our blog


5 Common Mistakes Newbie Flippers Make

by | Mar 11, 2020 | Real Estate

Christina El Moussa of HGTV’s ‘Flip or Flop’ shares how to avoid being tripped up by common missteps in real estate investing.

Believe it or not, Tarek and I started flipping houses with very little experience in investing. We were real estate agents for many years, so we thought we knew the real estate world — including investing — backward and forward.

Little did we know, there was a lot we needed to learn to become successful flippers. Needless to say, we made many mistakes along the way, and I’m sure some of them could have easily been avoided.

As a flipper, especially if you are brand new, you will make mistakes. Don’t get discouraged if you mess up, it happens to all of us.

But learning how to avoid mistakes in the first place will save you valuable time and money. Here are five ways you can take your flipping experience in the wrong direction — and how to sidestep these common errors.

Underestimating your repair costs

Unfortunately, this is one of the easiest mistakes you can make as a flipper.

When starting out, most flippers have very little idea how much renovating a property will actually cost, and they end up budgeting a random amount.

I’ll be the first to admit that accurately estimating repair costs is not easy. Even after years of investing, Tarek and I still sometimes underestimate repair costs.

More often than not, you won’t see repairs or know about them until you actually start renovating. If you don’t plan for these hidden repairs in your budget from the get-go, it can be really frustrating having to scrounge up extra money to finish your project.

I recommend working with a contractor when estimating repair costs, as they will be able to get a much more accurate estimate than you will. Tarek and I also add an extra 10-percent buffer to our budget to give us peace of mind when unexpected repairs show up.

Not having a set plan

I know many newbie flippers who find a good deal on a house, make an offer, and then they come up with an action plan after they purchase the house.

I hate to break it to you, but this is not a smart idea! While I know that finding a good deal is exciting and often hard to pass up, you need to have your investing strategy set in stone before you start buying houses.

Once you know your plan, you’ll be able to tell which homes fit within your plan, and everything will fall into place.

Listing your finished flip too high

After investing countless hours, and a large chunk of money, you’ll obviously want to sell your flip quickly so you can make a profit on your hard work.

But if your flip ends up going over budget, takes longer to complete than planned, or makes less money than you were expecting, you could be tempted to list the house for more than you can easily sell it for.

If your flip sits on the market for more than a month, people will begin to wonder what’s wrong with it, and then it will be impossible to sell. You may end up losing money because you can’t get rid of the house.

When deciding on a listing price, compare your flip with comps in the area and base your price on them, even if it means losing money.

I promise you’ll be better off in the long-run if you can get the house off your hands fast.

Hoping to get rich quick

Flipping is not a get-rich-quick scheme. As with any other form of long-term investing, it takes time and patience — and in this case, a lot of blood, sweat, and tears.

Many newbie flippers begin flipping houses with the hopes of making a profit easily and quickly, only to find out that it requires way more time and money than they had anticipated.

If Tarek and I wanted to make money with very little effort, we certainly wouldn’t have taken the flipping route. We decided to flip houses because we love real estate and enjoy the renovating and remodeling process.

Avoid falling into the trap of hoping you’ll get rich quick through real estate investing by making sure it’s something you actually want to dedicate a lot of time, money, and hard work to — before you start.

Doing everything by yourself

Many flippers think they can do everything on their own, but one of the keys to being a successful flipper is having a team of experts to help you along the way.

I recommend that you start with a real estate agent, home inspector, appraiser, lender, attorney, and a contractor on your team, and then expand once you get your business going.

Starting out with essential team members will help things run more smoothly, and will prevent you from taking on everything by yourself.

Investing in real estate is not easy. If it were, everyone would be doing it. Learn how to avoid making these mistakes from the beginning, and you’ll be on your way to flipping success before you know it!


Powered by WPeMatico




An accomplished real estate professional with a distinguished track record of success.  She has spent over 17 years in Atlanta representing buyers and sellers of $1M+ properties and is a tremendous negotiator.  Micki has a unique knack for forming close and authentic relationships with her clients; she steps beyond the real estate transaction and provide them with after care.  Micki has unparalleled marketplace knowledge and thrives on being resourceful; she studies and follows the data beyond the average agent.



Set up a FREE consultation with me today. I’ll be sure to make your real estate experience as unique, simple, and satisfying as I can.

CSRA Market Update | Augusta Metro Real Estate Conditions | Augusta Realtor Micki Esposito

It’s All About Supply and Demand | HOME PRICES

As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of...


  Welcome to 215 Hornsby Lane located in the luxurious River Island neighborhood. This stunning move-in ready home is nestled in the charming cottage section of River Island, offering a lifestyle that combines modern luxury with timeless appeal. With a listing...

Real Estate Market Trends?

The Changing Real Estate Market: Remote Work and Technology The real estate industry is constantly evolving, my friend. Trends and factors shape how buyers, sellers, and agents navigate the market. Today, I want to discuss the latest market trends that are shaping the...

17 Hobbies Just Right to Become Money-Making Side Hustles

If you’re looking to make some extra money, side gigs like babysitting and Uber are great options, but they aren’t the only ones. Whether the pandemic quarantine ignited a love of baking or the excitement of shopping in stores again hasn’t worn off, you can find ways...

How To Sell Your Home With Better Listing Photos

Did you know that over 90 percent of buyers start their home search online, and most first impressions are made from online photos? If you want to make sure that people are interested in buying your home, you need to make sure that the impression it makes is a good...

6 Ways to Overcome the Emotions of Selling a Home

Selling your home can stir up a range of emotions you may not have expected. While you may feel excited about the opportunity to move into a new house, you may also experience feelings of sadness or loss as you prepare to sell your home. Use these tips to help...


            Don’t lose potential buyers due to any flaws or unsightliness on the exterior of your home. Use the tips below to wow people at the curb and get them in the door! The best part is, you don’t have to spend a fortune or break...

What does it mean to you: the Future of Home Price Appreciation?

Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will lead to a situation similar to the housing crash 15 years ago. However, experts say the market is totally different...


"The Best of the Best"

“Best of the best! If you are looking for a personal, boutique-style home purchasing experience, I highly recommend Momentous Realty. Micki Esposito was fantastic! We discussed what I was looking for in a home in detail, and that same day, she emailed me a short list of properties tailored to what I asked for. I felt like she truly listened. No generic emails with 50 listings of houses you have to weed through yourself. She weeded through the fluff and was able to focus the search on homes I would actually consider. As a result, my home search actually went much quicker than I anticipated. Micki was there from the beginning and even after the closing. She was not only my realtor, she was an advisor and my advocate behind the scenes. I believe that because of all her hard work, the entire process was efficient and much more painless than I expected. I would not hesitate to work with her again and I cannot say enough good things about Micki!”

– Dr. A. Jeffery

Her in depth Knowledge & Integrity are clear from the start.

We were so lucky to have worked with Momentous Realty | Micki on our home purchase. Her involvement in leveraging our position in our home purchase and synergistic solutions are the very reason why we are homeowners today. Her service was beyond compare, even a more powerful statement knowing that we aren’t her typical market. Her strong in-depth knowledge + integrity are clear from the start.

– M/M Woodson, Senior Executives

The results were amazing

She was very professional. Kept us informed every step of the way for a quick worry-free closing. Definitely will use her again.

– Dathne Johnson

One Call That's All...

MICKI is awesome she will help you with all your real estate needs. One call that’s all. Thank you for everything Micki.

– Stacey Manson

The epitome of integrity and grace.

Micki is the epitome of integrity and grace. I love and appreciate her wisdom and willingness to share her words of knowledge with those that she encounters. I can always look to Micki to be uplifted and encouraged.

– Lease Youmans

Our Go-To Realtor, knowledgeable, professional & dependable.

We couldn’t have been any happier with Micki and her professionalism throughout our temporary relocation process to Metropolitan Atlanta during filming requirements. Almost immediately, Micki and her team provided us with leasing options based upon our family requirements. She thoroughly explained the leasing process, attended every showing with us, and provided us with enough information to ultimately make our decision to purchase another home within the area.

MICKI, thank you and your team for the amazing work!

– M/M Washington, Entertainment Industry



Pin It on Pinterest

Share This