Making Your Golden Years Golden: How to House-Flip Your Way Into Money

Making Your Golden Years Golden: How to House-Flip Your Way Into Money

Many Americans choose to work past retirement age. In your late 60s and early 70s, you do not have to give up working. About 19% of seniors are still in the workforce. After retirement, you can pursue your passions or start a business. One of the more lucrative pursuits is house-flipping. If you’ve always been curious about giving house-flipping a try, Realty Navigator offers some tips and resources to get you started.

Learning the Real Estate Market

Before investing in properties, you need to understand the real estate market. When it comes to investing and selling real estate, you need to understand comparative market analysis. When performing comparative market analysis, you look at other homes in the neighborhood and judge the value of your house based on other homes. When it comes to house-flipping, think about what you want the result to look like. By knowing how much the house may sell for, you can determine which renovations will make a profit and which will not. If you need help, there are tools available to help you calculate the market value of your property, and Find Homes Realty to guide you throughout the process.

Creating a Renovation Plan

Some renovations may provide you with higher profit margins than other renovations. For example, a bathroom addition may provide you with a return of about 75% of its value. Likewise, basement renovations add more usable square feet to the home, increasing its overall value. Whenever you make energy-saving changes, it increases interest in the house. Most people expect energy-efficient windows and appliances.

You do not always need to do all renovations yourself when flipping a house. Most of the larger projects should have a professional's handiwork behind them. According to the experts, you need pros for plumbing and electrical work. If you need to make changes to the structure, discuss it with a contractor ahead of time.

Marketing Your Company

Once you have a plan in place, you must learn to market your company. Without marketing, how can you reach your key demographic? There are various marketing strategies, including blogging, e-mail, catalogs, business cards, and social media. Social media is one of the more popular marketing tactics nowadays. Most people use social media and it is a good place for you to engage with potential clients. Your social media allows you to give your brand a voice and make yourself seem more relatable. You do not necessarily have to push real estate all of the time. Instead, post about relevant topics and create discussions on your page.

If you want to spread the word about your business, it’s a lot easier if you have a logo that people will recognize and remember. Luckily, you don’t have to spend a fortune on a graphic designer. Just take advantage of this free-to-use logo maker tool, then spread the word via social media!

With all this emphasis on social media, don’t think that you necessarily have to give up on traditional methods of marketing. Business cards and mailing postcards can still generate leads. For example, handing out business cards gives your potential clients a tangible way to remember you and your name. It helps encourage a human connection that people want out of a company. If someone wants to buy or sell a property, he or she will remember your card.

 When it comes to running your own house-flipping business, you need a solid business plan, an understanding of the market, and a way to bring your business to your demographic. It is never too late to follow your dreams or start a business. A house-flipping business may be ideal when it comes to companies that you can run in your golden years.

 ~~~

The Author: Suzie Wilson has been an interior designer for over 20 years. She created Happier Home as a side project to help everyone she can style their home stress-free.

Realty Navigator is a full-service, independently owned, and operated real estate brokerage with offices in Annapolis and Chester, MD. We provide customized real estate listing services, residential homes, and land for sale from Brandywine, Prince George's County, to Kent Island, Talbot, Caroline, and Queen Anne's County. Trusted and experienced agents are standing by to discuss your real estate transaction. Call or click today at 443-256-3773 or 410-643-3404. If you need to speak to the Broker, Petra Quinn, call 443-600-1986

Image via Pexels