Real Estate Advice
Ready To Start Your House Flipping Business?
Strategies Seniors Can Use To Begin A Successful New Venture
~ Teresa Greenhill - http://mentalhealthforseniors.com/
For some seniors, staying fully retired isn’t their desired way of living. More people than ever before want to use their golden years to pursue an unexplored hobby or business idea. Unlike during their working years, many seniors find that they now have ample time and funds to do whatever they dream of doing.
An emerging trend among those in retirement is to start a part-time house flipping business. This endeavor is the perfect idea for seniors, since scheduling is flexible and they can learn new skills. If you’re ready to start your own house flipping business during retirement, explore these expert strategies for success from Brenda Bates of RE/MAX Mesa Verde Realty.
Do thorough online research
Prior to officially launching your business, conducting thorough online research is a must. While you don’t need to get a formal education to start flipping houses, it is critical to know what you are doing (at some level). Since you’ll be investing a significant amount of money — and the idea is to turn a profit — you need to learn as much as you can.
Not sure where to start? Research topics such as common mistakes made by first-time house flippers, what renovations deliver the highest ROI, and how to find exceptional contractors. You should also understand the local real estate market so that you know the average cost of homes, how quickly homes are selling, and so on.
Speak with other professional house flippers
Another great way to learn about the real estate market — and about the process of flipping a home — is to talk with industry professionals. Not only is networking a good practice to get into professionally, but it can also help you learn valuable lessons about your new part-time career.
Rather than meeting in online forums, research opportunities to network in-person. Find real estate networking groups in your area, and make an effort to consistently attend. Doing this will also help establish your credibility in the area, and make you more likely to receive word-of-mouth recommendations.
Utilize technology that makes your business life easier
Running a business can be a complex and time-consuming undertaking. Nowadays, you can simplify almost every aspect of your business when you use the right tech tools.
When getting into the house flipping industry, keeping a pulse on your business’s financial health is paramount. Having financial tools such as QuickBooks Online Advanced delivers a number of key metrics in real-time and allows you to customize the features in your accounting software. You can generate financial reports, income statements, and view project profitability. Thinking of outsourcing your financial needs to an accountant? Even consultants need a flexible accounting application to track your business’s spending and income. Having your own QuickBooks system from day one will put you in the best possible position.
Find reliable contractors
House flipping is not a one person job. Far from it, a successful project will rely on the teamwork of reliable contractors who know exactly what they are doing.
Instead of trying to tackle renovations yourself, start asking for recommendations for top-tier area contractors. You will need to have a trustworthy network of professionals such as plumbers, electricians, countertop installers, and interior designers. Without expert help, it can be tough to turn a significant profit.
Work with an experienced real estate team
Last, but certainly not least, one of the most important things you can do is hire a real estate team that can help you locate the best properties. Experienced realtors know what red flags to look for, and what homes will ultimately be the best investment. To get started, be sure to contact Brenda Bates of RE/MAX Mesa Verde Realty.
Although the learning curve may be steep, getting into house flipping can be extremely rewarding. Turning a rundown home into someone’s dream home is an accomplishment that takes real skill and know-how to achieve.