How to Become a Successful House Flipper as a Senior
Flipping houses involves buying homes at a low price, making necessary renovations, and selling them for a profit. When done right, house flipping can be a fruitful and rewarding experience. But, as with any venture, it comes with its own set of challenges. As a senior looking to start house flipping, it is important to educate yourself on the financial and legal obligations required to be successful in this niche.
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Plan for Financial Requirements
Purchasing a property for resale is more expensive than buying one to live in. Along with the purchase cost, you’ll need to invest in hiring professionals, making repairs, advertising, and more.
As a first-time home-flipper, receiving funding from banks can pose a challenge. In the eyes of the bank, you’ll be a risky investment as the repayment will depend on the prospect of the house being sold, which is not a guarantee. But, with a large down payment and good negotiations, you may be able to strike a deal. As reported by Finance Buzz, other options include finding a partner or using private lenders.
Find Your Niche
As you know, there are always numerous types of properties listed on the market, namely- family homes, townhouses, studios, and apartments. Typically, homes and townhouses will require a larger commitment of money and effort to fix. But, they’ll also fetch you a higher price than a studio.
Additionally, the condition of the property will matter as well. Either of these properties can be bought as a fixer-upper. According to Arbor Financial Credit Union, these are properties that can be bought for cheap but require major renovations to be converted into livable homes. Additionally, these properties could be foreclosed by banks and will require you to attend auctions to make a purchase.
For your first investment, try to find a property that requires minimum renovation and can be flipped on a short timeline.
Develop a Network
As a novice, it’s important to dedicate time to meeting with experienced professionals in the field and learning as much as you can. This can include speaking with realtors, contractors, and fellow senior house flippers. Having a network will help find opportunities faster. Before sharing listings online, realtors often spread it among their networks. Such connections will allow you to make a move on properties faster, without much competition. For starters, you can consider joining local real estate groups and attending meetings.
Enlist the Right Professionals
Flipping houses is not a one-person show. Yes, you will be the one making the investment and taking the decisions, but your chances of success increase tremendously by choosing to work with experienced professionals, such as:
● Contractors: Depending on the type of renovations required, hire contractors who specialize in that niche. For instance, if the home requires an overhaul of the plumbing system, hire the best plumbing service in the locality. But, remember to always demand a quote before hiring and enter into a contract that states the duration, type, and cost of repairs.
● Realtor: Working with realtors can streamline the process of receiving offers, negotiating with buyers, and handling closing proceedings. If you build up a good relationship with a realtor, they can become a big asset in your house flipping process. You can receive guidance, and property listings and work with them to make deals.
Even with professionals in the picture, you should maintain an active role in the house flipping process. While major repairs can be outsourced to contractors, simple ones like repainting can be taken up as a DIY project. Additionally, you can undertake various self-promotion activities to promote the property, such as:
● Clicking property pictures and sharing them among your network.
● Investing in social media advertisements to garner more impressions for your property listing. If you’ve never made an advertisement before, don’t fret, as there are various online tools through which you can create a Facebook ad quickly.
Sound planning will play a key role in being successful as a senior house flipper. Choose properties that don't require extensive work and build a network through which you can sell your home for the best price.
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Author: Patrick Young http://ableusa.info/
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