Flipping Houses With Private Money: How Stephanie Made $150K!

Ever wonder how real people actually make big profits flipping houses, without using their own cash? Meet Stephanie, one of our students who earned $150,000 flipping properties in Southern California using private money. No trust fund. No big bank loan. Just smart strategy, the right guidance, and a willingness to take action.

In this blog, we’ll break down Stephanie’s real-world journey flipping houses with private money, from finding the right deal to managing contractors and permits, and how she leveraged private lenders to fund the entire project. Whether you’re flipping your first home or scaling your real estate business, this behind-the-scenes breakdown will give you the knowledge and confidence to take your next step.

Here’s what you’ll learn:

• Why Many Investors Miss Out on Opportunities
• From Food Business to Flipping Houses
• First House Flip: $40K Profit Breakdown
• Why Timelines Matter In Fix & Flips
• Second and Third Fix & Flip Lessons
• Fourth Flip Strategy and Projected $75K Return
• Stephanie’s Top Advice for New Investors
• How Real Estate Skills Helped Her Scale
• Third House Flip: Design, Basement Finishing & Tight Margins
• What Life Looks Like After Multiple Flips
• Future Plans: More Flips, Rentals, and Getting Licensed

If you’re serious about doing your first real estate deal, don’t waste time guessing what works. Our FREE Training walks you through how to consistently find deals, flip houses, and build passive income—without expensive marketing or trial and error.

This FREE Training gives you the same system our students use to start fast and scale smart. Watch it today—so you can stop wondering and start closing.

Why Many Investors Miss Out on Opportunities

Many real estate investors are sitting on the sidelines, waiting for market conditions to improve or for a "better time" to invest.

Meanwhile, Real Estate Skills students are taking action, closing deals, and making money.

Today, we're featuring Stephanie, one of those students. She's successfully completed four fix-and-flip properties since joining our program a year and a half ago.

Stephanie has been a small business owner in the food service industry for over 20 years. As she plans for retirement, she’s turned to real estate as a way to build a sustainable future.

From Food Business to Flipping Houses

Stephanie’s journey began with a food service company she's run for over two decades. As she prepares to exit that business, she knows she needs another income stream.

Years ago, she purchased a vacation home in Key West, Florida, which she turned into a short-term rental before Airbnb was even a thing. That experience sparked her interest in real estate.

Fast forward to about three years ago: Stephanie re-entered the real estate space, buying new vacation rentals in tourism-heavy markets.

While those investments performed well, they depleted her savings.

That’s when she discovered Real Estate Skills. Her initial goal was to learn wholesaling and generate quick cash.

Though her first wholesale deal didn’t pan out, she pivoted and decided to flip the property herself, launching her house-flipping career.

Read Also: How To Flip A House With No Experience: A First-Timer's Guide

First House Flip: $40K Profit Breakdown

Stephanie's first flip came from an off-market deal via a real estate agent she’d built a relationship with.

Initially intended for wholesale, she ultimately decided to sell it herself. She purchased the property for approximately $180,000, invested around $102,000 in repairs, and sold it for $380,000.

One key strategy that added value was converting a three-season porch into a four-season space, increasing the livable square footage.

Although she initially hoped to break even, the house sold for over the asking price, netting her a $40,000 profit. This win solidified her decision to pursue flipping full-time.

Why Timelines Matter in Fix & Flips

Despite her success, Stephanie admits that she had zero knowledge about flipping before she started. Her first contractor, an experienced investor, helped guide her through the process.

After that, she began handling more aspects of the projects herself.

She was still running her food business while flipping properties, which created a need for flexibility.

Since she’s based in both Minneapolis and Florida, she focused her flips in Minneapolis, where she had more time and local market knowledge.

Read Also: House Flipping Business: How To Start Your Plan In 10 Steps

Second And Third Fix & Flip Lessons

Stephanie’s second flip was next door to the first. The house had been vacant for years, and she bought it for $85K.

Though the project was similar to the first, it lacked the extra square footage. She sold it for the same $380K but made a smaller profit of $35K due to time overruns—the project took 32 weeks instead of the planned 16.

Her third flip was an upscale property in a Minneapolis suburb. She bought it for $421K, invested $135K, and sold it for $705K.

Again, the profit was only about $35K due to delays and high financing costs. However, she loved the design work and learned a great deal about managing higher-end flips.

The Power of Managing House Flipping Contractors Yourself

One major lesson from Stephanie’s second and third flips was the risk of relying too heavily on a single contractor.

She used the same contractor for both projects simultaneously, which caused delays and communication breakdowns.

Stephanie now manages her own projects and receives bids directly from subcontractors, which gives her greater control and transparency over costs.

Read Also: How To Choose The Best General Contractor? | Real Estate Skills

Permit Problems and Budget Oversights

Stephanie also encountered challenges with city permits.

Permit fees turned out to be significantly higher than expected—on one flip, the cost was over $3,500. She also learned that owning properties under an LLC can limit her ability to pull permits as a homeowner.

These experiences taught her to vet budgets more thoroughly and work directly with the city when possible.

For her fourth flip, she’s managing the project herself, working with subcontractors, and using a general contractor only to pull permits.

Fourth Flip Strategy and Projected $75K Return

Her fourth flip—a large home previously owned by the city—represents her most ambitious project yet.

Purchased for $480K, it’s located in an affluent neighborhood with an ARV of around $900K. She’s budgeting $220K for renovations and expects to net at least $75K.

This time, she’s managing every detail herself.

She’s converting the home from a nine-bedroom former group home to a five-bedroom, four-bath property with finished basement space, making it much more marketable.

Acquiring Flip Number 4 from the City: High Upside, Better Management

Stephanie acquired her fourth flip from the city of Hopkins, which had taken ownership after a legal dispute.

The house had nine bedrooms but will be reconfigured into a five-bedroom, four-bath home with finished basement space.

The project is her largest to date, and she expects it to be her most profitable.

Because she’s managing the project directly and no longer using a full-time GC, she feels more confident in hitting her 16-week timeline.

Stephanie’s Top Advice for New Investors

Stephanie emphasizes the importance of timelines. Her projects often took twice as long as planned, cutting into profits. Now, she prioritizes speed and efficiency.

She also stresses the importance of networking.

Building relationships with agents, lenders, and contractors has enabled her to secure better deals and more financing options.

Her hard money lender even connected her with private lenders to help with down payments.

How Real Estate Skills Helped Her Scale

The Real Estate Skills program gave Stephanie the foundation to succeed. Even more valuable, she says, is the community.

Being able to ask questions, share wins, and troubleshoot problems with other investors has been key to her progress.

She uses the Real Estate Skills Deal Calculator daily and continues to rely on the training and community support.

Read Also: Wholesale Real Estate: Free Calculator & Step-By-Step Guide

Third House Flip: Design, Basement Finishing & Tight Margins

Stephanie's third flip allowed her to explore her creative side with design.

She opened up walls to create a modern layout and finished the basement, adding nearly 1,000 square feet of livable space.

Although the gross margin appeared strong, her profit was again around $35,000 due to holding costs.

This deal was also her first to require both hard and private money funding, making it more expensive to hold. However, it taught her how to structure deals without using her own capital.

Funding House Flips with No Money Down

On her third flip, Stephanie funded the project using a hard money lender and private money lender, covering the entire purchase and rehab without using her own funds.

Although it cost more in interest, it allowed her to keep flipping without waiting for capital to become available.

She advises new investors to use this strategy carefully and always run the numbers, especially when paying two sets of lenders.

What Life Looks Like After Multiple Flips

Stephanie is busier than ever but feels confident and excited about the future.

The experience and network she’s built through Real Estate Skills have empowered her to scale her flipping business.

She’s also getting her real estate license—not to sell homes, but to find better deals and reduce buying and selling costs.

Future Plans: More Flips, Rentals, and Getting Licensed

While flips are her current focus, Stephanie plans to expand her rental portfolio in the future.

With a background in hospitality, she’s particularly drawn to short-term rentals.

She encourages new investors to keep going, even when it’s tough.

The path may not be linear, but with persistence and the right training, success is within reach.

 If you’re serious about doing your first real estate deal, don’t waste time guessing what works. Our FREE Training walks you through how to consistently find deals, flip houses, and build passive income—without expensive marketing or trial and error.

This FREE Training gives you the same system our students use to start fast and scale smart. Watch it today—so you can stop wondering and start closing.

*Disclosure: Real Estate Skills is not a law firm, and the information contained here does not constitute legal advice. You should consult with an attorney before making any legal conclusions. The information presented here is educational in nature. All investments involve risks, and the past performance of an investment, industry, sector, and/or market does not guarantee future returns or results. Investors are responsible for any investment decision they make. Such decisions should be based on an evaluation of their financial situation, investment objectives, risk tolerance, and liquidity needs.