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When we first started flipping, we only had two goals in mind:
MAKE MONEY & DON’T LOSE!
Starting off, we adopted the aim small miss small mentality to ensure we stayed safe with our first few investments. This is not a bad thing to do when starting out and many big investors still flip smaller, cheaper houses after years in the game.
Although the majority of our flips are still in the lower price brackets for our market ($250-350k) we have found amazing success with flipping high-end luxury properties here in Las Vegas. However, these types of deals require totally different timelines, budgets, designs and management than smaller easier projects.
Smaller / Average Flips
Our average rehab on a home in this category is usually around $25-35k or about $20/sf. These projects take us anywhere from 30-60 days to complete construction and in our current market are selling extremely fast. We put together a few “design packages” for homes within this price range so many of them receive similar looking renovations but this makes things smooth and efficient. When all is said and done, we aim to hit about a 10% return on investment which equates to about $25-35k profit.
Large / Luxury Flips
Higher-end homes usually require around $100-200k in rehab costs. Since these homes are generally larger, the rehab costs come out to around $30-40/sf. These projects also take much more time to complete since the design is much more custom to the individual house. A renovation like this takes us about 90 days to complete and in many cases can take another few months to sell. Many of our luxury flips end up returning us around 12-15% ROI which when all is said and done, can mean profits of $100-200K+ from just one home!