Tyler and Lindsey Dobson have earned over $1.1 million in the past five years through furniture upcycling and home flipping. They told CNBC Make It that their venture began when they started refinishing furniture found on the street to save money while furnishing their first home.
They had a knack for spotting potential in discarded items and soon began selling their upcycled pieces, making about $500 a month. This led them to start 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 said to CNBC Make It.
Most recently, they sold their renovated home in St. Petersburg, Florida, and purchased a historic home in Springfield, Missouri, with cash and no mortgage. They are now working on fixing up the Missouri property.
The Dobsons have made enough income to leave their previous day jobs. They document their house-flipping projects on social media, earning several thousand dollars more each month from this activity.
In 2024, they made $95,000 from social media content, brand deals, and the sale of their St. Petersburg home. They support themselves and their daughter by living frugally and using profits from their last home sale.
According to property data firm ATTOM, gross profits on home flips decreased across the United States in 2024, averaging $70,000. A survey by Self.inc found that an estimated 45% of Americans have a side hustle, but only 10.5% make more than $1,000 a month from such work.
The Dobsons live in each home they are renovating for at least two of the five years before selling it. This approach allows them to benefit from IRS capital gains tax exclusions. They do not use debt to purchase homes, avoiding monthly mortgage payments.