That equates to about one in every 12 home sales being a flip2.
While house flipping was once the domain of ambitious younger investors, many of todays flippers are baby boomers.
Flipping is something we do to make extra money,Carla said5.
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The extra income has helped bolster their finances as they plan for retirement.
This cash-buying ability not only makes their offers more competitive, but also saves them interest costs and stress.
Television and pop culture have also played a role.
Real estate experts even have a name for this phenomenon: the HGTV effect.
Flipping houses has become [seen as] another lucrative pastime in many citiesthanks in part to this effect6.
Boomerswho grew up before HGTV but are now among its avid viewershave not been immune to the inspiration.
For some boomers, retirement provides the free time to finally tackle projects theyve long dreamed about.
The process can be deeply rewarding.
Hotspots: Sun Belt Flipping and Boomer Migration
Geography is another factor in this trend.
The states and metro areas seeing the most house flipping activity often overlap with places popular among retiring boomers.
Sun Belt markets in the Southeast and Southwest have been hotspots for both migration and flipping.
In fact, several Sun Belt cities recently saw double-digit flipping rates.
Boomers themselves are not only the targets of flips in those markets, but increasingly the authors of them.
This Great Renovation wave is opening the door for investors to step in2.
One major hurdle in recent years has been the shrinking profit margins.
That was a multi-year low.
In 2023, average flip ROI dropped further to 27.5%, the weakest level since 20073.
A sudden downturn in home prices can turn a promising flip into a money-loser.
This is exactly what happened to some during the 2008 housing crash.
Nancy Wolf, 68, of California learned this the hard way.
I didnt,Wolf admits in retrospect8.
She ended up filing for bankruptcy in 2015 and taking on odd jobs to stay afloat.
Instead of making money flipping houses, she cleaned them,the Wall Street Journal noted about Wolfs situation8.
Her cautionary tale underscores that flipping carries real financial peril if one overextends or mistimes the market.
Even on a day-to-day level, older flippers face practical challenges.
The intense competition for fixer-uppers is another issue.
This means boomer flippers must be diligent and patient to find the right deal at the right price.
She and her husband had to pivot their strategy when the initial remodel didnt yield a sale.
Many successful flippers set aside extra contingency funds for when renovations run over budget or take longer than expected.
By staying flexible and not over-leveraged, baby boomers can mitigate the risks that come with this venture.
Their stories illustrate that its never too late to reinvent yourself in real estate.
Take Carla and Foy Royder in San Antonio.
Carla, 60, had a passion for design, and Foy, 61, had a construction background.
They started flipping houses as a hobby and side business years ago.
In one case, Carlas own sister sold them a worn-down 1960s house that had been in the family.
They poured about $30,000 into initial renovations and listed it for sale5.
Instead, they re-imagined the project: what if this could be our dream home?
The result is a stunning forever home that they created with their own hands.
In the process, the Royders demonstrated the core of flipping: vision and adaptability.
What began as a flip for profit turned into a personal passion project and a customized retirement residence.
Another boomer making waves in the flip world is Glenn Phillips of Houston, Texas.
He dove into real estate investing and hasnt looked back.
His strategy emphasizes careful deal analysis and doing quality rehabs that attract buyers.
His success shows that boomers can bring a steady hand to what can be a volatile business.
Stories like Glenns highlight how flipping can be both profitable and personally empowering in ones later years.
Of course, its not without pitfalls markets can swing and projects can go awry.
That pride in workmanship and desire to improve homes is a common thread among boomer flippers.
Theyre in it for the challenge and the change.
Its never too late to flip the script on your career and try something new.
