How Seniors Can Become Successful House Flippers Today
Whether you’re looking to keep busy during retirement or make some money to support your golden years, fixing and flipping houses is probably the right solution. The flipping process is fulfilling, engaging, and can be a profitable investment. Want to learn how to enter this lucrative profession? Duc Ong breaks it down below.
Finding Homes to Flip
There is a reason realtors swear by the phrase’ location, location, location’. It works and is the most critical thing to look at when narrowing down potential properties. For example, flipping a home in a costly neighborhood may not pay off, as you will likely be unable to recover the high costs. At the same time, you don’t want to be flipping in cheaper areas, as that can come with high crime rates. Instead, it’s essential to look for properties in growing neighborhoods that are well connected and that people want to live near. NerdWallet also suggests finding a home below market value when possible, as this will give you a little more playing room when it comes to budget.
Figure Out Funding
Funding for house flipping typically comes from loans or investors. If you have a considerable nest egg saved up, you could invest that into your business. If you’re unsure if you should invest your own money into the venture, try to shop for different mortgage rates. Hard money loans in specific will be helpful for senior flippers, as you’ll get the money to purchase the property and flip it. If the loan goes south, your lenders can get their money back by selling the property. However, this option does come with steeper interest rates.
When flipping properties, remember to make small changes for significant returns. Focus on home improvements with a massive impact but don’t have a high price tag. For example, repainting cabinetry and walls and replacing hardware and worn-out items are excellent quick fixes. Combining a range of lighting effects (ambient, task, or focus lighting) is also a great way to up the appeal and value. If you can, try to DIY the simpler parts of the process to save you money. But there are also times when it will be more prudent to call the pros in. Major fixes such as roof repairs, HVAC inspections, and more should be tackled by professionals, as you may end up paying more by trying to fix them yourself. And don’t forget, time is money too. The more time you spend trying to figure out their complicated tasks yourself, the less time you spend getting your home off the market as quickly as possible.
Marketing Your Properties
Marketing your properties properly is a skillset and just as critical as the house improvement process. Be sure to start marketing your property before it’s ready for sale to maximize engagement and interest right off the bat. Having a professional-looking website and social media presence will be the way to go. These avenues improve the possibility of reaching more people. Another option is to launch advertisements on platforms like Facebook to spread the word. To design the perfect ad, use a Facebook ads maker to customize all the elements such as logo, branding, and more. Now you’re ready to create a Facebook ad – it really is that simple.
According to HomeLight, successful flippers make around 40% profit per property. That’s a lot of money! The house flipping process is an excellent way to tie together the vast skill set and knowledge base you’ve likely accumulated over the years. So what are you waiting for? It’s time to get flipping!
If you’re looking for a trusted realtor for your flipping business, reach out to Duc Ong. Click here to check out featured listings today!