I made £35k in 10 days flipping a flat – buying property is easier than buying shoes, I’ve made millions…& YOU could too

PROPERTY flipper Samantha Collett, 49, has made millions buying and renovating homes.

Here she shares her story with Flying Eze – and reveals how anyone can do it if they put their mind to it…

BUYING a property to make money on isn’t a walk in the park, but I now find it easier to buy a property than I do a new pair of shoes.

I’ve bought, renovated and sold around £11million worth of property throughout the years, and have made millions in profit.

I’m part of the 92 per cent of investors who make a profit on their ‘property flips‘ – which is the process of buying a property, renovating or improving it, and selling it for more – and you could be part of that club too.

Almost 62 per cent of the houses that were flipped in the UK generated a profit of £10,000 to £75,000 between 2020 and 2022, a report by Finbri showed.

So, there's big bucks up for grabs.

That’s not to say I find the process a total breeze.

And it’s definitely worth noting that in the era of TikTok, making money on property is harder than it looks on social media.

I first got into the property business over 20 years ago when I bought a flat in Cambridgeshire during a fancy London ballroom auction.

At the time, I was working a marketing job that I loved, and the company got bought out by a bigger firm.

My boss received £35million for the sale and I received peanuts in comparison, despite pulling in millions of pounds during my time there.

I realised I was never going to get rich working for someone else – and that's how I caught the property bug.

The £88,000 price tag made it a total steal and I went on to make a cool £65,000 profit.

£35k profit in 10 days

One of my other big feats was back in 2010 when I purchased a flat in Camberwell, south London for £99,000 at auction.

In the space of 10 days, I scrubbed every surface, gave it a once-over with paint and added some decor, before plonking it back on the market.

Within days, the flat was sold at the full asking price and I walked away with a £35,000 profit.

Every pound spent on a property renovation needs to pay back at least double – otherwise you’re working for free

Samantha Collettproperty flipper

The key thing to remember when flipping property is that a huge amount of research needs to go on behind the scenes before you even stand a chance of making your first pound.

I believe that every pound spent on a renovation needs to pay back at least double – otherwise, you’re working for free.

Of course, I’ve made my mistakes throughout the years – especially given I’ve flipped over 80 homes.

I’ve failed to get surveys, not visited the property enough times to understand the full scope of my project, dismissed second opinions and not bothered with additional quotes.

I’ve also had to learn a hard lesson that the cheapest option is not always the best option, which particularly stung for me as I’m too often after a deal.

Harsh lessons

I remember how a house I was getting ready to sell a few years ago turned into a financial shambles because I forgot my key rule of research.

A builder working on one property told me about a landlord he knew who was desperate to sell their second property for a quick out.

I sensed an opportunity.

So, I asked the builder for the owner’s number, called them up, viewed the three-bedroom terrace house and agreed to a cool £48,000 sale.

Given I was essentially buying at half price, I already felt like I was winning – but this was my first mistake... getting cocky

Samantha Collett

I’ll admit: it was a rock bottom price and I couldn’t believe I’d secured such a cheap deal. As it was so low, and because I needed speed, I decided to pay cash for the place.

I’d done some prior research and my own personal calculations and deduced it was actually worth around £95,000 in its current form.

Given I was essentially buying at half price, I already felt like I was winning – but this was my first mistake... getting cocky.

My second mistake was that I dismissed my usual surveys to speed up the process and instead just trusted the builder’s opinion about the issues, and what it would cost to put right.

Because this builder had ‘introduced’ me to the opportunity, I felt the work was rightfully his, and didn’t seek a second opinion, nor get other quotes.

As it turned out, the property needed far more work than anybody (myself included) originally anticipated.

And more worryingly, I soon realised the project was way too big for the builder I’d employed.

My third mistake was buying a second-hand kitchen on eBay to speed up the process and try to get things back on track.

It was high spec, in good condition and a fraction of the price compared to new.

However, it did not fit in the kitchen. I soon learnt that the amount of time and labour that was wasted trying to cut down units and move doors to fit the space available was eye-watering.

I’m pretty sure a new kitchen would’ve cost less – and would’ve been less stressful!

That’s not to say shopping second-hand isn’t a great idea.

I just go for what will make me the most money – and you find that out through research.

Samantha Collett

I don't tend to dress properties, but furniture I normally get from Gumtree, Facebook Marketplace and eBay.

For decor, I’ll head to Dunelm, The Range and B&M, the latter of which is also good for cheap tools.

Looking back at the mistakes I’ve made, I can honestly say the time I spent trying to save money was stupid.

It would have been better for me to buy what I needed from a shop or online, and then put that time saved towards making more money.

I love utilising auctions for buying flippable properties and also find ex-council homes are profitable as they’re well-built. That being said, social housing does have a ceiling for resale.

‘Trust your gut'

I don’t just choose the ugliest house on the street or the biggest project, either.

I just go for what will make me the most money – and you find that out through research.

In terms of finding people to help, I always try to get word-of-mouth tradie recommendations.

If that’s not possible, letting agents are usually a very good source of contacts because they do a lot of maintenance.

I do a lot of research on the tradesperson beforehand, and always get their insurance certificate for liability.

My rule of thumb is that if they're cagey, avoid them.

And with every step along the way, make sure you trust your gut.