Mi gente, I’ve got some news I’ve been sitting on. Ray, my husband, and I bought a house, not to live in, to flip. This week I brought him into an actual whole ass podcast studio to break down why we did it, what the real numbers look like, and how we’re staying business partners without letting it wreck us as life partners.
Why We’re Flipping Instead Of Buying And Hold
I’ve done the buy and hold thing before. I house hacked my first property in New Jersey and I did the long term rental thing after that. Both came with drama I didn’t want long term, neighbors beefing over cigarette smoke, tenants calling me at all hours, me trying to manage a property from a thousand miles away.
Ray grew up differently. He grew up in Asheville, North Carolina on a piece of property where his dad taught him wiring, plumbing, roofing, and concrete work from the time he was a kid. Later his grandfather, who built a small rental portfolio here in Florida, brought Ray along on foreclosure and estate sale flips. That’s real hands on experience I don’t have, and it’s exactly why this made sense for us as a couple, not because either of us romanticized it.
Funding It Without A Mortgage
We used proceeds from selling our condo in Puerto Rico to fund this purchase. That building was falling apart around us, so it was the right time to get out. Once we upgraded our own place and set aside what we needed, we had a chunk of cash left over that wasn’t doing much sitting in a portfolio earning five to seven percent. Between that and Ray having more free time now that our daughter is a little older, the timing just lined up.
“There’s always somebody out there with money. It doesn’t matter if mortgage rates are 12 percent. There’s always a family out there making moves.” — Ray
Finding The House And Negotiating The Price
Ray found the property in Brooksville, about 35 to 40 minutes north of us, through the MLS. It was listed at $170,000. Before doing anything else, he pulled comps for renovated three bedroom, two bath homes on similar lots in the area and found they were selling for $250,000 to $280,000. That gap is what made the deal make sense on paper.
The house itself was rough. No functioning AC, a gutted kitchen, a leaking roof, and a family going through a divorce living in it. We ended up negotiating down to $140,000 and closed in cash.
What The Inspection Actually Found
We walked in assuming the worst on everything: a full roof replacement, no ductwork, a shot septic system. The inspection told a different story. The trusses in the attic were healthy with no rot, the ductwork was actually intact, and the septic had been pumped recently with no red flags. Those three things alone changed the entire renovation math.
“I felt like I needed to be wearing a hazmat suit. I was like, what the hell did we just buy.” — Jannese
The Real Numbers
Purchase price: $140,000, paid in cash.
Renovation budget: up to $60,000 worst case, covering a new roof, HVAC electrical work, both bathrooms, new flooring, a new kitchen, exterior paint, and permitted work like the sewer line connection.
All in cost: roughly $200,000.
Target sale price: $270,000 to $310,000, depending on whether a small fourth room can be converted into a legally permitted bedroom.
Projected profit: $50,000 to $70,000, or roughly a 25 percent return, on a targeted six month turnaround.
How We Split The Business
We formed an LLC together as equal partners and opened a business credit card through it. Ray handles all the day to day labor, the demo, the painting, the flooring, sourcing materials on Facebook Marketplace, and hiring out anything that legally requires a permit like electrical and plumbing connections. I handle the money and the decisions around capital.
“She’s the bankroll. It’s that simple. I’m the boots on the ground.” — Ray
Staying in our own lanes is what’s kept this from becoming a source of tension. I’m not a micromanager by nature, and I trust that Ray has the construction side handled without me needing to weigh in on every decision.
Protecting The Marriage From The Business
This is the part I actually think matters most. We’re not running a restaurant together where we’re bumping shoulders every day. Ray runs point on the physical work, I run point on the money, and that separation gives us both room to operate without stepping on each other.
“When you show your brain what you’re capable of doing, the things that would have felt impossibly scary to do just don’t feel that scary anymore.” — Jannese
What Happens If It Doesn’t Sell
We bought this in cash, so we’re not carrying a mortgage or overhead while we wait. If it doesn’t sell within the timeline we want, the backup plan is a long term rental, since the area isn’t strong Airbnb territory according to Ray’s read on the local market. Worst case, we hold it and let it act as a forced savings account until the right buyer shows up.
Key Takeaways
- You don’t need a mortgage to get started, but you do need liquidity and a real plan for where that cash comes from.
- Comps are everything. Know what renovated properties are actually selling for before you fall in love with a deal.
- Budget for the worst case on every major system, roof, HVAC, electrical, so a surprise doesn’t blow up your numbers.
- Permits exist because someone got hurt before you. Leave permitted work to licensed professionals.
- Define clear lanes when you go into business with your spouse, money person and labor person, and stay in yours.
- Always have a Plan B, like a long term rental, ready in case the flip doesn’t sell fast.
- The real return in this story isn’t the house. It’s the years of money mindset work that made a six figure cash purchase feel possible instead of terrifying.
Resources Mentioned
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