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Have you always wanted to have your own house-flipping business? As a retiree, this is a great time to live out that dream. Take your experience and that of licensed professionals and build a second career doing what you love and sharing it with others. Consider the following strategies.
Getting Started
Consider establishing your business as a limited liability company to legitimize yourself with clients and contractors, gain tax benefits, and shield yourself from litigation. The easiest way to register your Florida LLC is to work with a formation service.
Create an eye-catching logo, name, and website, and keep your business card handy to share with contacts. Work with an experienced and dedicated real estate agent Antonio Ortega LLC from Global Luxury Realty to locate homes in a marketable area. A skilled real estate professional can also guide you in finding a mortgage, sharing what buyers in certain areas are looking for, and helping you sell your flipper for a profit.
An outdated, older home in an established and reputable neighborhood is a gem worth looking for. These homes may be sold as-is, however, so take extra precautions when viewing potential projects. Look for signs of a leaking roof or windows that have caused damage. If you know someone with HVAC knowledge, take your friend with you or have a contractor prepared to view and assess homes and provide estimates of repair costs before purchase. It is a good idea to add 20% onto that estimate in case foundation problems, asbestos, or mold are discovered later.
Getting the Work Done
Flooring, painting, and cabinetry are immediate items to think about updating if needed. You can save money by sanding and staining existing cabinetry and wood flooring. One study shows that 54% of buyers are willing to pay more for hardwood flooring when purchasing a home, so consider this when figuring out the best return for your investment if flooring needs to be replaced. You can also add value with new faucets and cabinet hardware.
Starting out, don't get into large renovations. Time is money, so stick to doing what you know you can accomplish in a short period of time. For projects you do not have experience with, hire a contractor to make sure work is done efficiently and correctly. With a kitchen remodel, moving or replacing plumbing should be left up to a licensed and insured plumber. Get referrals and read online customer reviews before hiring anyone.
Another task best left to professionals is electrical issues. Oftentimes these put you in a panic, but generally, the problem can be quickly located and remedied by a professional electrician, saving you time and frustration.
Adding Finishing Touches to Draw In Potential Buyers
Spend time on the outside. The curb appeal of your home is the first impression it makes, and to get potential buyers into a home, it needs to look fresh and welcoming. Clear out old landscaping and replace it with younger shrubbery and colorful perennials and annuals. Power wash the home, walkways, landscaping pavers, and wood fencing, and touch up or repaint anything that is looking dingy. Updating exterior light fixtures, the mailbox, and the color of the front door will make for a finished look.
With planning and good management, your new business can be a successful profit-making venture. Be smart and conscientious and work with reputable contractors to create a property that you can be proud of and enjoy sharing with others.
How to get Homes that need some upgrading and TLC
They are available from us in Broward County, Plantation, Davie, Fort Lauderdale, Hollywood, Southwest Ranches, Cooper City, Weston, and other cities, ask me for the special Homes to Flip search list, I'll send it to you right away.
Let me know your area of
interest whether Broward County wide or more localized, Price Range and whether
Single Homes, Condos, or both.
Happy Home Searching!
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