If House Flipping is “Dead,” How Is She Flipping 10+ Houses THIS Year?
July 15, 2026
AI Summary
5 min readThe Margin for Error Has Vanished — But Flipping Is Still Working
Dominique Gunderson closed her first flip in 2019 and now runs 10 to 12 flips at a time in New Orleans. Henry Washington does 10 to 20 per year. Neither thinks house flipping is dead. But both agree that the version of flipping that worked in 2021 and 2022 — where a renovated property could be thrown into one big bucket and sold at whatever the top comps were fetching — no longer exists. As Gunderson puts it, “bad flippers are kind of being exposed with the current state of the market.” The margin for error is so small that one mistake can turn a hoped-for $50,000 profit into a break-even or a loss. The question is what has to change.
Underwrite Like You Are Trying to Talk Yourself Out of the Deal
The first mistake most flippers make is the offer price, and that begins with the after-repair value (ARV). In 2021, you could comp a renovated property against any other renovated property in the neighborhood. Now, buyers are picky in a way they were not. A house that sold for the highest price in the neighborhood probably did so because it was designed by a professional — not just painted gray and white with rental-grade fixtures. If your renovation will not match that level of design and materials, you cannot use that comp.
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What you'll learn
- 1 (00:02) **The Myth of "Dead" House Flipping** - Host Henry Washington and guest Dominic Gunderson argue that the easy version of flipping is over, but the opportunity is still strong for disciplined investors.
- 2 (01:42) **Dominic's Background & Current Volume** - Dominic started in real estate right out of high school, wholesaling for 18 months before flipping full-time in 2019.
- 3 (02:43) **The Core Shift: Margin for Error is Now Tiny** - Dominic states the market isn't bad, but "bad flippers are being exposed" because you can barely make a mistake without losing money.
- 4 (03:51) **Underwriting ARV: Don't Chase the Top** - Dominic comps properties but underwrites to the mid-to-low end of the sales range, not the highest comp.
- 5 (11:17) **Commissions & Closing Costs: Two Key Strategies** - Dominic got her real estate license in 2025 to save 2.5% per deal, which goes straight to profit.
- 6 (15:04) **Rehab Budgets: Contingencies & Market Pricing** - Dominic says 70-80% of her rehabs have a $10k+ surprise. She uses a 10% contingency for inspected deals and 20% for sight-unseen deals.
- 7 (19:23) **Profit Rules: Risk-to-Reward Ratio** - Henry's rule: profit should equal the renovation budget (e.g., $100k reno = $100k profit). He bends this rule for low-risk, cookie-cutter flips.
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Guests on this episode
Show Notes
Many people assume house flipping doesn’t work anymore.
They’re wrong.
House flipping isn’t dead. The “easy” money is. While it’s true that flipping houses isn’t as forgiving as it was just a few years ago—and yes, the “bad” flippers are being exposed—the fear surrounding this investing strategy is actually creating massive opportunities for those who do their homework.
Just ask Henry and today’s guest, Dominique Gunderson. They’ve been flipping houses for many years and are still finding plenty of real estate deals, even in this tough housing market. They’re just doing it a little differently than in years past.
In today’s episode, we’re getting into what’s changed and what investors need to do to find, buy, renovate, and flip houses for a profit. We break down our own processes for analyzing properties, estimating rehab costs, pricing them on the back end, and so much more.
Whether you’re a complete newcomer or a frustrated investor eager for the numbers to work again, follow our blueprint to make your next flip a successful one!
In This Episode We Cover
How Henry and Dominique are adjusting their approach to house flipping
The “risk-reward ratio” Henry uses for every real estate deal he buys
Market-specific advantages and challenges to be aware of
How to prevent closing costs from eating away at your profit margins
The number one way house flippers get burned when analyzing properties
The “types” of projects we’re avoiding at all costs in 2026
Creative strategies you can use to mitigate risk when flipping a house
And So Much More!
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