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Now that
you're retired, you're looking to put your do-it-yourself skills
to good use, add in your business savvy, and make some extra
money. In that case, the house flipping business might be just
right for you. But you'll need to plan carefully and proceed
meticulously as you start your first renovation project. Read on
for some tips and tricks to help you dive in.
Find
Your First Project
Your first step is to find your first project house. Contact a
local real estate expert like Realtor
Emil Ratti to coordinate your house hunt. Check out a
variety of properties, some requiring more work than others, to
get a feel for how much work you want to do. You should also
think about how much you want to spend, the size of house you
want for your first project, and the potential resale value of
homes in particular neighborhoods.
Get
Your Funding
When you've found the right house, you'll need to line up your
funding. This may mean taking
out a mortgage for
the new property, and if so, be sure you're pre-approved before
you start your house hunt. Borrow enough money to cover
renovations as well as purchase price, and leave yourself some
wiggle room in your budget for cost overruns and unexpected
repairs.
Renovate for Value
Now it's time for the fun to begin. When the house is finally
yours, determine which renovations will add the most value. You
might focus on the kitchen
and bathrooms,
for instance, for they tend to provide plenty of return. They're
expensive, though, so plan accordingly. You may also want to
reconfigure the home's floor plan, especially if the place is
currently choppy and has small rooms.
After you've
finished with the major renovations on your project house, you
should spend some time on the small touches that will make the
property shine. Install
new flooring,
for instance, or freshen up the home's paint inside and out. Update
light fixtures and
window coverings, and even add some creative built-ins for a
unique feature.
Selling the Property
When the house is all renovated and looking gorgeous, you have a
decision to make. You can rent it out, sell it, or choose to
live in it yourself. If you decide to sell the property,
carefully calculate the asking
price to
make sure you get everything you put in plus a profit. Again,
you'll probably want to work with a real estate agent to market
the home, and be sure to play up the renovations you've
accomplished, complete with before and after pictures.
Hire
Some Employees
Finally, as you begin working on your second project and beyond,
you may find yourself needing some extra help, especially if you
decide to rent out some of your properties. In that case, you'll
probably want to hire a couple of employees to help with rental
upkeep and organization. Make sure you have an up-to-date system
in place dedicated to running
your payroll.
Look for a program that provides scheduling, direct deposit, and
tax filing options.
Flip
Those Houses
With your new business in place, you can focus on renovating and
flipping houses and making money. Get started today by checking
out Realtor
Emil Ratti's website to
look for your first project.
Bret Engle |
DiyGuys.net
bret.engle@diyguys.net
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