Photo via Unsplash
Shirley Martin
After retiring from their jobs, some seniors go on to a second career in a different field. More than 20% of people over 65 look for new opportunities. One exciting opportunity that may be perfect for a senior like you with a flexible schedule is house flipping. Here is how you can get started in this venture, presented below by Michigan Homes and Cottages.
Define Your Business Brand
House flippers are business entrepreneurs. If you are just starting a new company, you should think about how you want to structure your new house-flipping business. You should also name your company, establish yourself as an LLC and create an eye-catching logo so contractors, clients, and real estate pros take you seriously. Then, you can use your logo and branded colors to create banners that you can use across all of your marketing platforms. The best part is that the process is inexpensive, if not free, thanks to an online banner generator tool that allows you to add your own graphics and text-color combos.
Find the Ideal Property
The first step to making a profit in house flipping is finding the ideal property. You may want to partner with a skilled real estate agent who can help navigate the wild house-buying market.
Educate Yourself About a Potential Fixer-Upper
Some house flippers go for a cheap fixer-upper when buying a property. Be cautious when considering a fixer-upper. These homes can be a bargain, but they often come with high costs for repairs and renovations. Look for big issues, like water damage, foundation cracks, or outdated electrical systems. Get an estimate for remodeling costs and then add 20 percent more, especially if your property requires major work like electrical repairs, HVAC upgrades and repairs, foundation improvements, or asbestos or mold removal.
Qualify for a Mortgage
Next, you’ll need to get a mortgage for your property investment purchase. Work with a trusted mortgage broker to help you find the right loan for your needs. When applying for mortgages, you’ll have to provide a lot of information and documentation. To do this efficiently, select a PDF merger tool online to combine all the digital information into one file. Then you won’t have to bother with collective several files for each application.
Remodel the Kitchen
After the purchase, it’s time to start your renovations. A kitchen remodel can boost the property’s final sale price. Find a competent plumber who is licensed and insured to help replace or repair pipes. Plumbers may charge you between $45 and $150 per hour according to NIR Plumbing. Check out each plumber’s reviews and ratings before booking them for a job.
Renovate the Bathrooms
Bathroom renovations can help increase the home’s value. Buyers want bathrooms with luxury fixtures and lots of space. Consider adding a lush master bathroom to help attract future buyers.
Upgrade the Flooring
Flooring upgrades may also pay off when it’s time to sell the home. Swap out tired carpet and laminate floors for something more high-end, like grained hardwood or vinyl plank flooring. Keep the flooring consistent throughout the property to make it feel more open.
Add Curb Appeal
Don’t forget to do some work on the outdoor spaces of your property. HGTV suggests updating the curb appeal to bring in potential buyers. Add some fresh exterior paint to the siding, doors, and shutters to brighten the property. Plant flowers and shrubs around the home, power wash the exterior, and cut the grass to make it more inviting.
Stage the Home for a Quick Sale
Finally, when you’re ready for an open house, take time to stage your home. You can rent furniture for the rooms to help buyers get a better vision of the property. Keep decor neutral and focus on brighter lighting to highlight your best renovations.
House flipping can be an exciting and fun new career for business-minded seniors. If you want to start flipping houses, follow these tips to maximize profits and bring in higher income this year. Be sure to market yourself with a great logo and digital banner, and work with a great handyman to ensure all those projects are completed with craftsmanship and care.
To begin your search for your next fixer-upper, contact Michigan Homes and Cottages today!
