This article was generously contributed by Carolyn Russo of Budget-Buyer.com. Thanks, Carolyn! Photo via Pexels
Paying for a college education as an adult can be a daunting task. Unlike many high school graduates, you likely have several other financial responsibilities such as a mortgage, car payments, and a family to support, which can make it harder to come up with extra funds. And even if you can get a loan, you’ll only be adding to existing debt. If you’re looking for ways to pay for your education while building wealth, consider flipping properties!
Buying homes in need of repairs, fixing them up, and then selling them for profit can help you generate the funds to pay for college. In this article, we’ll guide you through the steps involved in flipping houses and generating profit.
Find a Great Real Estate Agent
Before doing anything else, get in touch with a reputable real estate agent. A good real estate agent like Christine McCarron will have a deep understanding of the local real estate market and will be able to identify properties that have the potential to be profitable flips. Your agent can also help you price your properties correctly to ensure you get the best return on your investment. Real estate agents also have a wide network of contacts, including other agents, contractors, and potential buyers. Finally, your real estate agent will bring valuable legal expertise, negotiation skills, and regulatory knowledge to your real estate experience, ensuring everything goes smoothly as you buy and flip your first home.
Form an LLC
If you plan on flipping houses as a business, consider setting up an LLC. Forming an LLC will help protect yourself and your assets from litigation and business-related debts. This will also simplify your record-keeping and give your business a sense of professionalism. To form an LLC, you can hire a lawyer or use an online formation service. The latter is much more affordable. If you decide to go the DIY route, look for articles reviewing online formation services to find the best option for your needs.
Create a Website to Market Your Properties
A website will add to your professionality and serve as a valuable marketing medium to get your properties in front of potential buyers or renters. Keep your website simple, informative, and engaging. Adding an infographic to your homepage is a great way to convey information about your flipping business without overwhelming viewers with a lot of text. While you can hire a graphic designer to do this, creating your own infographic is a great way to save money. Look for free infographic templates online that you can customize with your own text, colors, and design elements.
Identify Potential Fixer-Uppers
Once you’re ready to start looking for homes, learn how to spot fixer-uppers with the potential for profitable flipping. The Bonus Space stresses the importance of locating yourself in the right neighborhood. Pick a home in a good location, whether the area is currently thriving or up-and-coming. When you find a house in the right location, make sure it has good bones, meaning it has an ideal layout and all the fundamental home systems are in good shape.
Prioritize High-ROI Renovations
When it comes to making home renovations, focus on fixes that provide a high return on investment (ROI). Typically, these include kitchen and bathroom remodels, painting, landscaping, flooring, basement finishing, and energy-efficient upgrades. Prioritize projects that buyers will pay attention to when touring your home. Fix cosmetic flaws, minor electrical issues, and functional problems, like closet doors that don’t slide smoothly.
Flipping houses can be a great way to pay for college, but it’s important to approach this process with a solid plan and a clear understanding of the market. By working with a top-notch real estate agent, researching the market, forming an LLC, and setting up an eye-catching website, you can generate the funds you need to pay for college and build wealth at the same time.
Are you looking for the perfect fixer-upper to flip for profit? Contact Christine McCarron, Boston Realtor so we can discuss your investment project! Send an email to bostonreguru@gmail.com to get in touch.
