House flippers, get ready: There is a new breed of real estate investors in the industry. Meet the “flipster”—a millennial who flips houses, often selling them to other millennial homebuyers.
If you think this is a passing fad, think again: A survey conducted by Better Homes and Gardens reports that 96 percent of millennial investors are looking at real estate for their next profit.
“Millennials are buying homes, so it makes sense that a growing number of them are also looking to flip homes,” says Steven Davis, 5 Arch Funding’s CIO. “This is a generation of individuals who aspire to be their own bosses. Real estate investing is an exceptional way to do just that.”
Eva Boccio, a 27-year-old acquisition specialist with Realty Warehouse in New York, is one such millennial making things happen in the real estate world. Her company takes on abandoned properties, and she works with a team to vacate and re-secure the property in preparation for it to be flipped or rented.
“Once inside [the property], I love to imagine what the potential of the house could be and come up with more pragmatic ways to rearrange the layout for the modern-day family’s lifestyle,” says Boccio. She cites open concept as a big draw for millennial homebuyers, along with spacious closets, an office, and a children’s play area.
Flipping properties interests Boccio for a number of reasons. “Every day is a different journey, challenge, and opportunity,” she says. “I learn more about myself and other people every day, and I feel good when I know that I am helping people out of a difficult situation [regarding their properties].”
Millennials often get a bad rap for being the entitled “snowflake generation.” Flipsters like Boccio, however, are showcasing that many millennials are just as hard-working as their Gen X and Baby Boomer predecessors. In fact, she believes that being a millennial in the real estate industry offers her an edge. “It has given me an advantage because of my drive and my hunger to make my life the best that it can possibly be.”
“My clients feel comfortable with me because they know I am a hard worker and that I am reliable, honest, and trustworthy,” says Boccio. Though she has experience in the field, her relative youth is still a bonus. “I’ve been told it’s like I’m ‘everyone’s daughter,’ and am very easy to work with—patient, relentless, and resourceful,” she says.
Boccio also credits her success to being a digital native. “It helps that I am used to navigating technology since I was a child, and it comes easy to me to utilize any and all resources available when analyzing properties,” she says.
Boccio’s day-to-day work at Realty Warehouse has given her the skills and experience she needs to start flipping houses on her own. Over the past three years, Boccio worked hard to get a handle on her student loans, and now she will soon be purchasing her own properties to flip.
“I am 27 years old and on the start of a great, successful journey that I am very excited to embrace for the long haul,” she says.
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“See” some of the compelling findings for yourself: