references, and start with a smaller job. My system is on how to manage contractors on a flip.
What happens if my flip doesn't sell?
That’s why you need an exit B before you buy. Options include holding it as a rental, refinancing, adjusting price based on real feedback, or selling to another investor. Check the rental numbers in advance with how to analyze a rental property.
Is it better to wholesale or flip?
They’re different businesses with different capital needs, risk and skills — and wholesaling has legal restrictions in some states, including South Carolina. The comparison is on wholesaling vs flipping houses.
Can I flip houses part time?
Some people do, but flipping demands responsiveness — contractors need decisions, inspectors need access and problems don’t wait for the weekend. If you’re working a full-time job, build a reliable team and consider starting with the deal-analysis side first. See real estate investing while working full time.