Written by Courtney Rosenfeld from www.gigspark.biz
If you’re an active, able-bodied senior citizen, the idea of complete retirement may make you feel a little bit bored and restless.
Perhaps you simply enjoy working, or maybe you want to fill your pocket with some extra cash for your upcoming travels.
House flipping is a popular side gig for young and elderly people alike, and it can be a profitable occupation for those who are willing to invest time and money in remodeling an older home.
1. Work With a Realtor to Find the Right Property
If you’re not familiar with the real estate market in your area, your first job is to learn about mortgage rates, understand the buying and selling process, and educate yourself on house flipping in general.
You’ll also want to familiarize yourself with legal and illegal house flipping practices.
Realtors who specialize in budget-friendly houses and foreclosures may be perfect for your first flip.
Make a list that includes your wishes for the house, your timeline, and your budget. You can work with your realtor to sell your home as well by listing it on the local MLS and using the most up-to-date marketing tactics.
2. Educate Yourself on Home Improvement Red Flags
Home issues such as uneven grading, sinking foundations, moldy basements, and insufficient insulation may be potential red flags when considering properties in which to invest.
You should expect to add 20% to your estimate to budget for the cost of repairs. Any more could signify a potential loss of profit in the end.
Watch your calculations and steer clear of homes that will cost you much more than your preliminary budget allows.
If you’re unlucky in this department, you will end up sinking money into an old fixer-upper and not making a profit at all — and in the worst-case scenario, you’ll inherit a money pit that leaves you paying out of pocket to fix hidden problems.
3. Focus on Repairs That Will Increase Value
Painting the interior walls your favorite shade of pink or outfitting the downstairs area with its own man-cave bar may be appropriate if you were planning to live in the house, but consider what will add value for any potential homeowner.
Focus on neutral colors that go with any decor scheme and make upgrades that will help the home sell faster.
For example, you may wish to fix the 80-year-old plumbing in a beautiful older home. Plumbing services may cost between $45 and $150 per hour, but the end result will be well worth the cost.
Read through online reviews and be sure to choose a licensed, experienced professional for the job — a search on a platform like Angi for ‘local plumber near me’ should do the trick. Kitchen remodels and bathroom remodels are other great ideas for adding value to your flip.
House flipping certainly isn’t for the faint of heart, but if you’re someone who craves adventure and the ability to set your own schedule, this side gig can be a great post-retirement opportunity.
- Contact a realtor to steer you in the right direction if you’re new to house flipping.
- Do your homework when it comes to red flags that should be avoided at all costs and focus on making repairs that will pay off when you eventually sell the home.
- Then, set up your new business with an attractive, professional logo, website, social media presence, and other marketing vehicles that show your clients you mean business. See how Dropner can help.
About the writer
Courtney started Gig Spark to be a resource and the first step for people who are looking to join the gig economy, either to supplement their income or as a way to fulfill their dreams of becoming an entrepreneur.