It’s not only everyday folk who enjoy flipping houses, both for the fun of it and to make a tidy profit. Lots of celebrities love flipping.
Of course, celebs can easily afford to flip pricey luxury real estate. But, with the right skills and funds, there’s no reason why you couldn’t join them and flip high-end homes yourself.
Let’s first take a look at some of the well-known people who enjoy flipping luxury houses on the side.
Talk show host Ellen DeGeneres has a passion for flipping houses, and not just for the profit.
Ellen loves the thrill of flipping. She has purchased, renovated, and sold dozens of high-end properties over a couple of decades.
Recently, at the beginning of 2022, she listed a house in Montecito, Calif for $13.9 million. She bought the property in September 2021 for $12 million before refreshing the property’s design.
Another female star who loves flipping luxury real estate is Diane Keaton. She specializes in historic renovations. According to Forbes, one of her flips brought the actress a profit of nearly $2 million after she bought a house for $8.1 million and sold it to Ryan Murphy, from Glee, for $10 million.
Professional ballroom dancer Mark Ballas, who most people will know from the TV show Dancing with the Stars picked up a gorgeous property in Los Angeles in 2014 for $2.5 million.
After giving it a top to bottom renovation, he recently sold it for a whopping $4.3 million. He also flipped another property with his co-star Derek Hough in a four-episode show on HGTV.
Rapper Vanilla Ice, whose real name is Robert Van Winkle, recently told the Wall Street Journal that he loves injecting flavor into the luxury real estate that he flips.
For instance, in just one of the many properties he’s flipped over the years, Van Winkle installed an infinity pool, complete with glow-in-the-dark tiles, as well as a Jacuzzi and swim-up bar in a Florida lakefront house.
His installations increased the property’s worth by $630,000.
The Friends and Scream star Courteney Cox loves flipping luxury properties. She’s been doing it for years.
She has renovated and designed interiors of several luxury houses over the years, including a $5.45 million property that she listed for $20 million.
The Art of Flipping Luxury Real Estate
Now you know how the celebs go about flipping houses, you may be considering flipping luxury real estate yourself.
Flipping high-end properties certainly sounds appealing and it can be very lucrative, but it’s essential you do your homework before you decide to go ahead with your new venture.
You also need to ensure you have enough funds to do up the property you buy, so you may need to take out a loan. You’ll also need to run a risk assessment. Also, remember that with a higher investment, there’s a higher risk.
It’s a good idea to contact local real estate agents who specialize in high-end houses. You need to ensure the property will make a good investment opportunity, so be sure to work out costs and the potential profit before you proceed with the purchase.
Also, check out this guide to house flipping mistakes you need to avoid.
Don’t forget about things like insurance and permits, in addition to labor and materials expenses, when working out your costs. Basically, approach luxury real estate flipping in exactly the same way as you would any other property.
As long as you plan, you could be flipping luxury mansions or high-end waterfront houses just like many celebrities do.