I made $39,500 flipping a house at 16 while my friends were working at ice cream parlors and golf shops

Phoebe Grier bought her first home at 16 and flipped it over her summer vacation.

Courtesy of Phoebe Grier

• Phoebe Grier, now 18, flipped a home during her high school summer break.
• She used a hard-money loan and got financial help from her father as well as a ...

  Flipping a House as a Teenager: A Story of Success

  

  Phoebe Grier bought her first home at 16 and flipped it over her summer vacation.

  Courtesy of Phoebe Grier

  Introduction

  Meet Phoebe Grier, a remarkable 18-year-old who flipped a house during her high school summer break. Using a hard-money loan and financial assistance from her father and a private investor, Phoebe transformed a neglected property into a desirable home, generating a substantial profit of $39,500.

  Financial Strategies and Partnerships

  To secure financing for the house and renovation, Phoebe utilized a hard-money loan through Backflip, a platform that facilitates real estate investments. Additionally, she partnered with a private investor who provided the necessary capital for the down payment and remodeling costs.

  The Renovation Process

  Inspired by her passion for design and building, Phoebe tackled the renovation project with enthusiasm. She selected unique fixtures, flooring, and colors, transforming the house into a modern and appealing property.

  Challenges and Unexpected Expenses

  However, the renovation encountered unexpected challenges, including the house's deteriorated condition and piles of junk that required professional removal. These expenses increased the overall budget by $3,000.

  Quick Sale and Impressive Profit

  Despite the challenges, the house sold within 24 hours of being listed, exceeding Phoebe's expectations. The final sale price of $390,000 resulted in a net profit of $39,500.

  Responsible Use of Funds

  Phoebe allocated her earnings wisely. She purchased a car, donated a portion to her church and mentors, and saved the remaining balance for future expenses.

  Future Aspirations

  Phoebe's success in house flipping has fueled her aspirations for a career in business. She plans to attend Taylor University, majoring in business and minoring in either entrepreneurship or Spanish.

  Conclusion

  Phoebe Grier's story is an inspiring example of teenage entrepreneurship and financial acumen. By embracing her passion for design and real estate, she overcame challenges, secured financial assistance, and turned a profit. Her experience serves as a valuable lesson in the potential of young people when given the opportunity and support to pursue their dreams.