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Many seniors quickly grow bored after retiring. Some find it difficult to make ends meet if they have limited income. That combination may lead to finding part-time jobs or looking for other money-producing ways to fill time. Flipping houses is a possible solution, even for seniors with little experience in DIY projects. You have time to invest in it, which may lead to significant income. Still, you can benefit from a few tips from ENF Blogs on how to be successful.
What Is House Flipping?
Many homes fall into disrepair over time. Others may have an outdated look that doesn’t attract buyers. Savvy investors buy these homes and make renovations, then sell them for a profit within a short time. This process is called house flipping.
How Can You Find Good Properties?
If you decide to flip houses, you need to know what qualities to look for when purchasing a property. Your goal is to make money, so you need to be careful about what you buy. Ideal house-flipping properties:
- Are sold at a significant discount
- Are in a desirable location
- Don’t have structural damage
- Need only minor renovations
You can look for homes that sell by auction or that lenders foreclosed on. Developing relationships with local realtors is a good idea because they can let you know if potentially suitable properties come onto the market and help you when you sell the home.
How Can You Get a Mortgage?
If you don’t have significant savings, you’ll likely need to finance your house-flipping projects. The type of loan you get depends on several factors, such as your credit score, the amount of equity you have in your own home, and your house-flipping track record.
For inexperienced flippers, business loans aren’t an option. They might look for a home equity loan, borrow from family, find an investor, take out a personal loan, or approach sellers about seller financing. Lenders may have specific fix and flip loan requirements, so find out what they are.
What Renovations Should You Make?
You’ll want the renovated home to be attractive to buyers so it will sell quickly. The longer you own the house, the less profit you’ll make. You’ll need to repair any structural damage, but experts recommend sticking to inexpensive renovations likely to produce a large return on investment. Other improvements that can help include:
- Kitchen updates, including new energy-efficient appliances and adding a range hood to keep the air cleaner by venting odors, grease, and smoke
- New paint and hardware on walls, doors, and cabinets
- New fixtures, electrical outlets, and light switches
- Neatening or adding to the landscaping
What’s the Best Way to Sell a Home?
Find a reputable local realtor to handle selling your home. Let your realtor know before the renovation is complete that the property will be available shortly so they can begin looking for interested buyers.
Should I Have a Business Card?
As a house flipper, networking is a crucial part of growing your business. And there’s no better way to make a memorable first impression than handing out a well-designed business card. A business card not only provides a professional appearance but also serves as a tangible reminder of your contact information. By creating a business card, you have a physical representation of your brand that you can distribute during interactions with potential contractors, investors, or clients. Fortunately, there are several online services that allow you to create professional quality business cards without spending a dime. With an extensive library of customizable templates, these services are an excellent resource for anyone looking to create a business card quickly and efficiently. By creating your business cards online, you can save a lot of money and time while designing a card you can be proud of.
Do You Need to Hire Staff?
If you decide to rent the renovated home rather than sell it, you might choose to hire someone to manage the rental upkeep. Managing your payroll services is also made easy with comprehensive payroll software that automatically calculates and files taxes, schedules payroll, and initiates same-day direct deposits. You’ll pay your staff and payroll taxes on time and save yourself time and effort.
Are You Ready to Start Flipping Houses?
After finding a suitable property and financing, make wise decisions about the scope of renovations you’ll make. A working relationship with a realtor can help you find and sell your investment property.