Success Path is a real estate seminar founded by reality TV stars, Tarek and Christina El Moussa. These two have risen to fame because of their ability to flip houses for big profits, hence the name of their show, “Flip or Flop.” Tarek and Christina are experts at flipping houses. They know all the tips and tricks, as well as what to avoid when renovating a property. Because of their success in the real estate world, they started Success Path.
At Success Path, people can learn what it takes to become an expert at flipping houses. These Tarek and Christina seminars will provide you with the information you’ll need to get started flipping houses. Success Path has tutored thousands of students, many of which have gone on to start flipping houses full-time.
Recently, a Success Path employee and her mother decided to put Success Path to the test. They bought an old house in Texas and began the journey flipping the house. This is their story.
My parents are avid real estate investors in Arlington, Texas – my hometown. So many precious, social weekends in high school were instead spent cleaning, painting, and doing yard work at the many duplexes my parents rented out. My parents purchased 11 duplexes in one neighborhood and rented them out to save for retirement which was not offered by my Dad’s work.
As a high schooler, I was able to slightly grasp how important this was for our family but quickly brushed off the benefits as I was having to clean toilets instead of going out with friends. Fast forward to today and my mom and I just listed our first fix and flip on the MLS! Here’s our story.
I attended a few Success Path events back in 2015, but didn’t act on anything. I was super inspired and knew it was worth my time but that’s where it ended. I 100% knew investing in real estate was a smart choice and would help diversify my investments (my investments being 2,000 measley dollars in a Vanguard account, and the .02 cents I get each month from my Wells Fargo savings accounts). But I didn’t do anything with that invaluable Success Path information.
My mom called me in October of 2016 and said she found a great property near her home that she was thinking of buying and flipping, and asked if I wanted to join her. I live 1,200 miles away in Salt Lake City but knew if I didn’t take the jump now – I never would. So I put all of my savings together and sent it to my mom.
We purchased the home which was listed at $79,500 for $60,000 (25% BELOW list price you guys!). I thought we were rolling in the dough. I kept running the figures in my head and was already planning on filling a bathtub with the money we would make (I’m in my 20’s so let me have that dream for a second).
The home is a 3 bedroom, 2 bathroom, 1,500 sqft Texas farmhouse built in the 1930s. It sits on a nearly 10,000 sqft lot right next to the cutest downtown area you have ever seen. Like this is the kind of town where everyone knows everyone and all places close early the night of the high school football games. It’s adorable. But in its current state, the home is a huge eyesore to the city – and my mom and I set out to change that.
Then it came time for renovations. This place was trashed. No exaggeration you guys. Like as we were cleaning up the yard we found a hot tub, a well, and a parking lot! It was so overgrown and disastrous. And as renovations go, we kept running into issues: the sellers took the dishwasher so we had deal with them paying us back for a replacement; the contractor’s in-house painter did a horrific job causing weeks of setbacks; a tornado hitting the city; asbestos; etc. etc. etc. It felt like every week I was getting updates from my mom with one more thing that would set us back.
We had planned on getting the home remodeled and listed in 3 months but we ended up listing after 6 months of work. We also went $40,000 over our initial $60,000 budget. That means we were now invested over $160,000. This means that bathtub full of cash that I mentioned before is a little bit lower but we are still set to make a great profit. I will provide an update once it sells! And then we will see if this was a flip or a flop.
Investing was a great learning experience. Not only did I gain the skills to fix up a historic home, but I learned how to be confident when making decisions. You literally have to make a million and one decisions and push for results. That was hard for me to do at first, but I have definitely gained a backbone. I am grateful for the skills I learned from my many mentors: Carter Brown and everyone on Tarek and Christina’s Success Path team! As Tarek would say, It’s time to find another house to flip.