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Running a House Flipping Business in Retirement
Are you considering entering the house-flipping business? Is this your first time, or do you already have some experience? If you’re looking to make money flipping houses, there are a few things to consider before you begin. This guide can help you with everything from choosing the right property to renovating your home. Junk Removal Advice presents a few things that you need to know about flipping houses as a senior homeowner.
Finding the Right Property
Determine your budget and then consider whether you’re looking for a rental property or one you plan on flipping. If you’re looking for a place to live, look for an older home with good bones in a nice neighborhood. If you want to flip it, find a fixer-upper that needs lots of work. Assemble your team and start making offers on properties. Set aside 20% of your budget for unforeseen work, especially anything involving:
- Major repairs
- Electrical work
- HVAC upgrades
- Foundation problems
- Issues with asbestos or mold
Getting Mortgage Ready
If you’re thinking about buying a house and flipping it, have an idea of how much money you need. The first step is getting pre-approved for a mortgage, which can be difficult if you haven’t had a loan in years. Banks want to see that your credit score is good and that you’ve been paying your bills on time, so if you aren’t up to date with everything, that may make it more difficult to secure a mortgage.
Renovations for Adding Value
The three most popular renovations for adding value are updating a kitchen, a bathroom, and the exterior. Your fixer-upper needs some work anyway, so include these upgrades in your plans if possible.
The kitchen is arguably the most important room in your home — it’s where meals are prepared, loved ones gather, and memories are made. As such, it may be a good place to invest in some renovations. A functional and stylish kitchen helps increase your home’s value when you sell it. When renovating your kitchen, you need a licensed and insured plumber. Go online to read reviews and find quotes. Expect to pay between $45 and $200 per hour for quality plumbing services.
Your renovation process will likely result in plenty of junk, and the home might have had some of the previous owner’s property still in it. Either way, Junk Removal Advice can help clear away any debris you want removed.
Forming Your Business
To build a successful house-flipping business, you may want to form a Limited Liability Company (LLC) to limit your personal liability and streamline tax filings. The first step in forming an LLC is to choose a name for your company. Select one that’s memorable and stands out. Using an LLC formation service to complete and submit the forms makes the process quick, easy, and affordable.
Once your business is established, you’ll need a solution for running your payroll as you take on employees. A software solution can make it easy to track time, withhold taxes, process payroll, and execute direct deposits, all of which will save you time and make operating your business easier.
House flipping can be a lucrative business if you decide to sell or rent the properties. In these cases, you’ll want to market your business. But you don’t need to hire a marketing professional. You can set up free social media accounts and develop a simple website on your own. Then, find a free banner maker online tool to design a custom banner advertising your services. You can choose from a variety of templates, and then edit them with your text and branded colors. You can even embed a photo or video of the house you’re selling.
Selling Your Property
There are multiple ways to sell your property. You can contact a realtor to list your property and provide you with all their services until it sells. You can also contact a short sale agent and see if they can help secure a deal on your home. However, there’s another option that most people don’t think about: selling directly to a buyer.
House flipping is great if you want a side hustle to help supplement your retirement income. Choose your property wisely, line up financing, establish and run your business, and make strategic improvements to ensure your success as a house flipper. And turn to Junk Removal Advice if you have items you’d like removed from your property.
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