Flipping houses can be a lucrative money-making opportunity, and retirement is the best time to pursue a house-flipping business. With the rise in popularity of micro-flipping, there has never been a better time to invest in DIY housing projects. That’s why Wise Laws Trademark Lawyers are happy to share this handy guide on how to get into house flipping as a senior.
Pick the Perfect Property
Research is vital in house flipping. You must consider the state of the neighborhood, access to shopping, schools, and transportation, and any upcoming developments. Conduct extensive market research and understand all the different factors that may affect housing prices before settling on a house to flip.
Expert house-flippers recommend that you avoid houses that require too many repairs or renovations, like those with bad plumbing, weak foundation, or structural damage. Homes like this take longer to finish, which cuts into your profits. The best houses to flip are ones that you can significantly improve with new flooring, paint, landscaping, and maybe knocking out a few walls.
Unless you plan to buy the house in cash, you will need a loan to purchase and renovate the home. There are multiple financing options, all with different interest rates and requirements. It’s important to look into each to see which is most suitable for your situation.
There are a few things you can do before you apply for a loan to increase your chances of approval. First, improve your credit score by paying any debts and resolving any issues that you can. Second, create a detailed business plan to show investors that you know what you’re doing. Finally, apply for the appropriate loan.
Hire the Right Help
The key to a successful, timely house flipping business is a good team of contractors. Find a general contractor with experience in house flipping. Ensure they have a crew of good subcontractors (like plumbers, painters, drywallers, etc.) so you don’t have to worry about those areas. Check ratings, reviews, and certifications.
Stay in Contact with Your Contractors
In 2021, it’s essential to stay connected with your crew. Project management applications like Asana and Trello help you collaborate with your team and share information instantly. Plus, they are easy to use and can sync across all of your devices! Also, don’t neglect the little things; make sure you always have a reliable means of keeping your device charged so that you don’t lose contact at a critical moment.
Financial Tools for Managing Payroll
With contractors and subcontractors, you are going to have a relatively complex payroll system. However, as a business owner, it’s your responsibility to have a secure and accurate way of paying your contractors and employees.
Online account software can be a great financial tool for automating payroll, streamlining accounting tasks, and organizing payroll documents. Plus, with online accounting software, you can easily share and save information from anywhere.
Advertising (and Expanding) Your Business
Especially when you’re just getting started, you probably won’t have a massive advertising budget to deal with. Luckily, you still have plenty of options. Spread the word via social media. Also, use a free logo maker app to create an eye-catching design that won’t break your budget. With a design that conveys your new brand, you can unify your message across multiple channels.
Also, down the road, you might decide to expand. By then, you’ll already have a good amount of experience in the field, but there’s always more to learn. So give yourself an edge by going back to school for a business degree. In addition to giving you the inside track, online classes offer flexibility so that with a little time management, you can continue flipping houses even while you’re studying.
Should You Flip Houses?
Flipping houses isn’t easy, but it can be extremely rewarding. Brightening up an old home and giving it new life is a fantastic way to preserve the American Dream. If you pick the right property, line up funding, hire the right help, manage your contractors well, and make good use of financial tools, then you are sure to succeed in your house flipping endeavors.
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