Real Estate Riches, Golden Years: A Guide to Flipping Homes Later in Life

If you’ve reached retirement age, maybe you’re looking for an activity to fill your days. You have options other than bridge and television. Perhaps a second career sounds enticing. Have you thought about getting into the home-flipping business? Here are some things worth knowing if you want to enter this exciting field.

Establishing a Business

It’s natural to worry your operation may fail. Although always a possibility, you’re in a better position than many. Those who study small companies find that startups run by entrepreneurs 55 and older are most likely to survive. Your odds of thriving improve even more when you take a professional approach.

Write a business plan. Taking this step forces you to think intensely about your venture. You’ll also want a web presence. Don’t worry about coding. Website builder services remove the technical element, allowing you to focus on design.

Most businesses become Limited Liability Companies due to the tax and asset protection advantages. Your corporate structure is not your only concern. Also worth considering is an operating agreement. In Virginia, This document tells state authorities all they need to know about how your business will operate. Everything from financial projections to operating procedures deserves mentioning.

Some realtors sell homes for a flat fee, even including top-tier services such as photography and 3D home tours as part of the package. Consider offering a similar plan instead of chasing commissions.

Finding Homes

Now that you’re an official venture, it’s time to find residences you can flip. Naturally, buying low is an advantage. Search for foreclosures with desirable purchase prices. Chat with others in your network to uncover scoops on who’s selling before their offers enter the Multiple Listing Service. Also, don’t ignore the power of direct marketing.

Securing a Mortgage

Once you’ve found a residence that’s a sensible investment, make the purchase. You’re better off connecting with a mortgage lender that has enthusiasm about your business intentions. Credit plays a role in whether you pass the approval process. Check yours by requesting a credit report from one of the major rating agencies. If your score could use some improvement, there are strategies for boosting it before handing in your application. 

Renovating Homes

The more fixes you make to your residence, the greater the profit potential. Buyers are particularly interested in kitchens and bathrooms. Refinish cabinets if they appear worn or the handles are loose. Bolt loose toilet seats and remove scratches from countertops. Patch holes, fix dings, and generally freshen up.

Install amenities, such as an InstaHot or electric blinds. Replace smoke detectors and drapes. Modernize doorbells with ones that use cameras.

Exteriors count, too. If the home’s paint is chipping, apply a new layer. Eliminate driveway cracks by repaving. Remove leaves, branches, and blown trash from the grounds. Finish by mowing and trimming hedges.

Selling a Home

Finally, it’s time to put your house on the market. Focus on staging to maximize visual appeal. Set the price on the lower side to stoke interest. Hopefully, a bidding war will erupt. Create a sense of urgency by letting interested buyers know there’s an offer deadline. If you’ve done your due diligence, a sale should be imminent, giving you plenty of funds to purchase the next home.

Flipping houses is a profitable activity that adults at any stage can enjoy. Dive into the business for both the joy and financial rewards.

 

Category :
House Flipping
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