Back HomeJust because you’re older doesn’t mean you can’t continue to earn money as you did when you were half your age. As proof, statisticians studying demographic data say that more than 20% of those 65 or older are either working or actively seeking employment. Even in retirement, you can enjoy a healthy source of income from buying and selling houses. Here are some basics about entering the field.
Finding Properties
Your first step to becoming a real estate mogul is locating homes worth flipping. Find them by attending foreclosure auctions, working with a real estate wholesaler, or simply checking out the neighborhood. There are many considerations you should take into account before settling on a prospective fixer-upper.
Getting Mortgages
Once you have a location that makes you feel comfortable, it’s time to talk about mortgages. Lenders want to know everything about your financial situation, including your credit score. Gather the necessary documents ahead of meeting with a financial representative. Information in hand, you’ll find out how much you may be able to borrow from a lender. With a preapproval letter in your pocket, you’ll be able to make an offer knowing mortgage payments won’t be a problem.
Making Renovations
You’re best suited for marketing to buyers within the same age bracket. Ponder what sorts of alterations would motivate you to make a home purchase. As we age, there’s a greater chance of falling. Technology integration helps prevent tumbles resulting in injury. Install lights that automatically turn on every time someone enters. If you’re rehabbing an older space, upgrade its Wi-Fi capabilities. That way, future residents will be able to use voice-enabled gadgets and medical alert systems in every room. Put grab bars in showers and baths. Replace the flooring with slip-resistant mats. Switch doorknobs for levers, which are easier to grab.
Selling Homes
Once your building is ready, get it onto the Multiple Listing Service. Doing this lets everyone know your home is available to purchase. Choose an attractive price to generate attention. Set a deadline to create a sense of urgency. As interest climbs, interested parties might start offering higher amounts.
Consider getting a home inspection ahead of going to market. Doing this instills confidence in buyers that the property you’re selling is free of defects.
Staging is vital. Fill the home with inexpensive furniture and wall hangings from thrift stores, or rent what you need. Exercise your inner designer and make the space as inviting and comfortable as possible. Alternatively, use a virtual staging app.
Getting Official
Once you’re buying, fixing, and selling properties, turn what you’re doing into a business. With a snazzy name and logo, you can start promoting your services. Many advertising techniques do not involve high-tech knowledge. Try a variety, and see which brings in the most customers.
Think about creating a home office. Also, you might want to get your real estate license. It isn’t necessary, but having one is bound to generate more opportunities.
Independent businesses often get set up as limited liability companies, as this path offers asset protection and certain tax advantages. Once you’ve become an LLC, consider signing an operating agreement. This binding document informs state authorities of your organization’s managerial details, including budgetary information and practical matters.
Even if you’re a retiree, there’s no reason why you shouldn’t enjoy a second career flipping homes. Succeeding in this field is rewarding at any age, both monetarily and personally.
Article Credit: Hazel Bridges hazel.bridges@agingwellness.
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