Flipping houses looks fun on HGTV, but in real life? One wrong move can cost you thousands.
At SLG Property Deals, we work with real estate investors across Ontario who buy off-market wholesale homes to renovate and resell for a profit. And while the margins can be big, the risks are real—especially if it’s your first flip.
So how do you protect your bottom line?
Here are the top ways to avoid losing money on your first flip:
1. Don’t Overpay for the Property
Your profit is made when you buy, not when you sell. That’s why seasoned flippers love wholesale deals—because they’re deeply discounted and not available to the public.
What to do:
Only buy deals where the numbers work. Look at comparable sales, renovation costs, carrying costs, and your exit strategy before making an offer.
2. Have a Realistic Renovation Budget
Underestimating the reno budget is a rookie mistake. That “simple” project can turn into a nightmare when you open up the walls and find wiring from 1973.
What to do:
Get quotes from trusted contractors before you close. And always pad your reno budget by at least 10–15% for surprises.
3. Understand the Local Market
Just because a house looks like a good deal doesn’t mean it’ll sell fast. If you over-improve for the area or miss key buyer expectations, you’ll sit on the market—and burn cash on holding costs.
What to do:
Know what buyers want in that neighbourhood. Finish your reno based on what sells, not what you personally like.
4. Don’t DIY Everything
Trying to save money by doing all the work yourself? That can backfire if the quality isn’t up to standard—or if it drags out your timeline and costs you on carrying expenses.
What to do:
Do the work you’re skilled at, and hire pros for the rest. A good contractor can actually save you money with speed and efficiency.
5. Work With the Right People
Your flip is only as good as your team. That includes your contractor, wholesaler, stager, photographer—even your lender.
What to do:
Build a trusted team. When you source your property from SLG Property Deals, you already have a head start with a vetted, investment-ready property.
Flipping your first house can be incredibly rewarding—but only if you play smart.
Want help finding your first flip?
At SLG Property Deals, we specialize in off-market wholesale homes that investors can renovate and resell for a profit. If you’re ready to get access to real deals (not just MLS leftovers), join our buyer list today.