House flipping may seem like a simple concept, but Alyssa Phillips, real estate investor and house flipping expert, knows it takes a lot of hard work and determination. Every move has to be done with care and finesse to bring in the desired return on investment– from scouting for the best property to locate, to using creative strategies for renovations, all the way down to staging it for sale. So how does Alyssa Phillips do it? With utmost dedication and attention to detail– she gathers intelligence on target properties and markets, conducts market trend analysis, develops project plans and budgets where necessary, and other skillsets such as design.
In 2010, Alyssa Phillips began buying rental property when the market was still recovering – purchasing several properties for less than $20,000. Since then, she has grown an empire doing what she loves most.
BIZBoost is happy to spotlight Alyssa Phillips for her work to create generational worth.
Hi, Alyssa. Thank you so much for speaking with BizBoost. What made you choose real estate at such a young age? And how did it turn into flipping?
I was a social worker, working to help teenage parents gain the life skills necessary to be productive parents—I enjoyed what I did, but I needed a little more income as I had two kids of my own (I was a teen mother of two myself). So, I looked for other avenues of income… and real estate made sense—as I could do what I love and have passive income.
I only was interested in rental property until the market started turning around… and I saw the importance of diversifying my real estate approach—so I did both rentals and flips. Flips gave me a quick money grab to purchase more rental properties, buy businesses and create other revenue sources.
What was your first experience like flipping a home?
The first flip went well. I only did one at a time. I got lucky and had a fantastic construction crew. We didn’t do major renovations like moving walls. It was all cosmetic. We were in and out within three weeks.
You moved into developing communities. What prompted that pivot from flipping to developing housing communities?
My flipping became more and more advance. I began stripping houses down to the studs or, at times, putting in studs (framing). And it was very much so like new construction, so it was a natural progression to start new construction.
You currently average 25,000 square feet at a time. What did you start at initially, and what made you decide to develop with larger constructions?
I only did one house at a time, so around 2k. My processes were really well-oiled, and things moved smoothly, so I started to add more houses. I eventually resigned from my full-time job—and as such, I had more time on my hands to flip more houses.
What is next for you in 2023? Is there anything you’d like to share?
Next—we are crowdfunding for that nation’s first Black Culturally Enriched Resort. This will be a resort with overwater bungalows and a town center with Black culture enrichments in the music, food, art, etc.
How can people connect with you?