Choose a Location Wisely
Where will you buy your first property? There is no right or wrong answer but there is a better
one. If you want the most return on investment, The Motley Fool suggests looking for homes in
profitable locations like Pittsburgh, Cleveland and Baltimore. Pensacola is another great
location. No matter where you buy, you should also do your homework when it comes to median
income, home ownership rates and cost of living.
Enlist Help From a Realtor
After you have a location sorted, you can simplify your home search by partnering with an
experienced realtor like Erik Hansen. Seasoned real estate pros will have access to market
information and local listings that you may not even know existed. Then when it comes time to
make an offer and score the best deal, a realtor can provide tips and advice too.
When it comes time to communicate with your realtor via email and you need to send large files,
converting them to PDFs and compressing them is a smart idea. When you reduce PDF file
size, emails are sent quicker and more easily, and you don't have to worry about them bouncing
back due to server limitations.
Look for In-Demand Features
When you’re browsing listings, be sure to check for the home features current buyers want. Or
at least be willing to add these features. Homes that have unique outdoor areas, modern
bathrooms and updated appliances tend to sell faster, not to mention that they also tend to yield
more of a profit. These homes are much easier to market when you’re ready to start listing.
Enhance Your Listings and Brand
Speaking of marketing, when it comes time to list your properties, you should consider hiring a
freelance web developer to build a custom website to showcase them. You can use a freelance
site to find web professionals. The average cost freelance web developer is typically between
$15 and $30 per hour, but you could pay more depending on their skill set and experience.
An appealing and recognizable logo can boost awareness of your property investment business.
In this case, there’s no need to hire a professional. You can find free logo design tools online.
These tools allow you to customize pre-designed logos to your needs.
Consider Vacation Rentals
Another thing that could make potential properties more profitable for seniors is if the homes
can easily be turned into short-term rentals. You can sell these homes to other folks who may
want to earn income from a vacation rental or you could earn that money yourself. If you do
decide on the latter, consider hiring workers to help you manage the property.
Take Care With Fixer Uppers
During your search for the perfect houses to flip, you are likely going to be looking for some not-
so-perfect fixer uppers. Bob Vila notes that while fixer uppers can be a source of huge profits for
real estate flippers, they can also be a source of headaches, stress and financial strain if you’re
not careful. Unless you have deep pockets for repairs, look for homes that need cosmetic fixes
and improvements and stay away from homes with major issues, like mold or old plumbing.
Be Savvy About Financing
You should keep in mind that financing an investment property is harder than doing so for your
primary residence. A larger down payment may be necessary and you may have to meet stricter
application requirements. You may also need to explore alternative funding options, like
personal loans, a HELOC, or perhaps even crowdfunding with the help of friends and family.
To help legitimize your venture you may consider forming a limited liability company (LLC).
When lenders (and potential customers) see you’re an official company they’re more apt to talk
Avoid Surprise Expenses
If you’re going to borrow money to buy properties, you should consider borrowing enough to
cover the cost of repairs as well as any other expenses associated with flipping houses. Many
investors are surprised by the upfront investment required to successfully flip homes, so don’t
let yourself be one of them. After all, you should enjoy your golden years and not be stressed.
To keep track of expenses, you should invest in accounting software. This can help you to
easily stay on top of your expenses, keep track of reports, and make decisions based on which
projects that need attention.
For savvy seniors, flipping houses can be a good source of extra income. It can also be a fun
way to start a business and have a sense of purpose. It goes without saying that getting into this
business can be tricky, so make sure you have the right pros, information and resources.
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