UK property flipper earns £35k in 10 days

Samantha Collett, a 49-year-old property flipper, has turned buying and renovating homes into a successful career. Over more than 20 years, she has bought and sold about £11 million in properties, achieving profits in the millions. Collett believes that flipping properties is easier than buying shoes. She notes that about 92% of investors like her make a profit from property flips. A recent report found that nearly 62% of properties flipped in the UK between 2020 and 2022 earned profits ranging from £10,000 to £75,000. However, she warns that the process is not as easy as it appears on social media. In 2010, Collett purchased a flat in Camberwell for £99,000 at auction. After quick renovations, she sold it for a £35,000 profit in just 10 days. She emphasizes the importance of thorough research before buying any property, stating that every pound spent on renovations should yield double in return. Collett has faced challenges along the way, including costly mistakes due to insufficient research and impulsiveness. For instance, she once bought a property at a very low price but overlooked necessary surveys and inspections, leading to unexpected expenses. Her advice for aspiring property flippers includes purchasing homes below market value at auctions, conducting detailed area research, and seeking quality over bargains in renovations. She suggests using second-hand sites for furniture and inexpensive shops for decor and tools. Trusting her instincts has been crucial in her success in the property market.