Going back to college as an adult is increasingly viable thanks to developments in course structures, but cost still remains a key constraint. In this article, we’ll look at house flipping as a viable means to help adult students pay their way through education, whilst gaining valuable experience in the real estate market.
Location
The first consideration when venturing into house flipping is location. Unsurprisingly, properties in desirable areas will typically sell faster and at a higher price than properties in less desirable areas. When choosing a location, look for neighborhoods that are in high demand, preferably located near good schools, popular shopping areas, and other amenities. You can also try to forecast the future appreciation of the region by checking for any upcoming projects or development that could increase the value of the property you are looking to purchase.
Identifying Properties
Your next focus point when flipping a house is to ascertain whether or not the property itself will be profitable – you’ll need to carry out some research into the local real estate market. This means looking at the average sale prices of similar properties in the area and comparing them to the purchase price of the property you’re interested in. Also, consider the cost of any repairs and upgrades you’ll need to make to the property. If the difference between the purchase price and the sale price is substantial, then the property is likely to be profitable.
Mortgages
It’s important to remember, when house flipping, that the process of applying for an additional mortgage could be made more difficult. Traditional lenders may be hesitant to approve a loan for an investor, especially if the investor does not have a steady income or a strong credit history (which may be the case if you are studying and not in full-time work). There are, however, alternative options such as private money lenders, hard money lenders, or creative financing methods such as lease options, owner financing and more.
Improvements
One of the keys to successful flipping is to make upgrades that will appeal to buyers, thus increasing the value of the property. Some popular upgrades include new flooring, fresh paint, and updated appliances. You can also add new fixtures and finishes to the property, such as new light fixtures, hardware, and countertops. The goal is to make the property look as new and modern as possible.
Marketing
Marketing and listing your property is another important but underappreciated part of the flipping process. If you want to succeed, you’ll need to get the word out about your property and make it as attractive as possible to potential buyers. This can be achieved through online listings, open houses, and other marketing efforts. It’s also a good idea to hire a professional real estate agent who can help you list and market your property. They can help you to price your property correctly, and give you advice on how to make it more appealing to buyers.
Education
If all of this sounds daunting to you (and you’re not currently studying full-time), don’t worry – there are plenty of online degree programs that you can use to enhance your knowledge of business – earning your bachelor of business degree can help you to develop skills in accounting, business, communications, or management.
Despite its initial portent, flipping houses can be a viable way to pay for college as an adult. It requires research, hard work and some effort but, when done correctly, can provide a substantial profit that can help pay for your education. Always take your time to find the right property, location, and make the key upgrades that will attract your buyers.
At Quality Title, we are a team of experienced and qualified business professionals committed to making your business our business! Commercial, residential, buyers, sellers, we do it all. Learn more, at: www.qualitytitlepro.com
