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Seniors Interested In Flipping Homes Should Use This Guide
Flipping homes for profit may seem like a venture that only people with decades of experience can tackle, but if you’re willing to put in a bit of research and preparation, you can start on a successful project of your own. Many seniors are finding that getting into real estate is a great way to boost their post-retirement income, and while home-flipping often takes a lot of work, it will pay off when it’s done correctly. The key is to understand the risks and prepare for as many of them as possible, as well as to secure a mortgage at a great rate. Dig into these tips from Landscape Pros on how to get started.
Expect the unexpected
When it comes to anything involving real estate, it’s a good idea to expect problems and delays to pop up, as these are extremely common. Whether you need to plan ahead for issues or pad your budget–or both, ideally–expecting the unexpected can help prevent stress and keep your costs down. Read up on what other home flippers have gone through and learn from their mistakes, especially when it comes to finding the right home for the most profit. The Better Business Bureau suggests doing some homework regarding local contractors and the cost of materials so you won’t be in for a nasty surprise once you get started with renovations.
Know what to look for
There are many considerations to make when you’re looking for the right home to flip, but in general, it’s best to steer away from houses that have major foundation issues or plumbing/electrical problems. These can be fixed, but they’re some of the most expensive repairs to make and can leave you way over-budget, meaning you won’t make much of a profit. This Old House advises looking for projects with repairs or renovations that offer a great return on your investment. If you can find a home that needs some love but is in a great neighborhood, move quickly, because these go fast in many areas. Many flippers naturally have a great eye for potential, but this is also something that can be learned with little time and research.
Raise the value
When looking for the perfect home to flip, it’s also crucial to take into account which renovations will add to the value so you can maximize your profits. This means you may need to set aside your personal preferences and do some research on what buyers in the area are looking for. For instance, you may find a home with a great back porch that would be perfect for a sunroom, but if that’s not as desirable as an updated kitchen or built-in storage, it could be a hard sell.
Keep in mind, as well, that you can almost do no wrong when it comes to adding appliances or amenities that conserve energy. And don’t forget about sprucing up the landscaping – call on Landscape Pros to get the job done right! When you’re ready to sell, you can use these to your advantage in the listing.
Make it legit
Once you’ve flipped your first home and have a taste for it, it’s a good idea to formalize your goals by forming an LLC. A limited liability company will give you a measure of protection while providing tax benefits, and it can also give you some credibility with lenders and buyers. There are a few steps involved in the formation process, including naming someone to receive legal documents on your behalf, so read up on the requirements before jumping in. While you can act as your own registered agent, utilizing a service can help you stay on top of important documents so that you remain compliant and avoid penalties.
Spread the word
If you plan to market and sell the house yourself, then you need to learn different ways to spread the word about your property. For example, you could utilize online platforms such as Facebook, Instagram, and Twitter to let people know that the house is on the market. Creating a website or blog dedicated to your property-flipping business is also a great idea. If you really want your business and brand to stand out, come up with a banner design that people will immediately associate with your endeavor. If you don’t want to hire a graphic designer, you can use online tools to design a logo using pre-made templates that you can easily customize with your own fonts and colors.
Flipping homes can be quite a lucrative business, but it does require some preparation ahead of time, so give yourself plenty of time to do your homework. Take a look at what other, experienced flippers have done so you can learn from their successes and failures and learn how to successfully sell a flipped home by researching different listing sites and tactics for taking spectacular photographs of the finished work.
Landscape Pros hopes you learned some great tips to easily flip your next fixer-upper to make some quick pocket change.
Senior Fixer-Upper Homes
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