Paying for College by Flipping Houses
Paying for College by Flipping Houses
If you’re an adult looking to head back to school, expect to pay through your nose for it: A college education will set you back anywhere from $10,423 to $39,723 in most places. Flipping houses is a potentially fast, convenient way to save up the money you need for college. An average flip takes 177 days (close to 5 months), according to an ATTOM report, with a typical gross profit of $64,900 – which is enough for your tuition and then some.
If you’re interested in house flipping, Northern Lights Home Staging and Design offers some tips on getting started.
Getting into the right mindset
House flipping takes time, money, and patience. There will be challenges, ranging from absentee contractors to market downturns. It’s important to have a practical, committed mindset if you’re serious about making money from flipping. You’ll have to treat it as an investment, build up your skills, create a reliable team, and focus on growing a business.
Finding fixer-uppers with good potential
To turn a significant profit, you have to be discerning with your fixer-upper. First, consider the property’s location. You want something in a desirable neighborhood with, preferably, rising property values. Ask yourself if you’d want to live there, and why. Second, consider your fixer-upper’s condition. Factor in any repairs or upgrades you’re going to have to make to it.
Getting a mortgage
Purchasing a fixer-upper and upgrading it will require a significant amount of money. Some flippers purchase houses through hard cash while others do it through financing options like loans. Some examples are the FHA, VA Renovation Loan, and HomeStyle Renovation. Non-mortgage options include zero-percent credit cards, personal loans, and a home equity line of credit.
Improvements to attract buyers
Adding functional and aesthetic upgrades to your fixer-upper can make it more attractive to buyers, netting you a bigger profit at the end of the day. Some examples are adding a fresh layer of paint, modifying the washroom, adding smart home accessories, and setting up a security system. Again, it’s important you think about whether any upgrade is worth it. The Balance covers some upgrades that are not worthwhile.
Marketing your property is essential if you want to find buyers. Know your ideal buyers and target your marketing toward them. Also, price your property based on what your buyers can afford. Be sure to feature high-quality photos or videos of the property to give them an idea of the fixer-upper. Working with a good realtor can help raise your property’s profile. You can also conduct social media and other ad campaigns to cast a wider net.
Professional staging can help your property stand out
Staging a property is prepping it to make it look extra pretty for visitors during viewings. To stage a home, you clean, declutter, furnish (or refurnish), change up the lighting, add decoration, and make other changes to make it as attractive as possible. Working with Mary Ann Benoit of Northern Lights Home Staging and Design can be well worth it. She has the experience as well as an eye for what makes a home extra attractive.
You can opt for online education too
Online programs are an option if you’d like to learn while you work on growing your business. Furthermore, online programs are more affordable than in-person learning, and you can typically learn at your own pace. If you’d like to house flip full-time, you could do so while keeping up with your studies. For example, going back to school and earning an online teaching degree can help you obtain a teaching license.
Managing documents for your house-flipping business
You can expect a great deal of paperwork when you get into house flipping. If you’d like to store or share files, PDFs are often the preferred format over Microsoft Word, Excel, and PowerPoint files. This deserves a look if you want an online tool that allows you to convert these types of files to PDFs by simply dragging and dropping them into the tool.
House flipping can be very lucrative, and a lot of fun as well. Like with any other business or side gig, it will take some time for you to see any returns – meaning it could be a while before you have enough for college. For better chances of success, make sure to run the numbers before investing any money into a fixer-upper.
This article was written by Suzie Wilson of Happier Home for Northern Lights Home Staging and Design.
Marketing Your Property for Profit.
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