Orhan Sokoli is a general contractor. He is the president and founder of MK Construction Group. In addition to general construction, he flips houses. He explains why he chose to flip houses, and why you should too.
What is House Flipping?
House flipping has gained celebrity status in recent years. The process involves purchasing a house for a low rate, and selling it for a profit, usually fairly quickly after purchasing it. The process often takes months to one year.
Types of House Flipping
Flipping can involve renovating the home. This allows you to buy a dilapidated house for a low price. Then, you perform the renovations or hire a professional to complete them.
Once the renovations are done, you have a house people actually want to buy, which means a much higher sale price. You should be able to make a good profit, even after the costs of renovations.
The other type of house flipping is simpler, but can also be profitable. You simply by a home, and sell it later for a higher price.
Benefits of House Flipping
House flipping brings several benefits. These include the ability to make a profit, flexibility, and satisfaction.
The most obvious benefit is the profit that you can gain by flipping.
The average profit for a flipped house in late 2021 was $68,847. Some flippers earn much more, up to $200,000 to $400,000. However, Orhan Sokoli states that you shouldn’t expect to make such a huge gain on a flip.
Instead, he, like most flippers, considers a flip a success if they make $25,000 profit or more on a property.
This level of profit provides a 32% return on investment, which is a very good return, particularly for a short-term investment.
A career in house flipping offers flexibility. Rather than work a 9-5 job, you can set your own hours and goals. Many flippers choose to flip houses part-time, as a supplement to their regular income, due to the flexibility it offers.
House flipping allows you to learn valuable skills, according to Orhan Sokoli. You’ll quickly learn how to purchase a house, how to identify good investments, and how to negotiate deals. These skills carry over to other aspects of your life as well.
This isn’t the most tangible benefit, but it shouldn’t be overlooked. Whether you choose to renovate a home yourself or hire a contractor to perform the renovations, the process is very rewarding.
Taking a run-down house and turning it into a beautiful home is a big undertaking. It offers the ability to see all of your hard work in concrete terms. You may even improve the quality of life in the area while earning a living.
Orhan Sokoli is originally from Kosova. He came to the U.S. in 2003 on a student visa. Upon graduating college in 2007, he began working in the construction industry. He gained valuable experience, which allowed him to start MK Construction Group in 2013.