Looking for a way to have fun and earn extra cash during your golden years? What about selling a house in Burlington, NC? Well, if you’re like one famous Texas couple, you may be thinking of being house flippers in Alamance County, NC to do both. Even if you’re a savvy senior, however, there are a few things you need to know before you get started.
Here is some advice and tips for flipping houses in Burlington NC in retirement from house flippers like us.
What Needs Fixing When Flipping Houses in Burlington NC in Retirement
You’ve seen the shows, so you may already know what to expect out of potential properties. Dramatic transformations where the house is a mess and turned into a beautiful home are the most satisfying to watch on television. But when it comes to your own money and investment, you may want to avoid biting off more than you can chew. Things like bad plumbing, infestations, mold, and major electrical issues can be very expensive to remedy. If you do end up buying a property cheap with these issues, focus on addressing these major concerns first.
If you’re new to being a house flipper, though, consider finding a home to sell in need of simple fixes. Think of surface updates that don’t require much money and effort. For instance, you can spruce up tired, old rooms with a new paint job or wallpaper. Changing hardware like faucets and cabinet handles is also easy to do and affordable.
Finding A Good House To Sell In Burlington NC
If you want to find the right property to sell for the most profit in your retirement, the easiest thing you can do is connect with a realtor in NC who cares. Even with a location in mind like Burlington NC, you should be willing to consider surrounding areas, as well. First-time real estate investors in Burlington should focus their attention on what are known as Class B and Class C areas to avoid potential headaches.
The type of fixer upper house you want to sell for cash in Burlington will also make a big difference in the ROI you can expect. If you want to minimize your expenses, one way to do so is by investing in multi-family property rather than a single-family home. Sounds counterintuitive but hear us out: With a duplex, you can live in one section of the property while you renovate the rest and then sell your home for cash in Burlington.
Financing a Flip Without Dipping Into Your Savings
Choosing your neighborhood and property type wisely will increase profits and decrease upfront costs, but you’re still going to need the capital to start investing in the first place. As a senior, you may be thinking of using funds from your 401K or other retirement savings to do so. However, most financial experts would warn against this since markets can be volatile.
Instead, know that there are several channels you can explore for financing your fix-and-flip retirement plans. For instance, you may be able to secure a business loan or line of credit. Crowdfunding may also be possible. Weigh your choices and select carefully.
You’ll also need to be able to pay for repairs and updates when you are house flippers in Burlington NC. If you take out a loan or line of credit, make sure you budget enough to include contractor fees, materials, and other project costs.
Once you’ve flipped a few houses in Burlington, you may want to consider starting your own house-flipping business. When you have a lot to keep up with, it’s essential that you’re working with the right software. Software can help you track expenses, save receipts, and prepare for tax season. You should also make sure you understand what’s required to register your business with the state. For example, if you decide to register as an LLC in your state, you’ll need to follow specific guidelines to ensure you’re legally set up. Fortunately, formation services can make this process a snap.
It is not easy to start flipping houses in Burlington NC in retirement, but you can get into flipping homes if you want some extra cash and a way to have fun. It’s a big investment, and the tips above will ensure you don’t feel overwhelmed.
If you’re looking to get a fair “as is” offer for your Burlington NC home, call 919-670-4766 to connect with 919HomeBuyers.com today!