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If you’re a senior, you’ve probably considered becoming involved in the real estate market. If you’re willing to put effort into improvements and can afford to take mild financial risks, house flipping may be a great opportunity for you. Read on for some pointers from Home Inspections Cost.
Finding the Right Properties To Flip
If you don’t have a lot of experience in real estate, it may be best for you to start off flipping homes or condominiums. These are straightforward properties that lack the additional complications of commercial real estate, and you probably have a lot of knowledge about what affects their value as you’ve been living in these types of properties for some time. FortuneBuilders notes that flipping properties typically involves choosing properties that need a certain level of improvements and that are located in areas likely to trend upward in market value.
Renovations That Increase Value
When looking for properties, check out homes that need certain renovations. Kitchen counters and cabinets are popular home improvements, and updating these to more aesthetically appealing materials is usually a good idea. You can even add a new range hood to cleanse the kitchen air. Improving the flooring, adding crown molding, updating staircases, and window and siding improvements are also common strategies that help to make homes more marketable. Gestisoft recommends having a professional inspection done whenever you’re trying to flip a home to prevent costly surprises.
Should a roofing issue be discovered in a house you’re flipping, it’s vital that a complete repair be made. An inadequate roof can lead to a number of major problems in a home.
Whether you intend to directly resell the homes you purchase or rent them out for a continuous income stream, you probably need to obtain a mortgage. The amount you qualify to borrow can vary wildly, depending on your credit score and debt-to-income ratio. Getting prequalified for a mortgage saves you time and can give you an idea of the price range of houses to consider for you to start flipping.
Putting the Properties on the Market
If you’re flipping a house, you need a good idea of the housing market and the current pricing. Hiring an expert real estate agent may help considerably with this process if you’re willing to pay their commission fee and related expenses, such as certain marketing costs. An agent can also advise you on pricing strategies to help your properties sell more quickly.
Marketing on Social Media
When you’re selling your home, you want to get the word out to as many potential buyers as possible. Facebook ads are a great way to reach a larger audience. But how do you create a successful Facebook ad campaign? First, start by creating a target audience for your ad. Facebook allows you to target users based on location, interests, and demographics. Once you’ve created your target audience, it’s time to write your ad copy.
From Amateur to Professional Entrepreneur
You may enjoy house flipping so much that you decide to make it an official business. When you do this, think about the type of business structure to use. In most cases, an LLC is the most appropriate structure for your business. It comes with tax benefits and certain protections against liability for the owners, so creating one can be especially beneficial if you plan to flip a multitude of homes. Before forming an LLC, you may want to create an operating agreement to outline how you’ll run your business.
House Flipping Can Be a Profitable Hobby
Flipping houses can be a profitable and fun way for you to make money during your senior years if you choose properties strategically, can obtain financing, and make the right renovations. Consider using social media to market the property and forming an LLC to structure the business.
Article Courtesy of Kristin Louis of Parentingwithkris.com
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