FLIPPING HOUSES IN RETIREMENT: WHAT TO KNOW BEFORE YOU START

Marie Villeza

Have you thought about investing in real estate in your retirement? Buying and flipping houses could be a great way to earn some extra money and find fulfillment in your senior years. The best part? Anyone can get into the house flipping business! You don’t need any special training or experience. By relying on the advice of seasoned professionals and finding great contractors who produce top-notch work, you can enjoy success in the house flipping business. Here’s what you need to know before getting started!

Establish Your Business

If you intend to flip houses, you should operate as a formal business, such as a limited liability company. This will confer favorable tax advantages for you. Establishing an LLC in Texas can be tricky if you are unfamiliar with the process, but a formation service can make things easy. For a nominal fee they can take care of all the necessary paperwork and filing requirements, leaving you to focus on the operation of your new venture.

Don’t Do Everything Yourself

Flipping houses requires a lot of time and special skills. Don’t try to polish a diamond in the rough all by yourself! Turn to professionals for help with any part of the process that falls outside of your skillset. For example, be sure to hire a real estate specialist like DBK Real Estate for help finding the perfect home to flip. When you’re done making upgrades, you may decide that you want to keep the home and rent it out instead of selling it right away.

Research Your Market

The success of a house flip largely depends on the local market. Not only is it important to understand the availability of local homes and their typical selling prices, but you also need to know what kinds of design trends and features are popular in your area. What people want in one neighborhood might not be appealing in another. The last thing you want is to spend time and money installing a beautiful kitchen when people in the area tend to dine out more often than not. A local real estate agent should be able to tell you about the trends in your area so you can make an effective purchase decision.

Stick to Low-Cost Upgrades

You don’t have to invest in major home renovations to turn a profit on a flipped home. You can add a lot of value to a home with a few simple cosmetic upgrades. Start simple by sprucing up the walls in the home with a fresh coat of paint or some elegant wallpaper. Wallpaper is great for adding a sense of luxury to any room and can be easily customized to match the existing home features. Peel and stick wallpaper is great for DIY projects! Order custom wallpaper for your walls that’s printed on demand so you get the exact design you want.

You will, however, want to make any necessary repairs to make the house safe and livable — foundation work or plumbing repairs, for example. This is where working with professionals will make the difference. If required, search for local plumbing companies or builders to make the repairs you need. High-quality workmanship is worth the price.

Consider Curb Appeal

Besides investing in the interior of the home, think about how you can add exterior features to make the place more desirable to house hunters. Upgrading the home’s curb appeal can make the property appear high-end and well maintained. Do some cleanup around the yard, trim the hedges, plant some fresh flowers, spread fresh mulch on garden beds, and repaint the front door. Orchard Funding also recommends spreading grass seed as soon as you take possession of the property to ensure the grass is lush and green by the time you’re ready to sell. Enhancing the exterior of the property is a great way to attract buyers who are house hunting in the area.

Learn How to Market Flipped Homes

Finally, you will need an effective real estate marketing plan to get your flipped home in front of potential buyers. Good marketing will set your house flipping business apart from your competitors and ensure buyers are drawn to your listings. Start by hiring a professional to take eye-catching real estate photos for your online listing. Then, learn how to write great listing descriptions that paint a picture for your buyers. OutboundEngine suggests highlighting the home’s unique features and including words that showcase the home’s recent updates.

Getting into the house-flipping business could be a great way to spend your retirement years. Besides serving as a viable way to earn some income, flipping homes can be incredibly rewarding. Take your time and wait for the right property, and you’ll have a great shot at success!

With years of experience in the market, DBK Real Estate knows how crucial it is for you to find relevant, up-to-date information. The search is over. We are your one-stop shop for real estate in the Greater Houston area. For more information, please visit our website or contact us today!