Seniors Can Start a Successful House-Flipping Business With These Strategies

House flipping can be a lucrative endeavor, but only if it’s done correctly. There are lots of things to consider before getting into any real estate project, such as securing funding and creating a realistic budget, but when armed with the right tools, a savvy flipper can make a tidy sum. That’s why many seniors are drawn to the business since it can help pad a nest egg while providing a worthwhile, fun activity. Start by connecting with a real estate company that will help you find the perfect listing. Take a look around the Team Stiles website and get a feel for the opportunities. Then, think about how you can secure funding for your first home in a way that makes sense for you.

Money matters

Unless you have a nice stash of cash you can put down on your first flip, you’ll need to secure a mortgage, so the first step should be to check your credit and clean it up if necessary. If the number is right, you can get pre-approved for a loan, which will give you peace of mind by providing an idea of how much you can afford. Start working out a budget as soon as possible, but make sure you do some research first to get familiar with the typical costs associated with buying a fixer-upper. Paying for the repairs is only half the battle; you’ll also need to lay out funds for an inspection as well as any permits that might be required for renovations. 

For many beginners, finding the ideal property to flip means taking on one that doesn’t need major repairs, as these can be both costly and time-consuming. Look for a run-down home with great bones that’s in a good neighborhood; do some homework online and get familiar with the school district, crime rate, and other stats, just like you would if you were moving in.

Learn how to market yourself

Once you’ve got funding and have secured your first home to flip, it’s a good idea to start thinking of how you’ll market your business. First, consider creating an LLC that will give your personal assets some protection and provide tax benefits; this will bring some legitimacy to your house-flipping projects while giving you less to worry about. A formation service can help you file the paperwork without breaking your budget and will give you some peace of mind that nothing is overlooked.

When you’re ready to start thinking about advertising, social media is a great place to begin. Most platforms offer targeted ads for purchase that allow you to spread the word about your business to the people who are most likely to respond. Not only can you save time with these Facebook ad templates, you can save money by using them to create your own marketing campaign. Be sure to come up with an eye-catching logo so your ad will be instantly recognizable with your branding. You can also take quality before-and-after photos and videos of the renovation process to share on your accounts and draw in customers.

Research all your options

Renovations will vary according to the age of the home, but when it comes to sprucing things up aesthetically, it’s important to research all your options, especially when it comes to the flooring and walls. For the latter, painting can be labor-intensive and expensive, but nowadays there are peel-and-stick wallpapers that provide many more options as well as durability. Not only that, they’re removable, so if you decide you want to change the pattern, the process is painless. Go with a customizable print-on-demand wallpaper design so you never have to worry about your favorite pattern being out of stock.

Getting involved in the real estate business can be daunting, but by doing the research and utilizing the right tools, you can make your new project a success. If possible, network with some local house-flippers so you’ll have a bit of guidance as you get started.

Need to contact the pros at Team Stiles? Get in touch with questions or comments today.