Teen Flips First House: 16-Year-Old Entrepreneur Earns $39,500 Profit in Summer Break Success
Staff Editor Teen Entrepreneur Flips First House, Turns Summer Break into Profitable Venture
In an impressive display of entrepreneurial spirit, 16-year-old Phoebe Grier has successfully completed her first house-flipping project during her summer break. The young real estate enthusiast utilized a hard-money loan and financial support from her father and a private investor to embark on this ambitious venture.
Grier’s project resulted in a profit of $39,500, which she has wisely allocated towards savings, donations, and the purchase of a car. Despite the demanding nature of house flipping, she managed to balance her responsibilities with typical teenage activities such as babysitting and playing golf.
The young entrepreneur faced mixed reactions due to her age and gender but received unwavering support and encouragement from her parents. Grier’s interest in real estate was sparked by a lifelong passion for design and houses, influenced by HGTV shows and her family background.
To manage the project professionally, Grier established Phoebe Flips LLC with her father. The company secured a hard-money loan through Backflip using her father’s credit and found a private investor to cover the down payment and renovation costs.
The house, purchased for $234,500 with an additional $80,000 allocated for renovations, presented unexpected challenges. Located in the desirable Twin Oaks area, the property required extensive work, including refinishing floors, painting, and significant structural changes.
Despite the initial hurdles, Grier’s hard work paid off. The renovated house sold within 24 hours for an impressive $390,000, exceeding expectations and validating her business acumen.
Looking ahead, Grier plans to attend Taylor University, majoring in business with a potential minor in entrepreneurship or Spanish. As she reflects on this valuable experience, it’s clear that this young entrepreneur’s future in real estate is bright.
