WATCH: How to become a house flipper like celeb couple Kyle and Leo
|Published
The couple says the market is currently great for property investment. Picture: Supplied
Navigating the South African property market is a creative investment journey that celebrity couple Kyle Clark and Leo Da Silva are exploring together.
They are currently embarking on a series of exciting ‘house flipping’ projects.
The popular lifestyle vloggers have highlighted their journey so far in several videos on their YouTube channel, and signed a collaborative deal with an enviable list of brand partners, including appliance company AEG South Africa.
The couple has just finished renovating their own home and believes there are currently vast opportunities for young investors to get their foot into the property investment market.
“House flipping typically refers to buyers who purchase distressed properties, fix them up, and then resell them for a profit, Kyle says.
“This has been a passion of ours since the moment we met. We always spoke about property. We see the value in house flipping, primarily because of how incredible the South African real estate market is at the moment.”
House flipping needs to be a passion, not for money
However, the couple says it’s important to focus on purpose.
“If you are only money-driven, you may not be able to maintain the passion for property long term,” Leo adds.
The couple shares some guiding principles when it comes to flipping houses:
- Passion for property - Refurbishing and reselling property can be fun, but it can also be a tricky process. You will have a better chance of success if you have a real love for what you are doing.
- Consult the experts - Engage your bank, real estate agents, architects and interior designers to ascertain whether the property you have identified for remodelling and flipping is realistically an investment worth your time
- Understand the costs involved - Set out all of the tasks required to upgrade and resell the property. Include property acquisition costs, transfer costs, revamping expenses and any miscellaneous costs that might be involved in the project. You want to be as prepared as possible, in order to maximise your return on investment
- Managing the budget - When you have identified the property you want to renovate and flip, it is important to add a little buffer to your renovation budget. In our experience, there are always unexpected costs when you remodel a property.
- Understand the value of appliances - The appliance features in your house really add to the market value of the property.
- Be patient - Flipping properties is an exciting venture, but it does require a lot of hard work, attention to detail and time.
If Kyle and Leo were given a chance to renovate any South African celebrity’s home, who would it be?
“Our celebrities already have it all figured out, however, if there was one person’s home I would love to dive in with, it would be Boity Thulo. I think her taste and attention to aesthetics is everything,” Kyle says.
Find a property you could perhaps invest in and flip at IOL Property.
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