Earn Cash for Your College Education With House Flipping
By Ray Flynn, DiyGuys.net
Flipping houses can be a great way to get a high return on your investment. Purchasing distressed properties for a low price means you’re getting a great deal on the property. Then, if you’re smart about the repairs and renovations, you can earn a pretty substantial profit.
But that doesn’t mean there aren’t risks involved. Time, money, hard work, and risk. But for someone who needs money to go back to school, it can be one of the best ways to get the cash needed in order to forego the need for costly student loans.
Location Location Location
We’ve all heard that famous saying about real estate — it’s all about location. Being a big fish in a little pond doesn’t make good property investment sense. Better if it’s the other way around and be that little fish in a big pond. You can’t go wrong with being in a growing, desirable neighborhood, even if it’s the smallest home.
Look at the property’s location to ensure its desirability for potential buyers. A smaller home may be ideal for buyers wishing to downsize or first-time home buyers. Are amenities like shops, cafes, parks, or public transportation nearby? In addition to the home itself, these can be excellent selling points that will help to attract your buyer.
Condition and Renovation Needs
The structural integrity of the home can make a big difference between a property that’s a good prospect and one you should absolutely walk away from. Look for signs of damage to the foundation, the roof, and the walls. Repairing structural damage can cost far more than you’ll likely make up in the sale. A home inspector can help you with identifying structural damage to the property.
Electrical and plumbing overhauls can be pricey if they’re extensive. The same is true of the HVAC system. Get quotes from local companies or contractors to determine if the cost of repairs outweighs the profit you expect or need to make.
Renovations That Attract Buyers
Most homebuyers focus on the kitchen and bathroom and want to see new fixtures and appliances that are modern and fashionable.
Landscaping cannot be overlooked since potential homebuyers driving past your property will naturally assume that a home with a well-landscaped lawn will be well-designed and cared for on the inside.
Fresh paint in every room is essential. Stick with neutral colors like an off-white or pale gray so it can go with the furnishing and style of potential buyers. Stay away from wallpaper unless it is a textured style in a neutral shade.
After the Renovations
If you have time, save money and do the clean-up yourself. Start with cleaning ceilings and walls where dust will have covered all surfaces. Sweep and mop floors, baseboards, and door knobs. Vacuum the carpets and use a smaller stick vacuum to reach narrower places. Stick vacuums are also good for cleaning the dust from furniture.
And finally, haul away any debris. You may want to choose a roll-off dumpster early in the process so that when the work is completed, it can be taken away all at once.
Finally, it is time to stage the property to attract potential buyers. Add some tasteful artwork and use unique bedding to make the bedroom stand out. You may consider this option as the products are lightweight, sustainable, and come in unique styles and patterns.
Marketing Your Property
Now that you’ve done all that work, you’ll want an efficient and cost-effective way to market the home. In any of the marketing materials and promotions you create, be sure and mention all the renovations you made, like the new appliance, flooring, carpets, etc. Don’t forget to showcase all your work with high-quality photos.
Utilizing a REALTOR to assist with marketing your property will help increase your exposure. Contact your local Calcagni agent to learn more!
Start Flipping Houses
Flipping homes can be a great way to make enough money to pay for your college education. Just be sure the property you choose is sound and that you do the kind of renovations and landscaping to attract potential buyers. If you follow these suggestions, you may find that you’ve earned enough to pay for your degree without a single student loan.