Are you thinking about going back to school as an adult? Many adult students already have established careers and families, making it difficult to take time off from work to go back to school. But for those with an entrepreneurial spirit, house flipping can be a great way to fund your education while building wealth! As an adult, you likely have some of the financial leverage needed to start a house-flipping business, and this business model can provide a steady stream of income to help pay for your education without taking on student debt. Here’s a quick guide from Home by Designs to help you get started!
Save Money with DIY Cleaning
Some homes just need clearing out before they’re ready to go back on the market for a higher listing price. These projects are easy to do yourself, which can save you a lot of money and help you maximize the return on your investment. Just keep in mind that you’ll be demanding a lot out of your vacuum, so make sure you know how to maintain it properly. Vacuums can get clogged and lose suction for a number of reasons. Prevent this by emptying the canister after each use, checking the hose often to ensure that it’s clear, and cleaning the filters regularly.
Create an Engaging Website for Your Flipping Business
Flipping houses is more than just an investment venture. It’s a real business. Treat it as such by setting up a website where potential buyers can view your properties and sellers can contact you with inquiries. A website can also lend credibility and professionality to your business, which can be valuable if you’re looking for loans or funding help from private investors.
While it’s important to keep your website clean and minimal, a few engaging infographics can help keep visitors on your website long enough to find out what you have to offer. To save some money, try creating your own infographic! Online infographic tools make it easy to customize pre-designed templates with your own business branding.
Consider Forming an LLC
House flipping can be a risky business model. After all, buying and renovating a home requires a significant investment! Forming an LLC is a great way to protect your personal assets from debts or legal liabilities related to your flipping business. Compared to corporations, AnchorLoans explains that LLCs are inexpensive to set up and are subject to more favorable taxation. The cost to set up an LLC varies by state, but you can keep your costs down by filing yourself instead of hiring a lawyer. Online formation services make this process easy and affordable.
Know What to Expect When Renovating
Before you break ground on renovations, make sure you know what to expect. For example, some renovations can be costly and take a significant amount of time to complete. Consider the return on investment before making any renovations. You may also need to obtain permits and pass inspections, plan for unforeseen issues, and hire contractors. Since the whole purpose of flipping houses is to generate profit to pay for your education, keeping costs under budget should be your number one priority.
Price Your Home Properly
Pricing your flipped house can be tricky. You want to make a profit, but you don’t want to overprice and risk the house sitting on the market for too long. One way to determine the best price is to conduct a comparative market analysis (CMA). Be sure to account for the cost of the renovations and any additional features or upgrades that have been made to the home. Consulting a local real estate agent is always a good idea!
House flipping can be a great way for adult students to finance their education while building wealth. To ensure success, be sure to form an LLC, create a professional website, budget for renovations, and clean each home thoroughly before listing. With proper planning, research, and execution, flipping houses can be a profitable and fulfilling endeavor!
For home design and style inspiration, take a look around the Home by Designs website!
