Post Content
Sometimes necessity is the mother of reinvention. That’s certainly true for Tyler and Lindsey Dobson, who’ve grossed over $1.1 million in the past five years by upcycling furniture and flipping homes.
As the Dobsons shared with CNBC Make It, it all started when they started refinishing furniture they found on the street to save money furnishing their first home.
-
Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
-
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
-
I’m approaching retirement with no savings. Should I panic? Here are 6 easy ways to catch up (and fast)
They had a knack for seeing diamonds in the rough, and soon started selling their upcycled pieces, pulling in $500 a month. Then they started flipping homes.
“Every time we finish a house, especially one we live in, once there’s no projects left, we just get the itch to do it again and we leave our beautifully renovated home for a bigger fixer upper,” Lindsey told CNBC Make It (1).
Most recently, they sold their renovated home in St. Petersburg, Florida, to buy an historic home in Springfield, Missouri — for cash, no mortgage — and start fixing it up.
They’ve made enough to quit their former day jobs. But it’s clearly also a passion project for the pair. They document their house-flipping journeys on social media, earning several thousand dollars more a month.
That’s not to say they live like millionaires. They made $95,000 in 2024 from a combination of social media content, brand deals and the sale of their St. Petersburg home. They support themselves and their daughter by being frugal and living on the profits of their last home sale.
House-flipping isn’t as lucrative as it used to be. According to the property data firm ATTOM (2), gross profits on flips decreased across the U.S. in 2024, averaging $70,000 — hardly enough for a typical family to live on.
And it’s important to know that side hustles aren’t a get-rich-quick scheme. An estimated 45% of Americans have a side hustle, according to a Self.inc survey, but only 10.5% of them make more than $1,000 a month from that work (3).
Here’s what you need to know to turn your hobby into a lucrative and fulfilling side hustle like the Dobsons.
Let’s say you’re interested in following the Dobsons’ example and want to get into house-flipping. Here’s how they’ve reduced their risks.
They live in each home they’re working on for at least two of the five years prior to the sale date. That means they can keep more of what they earn through IRS capital gains tax exclusions.
They don’t leverage debt to buy homes, which could find them struggling to pay monthly mortgages.
But with the average mortgage rate above 6% nationwide (4), profits from flipping may continue to cool.
Those looking for big profits may want to look for another line of business that’s less labor-intensive.
Read More: The average net worth of Americans is a surprising $620,654. But it almost means nothing. Here’s the number that counts (and how to make it skyrocket)
The key to a successful side hustle is to lean on your skills.
But if you want to grow a business from a hobby to a serious undertaking, there are a few things you need to think about in order to take a safer leap.
Ask yourself these questions::
-
Does a market exist? Test your business idea on a small scale before investing lots of time or funds into its operation.
-
Can you do it better than the next guy? Research the competition and determine whether you have an edge or are behind on trends and services that more established businesses understand.
-
How much can you invest? Many side hustlers don’t take a paycheck from their business at first, instead reinvesting profits into the tools and materials they need. You should decide on a limit for how much of your own income you can risk before you swipe your credit card.
-
Do you have a safety net? The market is cyclical, and what does well one year may not have as much demand the next. Be sure if you’re flipping your side hustle to your main gig that you have a solid emergency fund in place in case things go wrong.
-
Do you have a financial goal? Setting a reasonable benchmark of success will help you judge whether your side hustle is profitable and feasible.
-
What tools do you need to scale? What gets you your first 100 customers won’t help you reach 1,000. Understand what you need to do to grow, and what you will have to invest in to find further success.
-
Do you want to scale up the business? As the Dobsons demonstrate, sometimes the best business for you is small, and operated by just two people. As you understand the market for your services and how much you need to live comfortably, you may find that ever-increasing expansion is not for you — and not for your customer base, either.
Above all, look for meaning when setting up your business, and ensure you find enjoyment in the process.
-
‘Can’t they read in Washington?’: Legendary investor Jim Rogers sells off US stock, warns the Federal Reserve can’t ‘save us.’ Here’s how to protect yourself
-
Robert Kiyosaki says this 1 asset will surge 400% in a year — and he begs investors not to miss its ‘explosion’
-
Non-millionaires can now buy into this billion-dollar private real estate portfolio. And you can even start with just $10
-
Warren Buffett used these 8 repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
CNBC (1); ATTOM (2); Self.inc (3); Federal Reserve Bank of St. Louis (4)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Terms and Privacy Policy