10 Years, 50 Flips, and Every Single One Found a Way to Keep It Interesting

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10 Years, 50 Flips, and Every Single One Found a Way to Keep It Interesting

Holly Zollicoffer
Flipper/Rehabber · Gilbert, AZ · Member since 2015 · 3 posts · 4 votes

Just re-joined after a verry long time and figured I'd introduce myself with something more useful than a LinkedIn-style bio.

I've been flipping for about a decade across Greater Phoenix and Greater Cleveland — around 50 flips, 20 wholesale deals, and 10 years as a Realtor somewhere in the mix. I started with condos and townhouses, which I still think are a very underrated starting point, and worked my way up to full gut rehabs from there.

Honest version of my story: this business came pretty naturally to me. The numbers, the design, the decision-making under pressure-  I'm not going to pretend I have some dramatic rock-bottom moment that taught me everything. It just clicked.

BUT. And this is a big but.

That has never once meant a flip went smoothly start to finish. Not one. Every single project has had its moment - the unforeseen foundation issue, the contractor who disappeared, the permit that stalled everything for six weeks, the design decision that seemed brilliant until it wasn't. There have been genuine moments of how in the world am I going to deal with this. The difference isn't avoiding those moments. It's knowing how to adjust without spiraling, and keeping your margin intact while you do it.

That's really what a decade of this teaches you- not that it gets perfect, but that it gets manageable. And a lot more fun!

I recently started consulting for investors who want someone with real field experience in their corner- whether that's analyzing a deal before you buy, working through design and construction, or just having someone to call when your flip throws its inevitable curveball.

What's the thing that's tripped you up most on a flip — or what are you most nervous about going into one? Drop it below. Happy to dig in.

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  • David Spurlock
    OH · Member since 2022 · 75 posts · 23 votes
    3mo

    Hey @Holly Zollicoffer,

    How much of a margin do you want between how much you are putting in vs how much you think you'll sell it for?
    Has this changed over the past decade?

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  • Denise SuppleeBusiness Member
    Realtor · Willow Grove, PA · Member since 2017 · 970 posts · 638 votes
    3mo

    Welcome back!

    I really enjoyed your perspective, especially the part about every project having its moment. After many years in real estate, I've found that's true whether you're flipping, managing rentals, or investing in larger projects. Something unexpected always seems to pop up.

    For me, one of the biggest challenges I've seen investors face isn't necessarily the repair itself; it's keeping emotions in check when things don't go according to plan. The investors who seem to do best are the ones who can adapt, solve the problem, and keep moving forward.

    Thanks for sharing your experience. Looking forward to seeing more of your insights in the community.

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  • Holly Zollicoffer
    OP
    Flipper/Rehabber · Gilbert, AZ · Member since 2015 · 3 posts · 4 votes
    3mo

    Hey @David Spurlock,

    Great question. It's definitely evolved over the years. When I first started, I was primarily doing cosmetic rehabs with model-match comps, so I had a much smaller buy box and a pretty specific profit target in mind. I wanted a straightforward project with a healthy spread and limited surprises.

    As the projects got bigger and I branched into different property types and markets, I started looking less at a fixed dollar amount and more at the overall risk profile of the deal. I would say I expanded my buy box to see how that went, and now I've probably tightened it back up again—ha! Experience has taught me that not every extra dollar of potential profit is worth the additional risk or complexity.

    These days, I'm looking for enough margin to comfortably absorb unexpected costs, carrying expenses, and market shifts while still producing a strong return. The scope of the renovation, holding timeline, local market, and uncertainty of the project all factor into that calculation. I've found that understanding your niche and sticking to the types of projects you execute well is often more important than chasing a specific spread.

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    • David Spurlock
      OH · Member since 2022 · 75 posts · 23 votes
      3mo
      Quote from @Holly Zollicoffer:

      Hey @David Spurlock,

      Great question. It's definitely evolved over the years. When I first started, I was primarily doing cosmetic rehabs with model-match comps, so I had a much smaller buy box and a pretty specific profit target in mind. I wanted a straightforward project with a healthy spread and limited surprises.

      As the projects got bigger and I branched into different property types and markets, I started looking less at a fixed dollar amount and more at the overall risk profile of the deal. I would say I expanded my buy box to see how that went, and now I've probably tightened it back up again—ha! Experience has taught me that not every extra dollar of potential profit is worth the additional risk or complexity.

      These days, I'm looking for enough margin to comfortably absorb unexpected costs, carrying expenses, and market shifts while still producing a strong return. The scope of the renovation, holding timeline, local market, and uncertainty of the project all factor into that calculation. I've found that understanding your niche and sticking to the types of projects you execute well is often more important than chasing a specific spread.

      If you were buying a low-risk deal, what would you want to make relative to the renovation & sales price? 50%, 100%, 10k?

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    • Holly Zollicoffer
      OP
      Flipper/Rehabber · Gilbert, AZ · Member since 2015 · 3 posts · 4 votes
      3mo

      For a lower-risk cosmetic project, I typically started underwriting with around a $100k spread and ideally liked to work that into the $120-150k range. That said, I've never viewed it as a hard rule because there are so many variables unique to each investor and each deal—financing costs, renovation budget, holding timeline, market conditions, and the amount of risk involved.

      1Reply
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