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6 Ways Seniors Can Find Success in the House-Flipping Business

Writer's picture: Wixspace DigitalWixspace Digital


A common way for seniors to invest money post-retirement is to start a house-flipping business. With proper planning and a thorough understanding of the flipping process, you can find great personal and financial success. This brief guide from Howard Hanna Professionals shares some simple strategies to help you start flipping houses.


1. Find the Right Property


The first step in flipping houses is to find the perfect property. BiggerPockets notes that some of the best investment properties for flipping are the smallest houses in the most sought-after neighborhoods. Look for a home with mass appeal. Going unique can actually be a detriment to your business goals. A successful house-flipping business has a fast turnaround time. The more people your property can appeal to, the more likely you are to sell quickly.


2. Get Proper Funding


The key to your first house-flipping venture is finding the proper funding to purchase the house and make the necessary renovations and repairs. You can start by dipping into your own funds or talking to your established bank. However, as Bankrate points out, you may benefit from reaching out to a company that specializes in mortgages to get the best possible rates for the property you want.


To further legitimize your business and make it compliant – which lenders consider a big plus – consider structuring it as a limited liability company (LLC). Formalizing one's business as an LLC brings with it protection of personal assets, as well as flexibility and certain tax advantages. The formation process can be made simple by using an online service, which is also a more affordable approach compared to paying an attorney to do the work.


3. Make Renovations That Add Value


The changes you make to the home should be methodical and should attract more buyers. For example, the bathrooms and kitchens are focal points that people look at more carefully. You can increase the value of the house by adding an updated range hood for maximum efficiency to keep the kitchen air clean and odor-free. You can also add tile to the bathroom, put in an updated shower, and change the hardware on the cabinetry. Never underestimate the power of a good paint job as well.


4. Market Your Properties Online


Hiring a real estate agent to help sell your home is a great idea, but you can do some of your own marketing as well. Take advantage of social media outreach. You can customize your social media feeds with an online banner that showcases your property and brings brand awareness to your new house-flipping business.


If you don't feel comfortable navigating social media or online advertising, you can hire professionals. A good web developer can create a webpage for your business. A social media or digital marketing expert can create a strong online presence for your property. Reach out to a marketing agency in your area to get quotes.


You can also make your own promotional material, like posters that you can share digitally and print to help you spread the word about your available property. Word of mouth advertising can be very effective, especially if you work with local businesses in the area who are willing to hang your posters. Get started by using a free online template. Then, customize it to meet your needs. Then get ready to print and distribute!


5. Sharpen Your Business Skills with a Degree


Pursuing an online business degree can provide the critical skills necessary for success in the real estate industry. Check this out: the coursework typically includes a deep dive into finance, marketing, and project management, all of which are vital components of a career in real estate. Additionally, graduates with a business degree have a solid foundation in critical thinking, negotiation, and problem-solving skills, which are essential when navigating the complex world of real estate transactions.


6. Hire a Professional To Help You Sell

There are many reasons you should consider hiring a real estate agent, like Howard Hanna Professionals. First, they may already have a few clients looking for a property that fits the description of your flip. Second, pros can help you properly price the property to ensure it sells quickly. For this reason, you should work with a real estate agent from the start. They can point out changes to the house that will add value.


Finally, a realtor acts as another form of marketing for the house. They will post it on the company website, attracting more potential buyers.


Start your Real Estate Adventure Today


The key to your house-flipping adventure is to start small. Over-investing when you're still learning about the business is dangerous. Take these tips and implement them at a rate that doesn't cause significant financial stress, and remember to take your time.

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