Flipping Virgins Host Egypt Sherrod's Advice For Prospective Buyers Looking For A Fixer Upper
There are plenty of goals flippers could have when fixing up a home. Perhaps they want an opportunity to think creatively and problem-solve, or maybe they want to showcase their particular style. They may also desire to improve the look of the house's neighborhood.
However, while these are great objectives, "Flipping Virgins" host, Egypt Sherrod says that the main aim should always be to make money, plain and simple. In an article with HGTV, she says, "The main goal is to make money and increase profit margin." Therefore, while she understands that flipping houses can be exciting and fun, you've always got to focus on the most important goal.
Because of this, she has some unique advice for flippers, and you wouldn't hear this from anyone else. Below, you'll discover Sherrod's advice for those searching for fixer-uppers. You'll also learn more about Sherrod's investor mindset and how it helps her achieve her money-making goals.
Think outside the box
Egypt Sherrod has some unique advice for flippers. She actually recommends taking a break from looking at the housing market. In an interview with Heavy, Sherrod said, "Right now there's such a shortage of housing inventory across the nation. I think, the shortest we've seen in decades. So, you're not going to find as many fixer-uppers out there because you're competing with not only investors but regular homeowners who are just looking for a place to live." Sherrod is right, and according to Pew, some estimate that the shortage may take almost a decade to erase.
Therefore, instead of only searching for homes to flip, Sherrod recommends getting creative and looking into other types of properties. "Maybe you're flipping a business. You know, maybe you're flipping a commercial company. You know, think outside of the box of where the real deals are." She tells flippers to do their research and discover where the best potential to create wealth is in their specific area.
Having an investor mindset
The above advice is grounded in her investor mindset, which she brings to every endeavor. For instance, in an interview with Black Enterprise, she said, "You know, when I first started making money and realized, 'I have to do something with my money, and make my money work for me' — my first default was real estate."
She suggests that, for some, flipping may not be the smartest thing to do — some may make more money being a landlord. "Even property you buy, don't sell it. If you hold onto your property, rent it out, and keep raising the rent. As long as you're paying your bills, you could go and find something else [to invest in] now — and, that's the way to do it."
Even when flipping homes, Sherrod has a money-making mindset. According to an article with HGTV, she advises against getting too attached to your fixer-upper, saying, "I understand that you're proud of yourself and you want to do a great job flipping, but you gotta keep your eye on the prize!" With this in mind, she suggests using budget-friendly upgrades that will still improve aesthetics.