Our “live in flip strategy” gets us $11,000 a month for just 2 hours of work – and we can do it all from the comfort of our own home
A COUPLE shared how they used the ultimate “live in flip strategy” to make $11,000 a month for just two hours of work.
Jamie and Sarah McCauley renovate distressed homes to make a living, selling some for huge profits while renting out others.
The 32 and 33-year-olds are also making extra money selling old furniture while sharing their nifty interior design tips online.
But the parents, who have two young daughters, haven’t always been as flexible as they are now – and have worked hard to get where they are.
“It’s called the live-in-flip strategy,” Jamie said CNBC does it.
“The biggest reason [we started flipping houses] because we couldn’t afford anything else.”
It all started when Sarah and Jamie needed a place to live after college.
They found a house in need of repairs and only paid $48,000 for it at the time.
The plan was to renovate the house and live in it for at least two years to avoid capital gains taxes.
But the property is now worth $286,800 to Zillowand paved the way for her success in making money.
The couple have so far bought, flipped and sold two homes they didn’t live in, spending $210,000 on one before it sold for $292,000, Jamie says.
They also rent five units in West Michigan and have so far purchased three distressed properties that they have renovated to live on their own for a few years.
Their most recently renovated home reportedly sold for $436,000 in February, giving them a profit of $149,260.
And her income is augmented by restoring and reselling furniture and home accessories, which brings in an additional $3,500 each month.
By documenting everything on YouTube and social media, the savvy couple raked in an additional $102,000 last year.
In 2016, they bought a duplex in Grand Rapids for about $37,000 — “almost nothing,” Jamie said.
But the house needed a new roof, furnace, and drywall because of severe water damage, and they did most of the work themselves in six months.
Jamie estimates he spent between 40 and 60 hours a week getting the maisonette up and running, treating “renovations like a job,” according to Sarah.
And it seems their dedication is now starting to pay off.
Overall, Jamie works around 30 hours a week, Sarah an additional ten.
It’s a lifestyle that suits them perfectly and allows them to spend time with their two daughters.
Sarah said: “Investing in real estate has been so powerful and important.
“It just created this life of freedom for us.”
https://www.the-sun.com/money/6814479/live-flip-strategy-home-renovation/ Our “live in flip strategy” gets us $11,000 a month for just 2 hours of work – and we can do it all from the comfort of our own home