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Do you want to make some extra cash for retirement but don’t know where to start? House flipping may be the solution. Flipping houses can be profitable but comes with risk and a steep learning curve. To ensure you get started on the right foot, Screening Guy shares some helpful tips for seniors that can help you successfully flip your first property.
Finding the Right Property
One great way to find potential real estate investments is through government auctions. Take advantage of your location. If you live in an area with foreclosures, you could get in on some seriously discounted real estate if you keep your eyes open. Look at local listings, search foreclosures online, and work with real estate pros who can help you locate all the latest homes on the market to suit your budget and needs.
The Mortgage Process
Typically, as CNBC reports, banks require you to make at least a 20% down payment on your home. If you don’t have enough cash to make that investment, consider taking out a mortgage. Getting one can be complicated, but it’s also one of the best ways seniors can secure their dream property — and help that nest egg grow in value over time.
Boosting Your Property Value
A new kitchen with a range hood to keep the air in your home clean from smoke and food smells is one perfect way to boost the value of your home. If you need to repair or replace pipes as part of your kitchen remodel, it’s important to contact a qualified plumber. Typical hourly rates for plumbing services range from $45 to $150. Before making a hiring decision, always do your research on reviews and ratings and make sure you’re working with certified and insured specialists.
Selling Your Home
Before you can sell your home, it must be in good condition. BestLifeOnline.com notes that the first thing buyers look at is a property’s curb appeal — what they see when they drive up to your house. Fix any exterior damage, such as replacing shingles or painting siding. Inside, clean and declutter (you want potential buyers to imagine themselves living there). And if possible, update the property with modern appliances and some paint before putting it on the market.
Marketing Your House-Flipping Business with Facebook Ads
When you’re marketing your house-flipping business, you’ll want to showcase your skills and experience and explain why customers should work with you. Design a professional Facebook ad for your company that stands out from the crowd, creates a positive first impression, and increases brand awareness. Creating a Facebook ad is a cinch when you use a tool rather than paying for professional services. You can browse numerous designs and change the fonts and colors by simply selecting a style, an icon, and any necessary text. These tools are easy to use, and you can complete the design process quickly.
An Excellent Income Source for Seniors
While flipping houses is not for everyone, it can be an excellent source of income for seniors. If you find something that works well for you, don’t be afraid to get into it. Remember to find the right property, secure a mortgage, boost your property’s value, and market your business on Facebook and other social media.