Check out these house flipping tips from HGTV's real estate pro Tarek El Moussa. investinyou (In partnership with acorns.)
In early 2010, inspired by the profits of other developers, Tarek El Moussa decided to try his luck at flipping houses. He and his ex-wife Christina Anstead purchased their first house, in Santa Ana, California, for $115,000, poured $15,000 into renovations and sold it for $169,000.
Their profit: $34,000 — and the hit reality show "Flip or Flop," which contracted the couple to flip 13 houses in 10 months. After eight seasons, the "Flip or Flop" star has bought and resold hundreds of homes and made millions, along with plenty of mistakes, he admits. Now, in a new, original series called "Flipping 101 w/Tarek El Moussa," the real estate investor will share his insights to help would-be home flippers succeed in the competitive business of buying fixer-uppers and renovating them for profit.
Despite the challenges that many first-time flippers face, El Moussa believes that house flipping can be lucrative in may ways. "You can refinance that asset, you can borrow against that asset, [and with the profits] you can buy more assets," he said.
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