If you are looking for a side hustle to do in your spare time then you may want to get into real estate. Flipping homes can be a hugely successful and rewarding career, you just need to get everything right from the get go. If you aren’t sure how to go about this side hustle then you can take a look at the article below for more information.
What’s Your Budget
Before you get into this sort of business, you will need to know how much money you have to play with. Without money, you won’t be able to get many houses under your belt to become part of your portfolio. Make sure you take your time to do some research and don’t rush into anything. Some of the things you need to research are the best areas to buy and sell/rent homes and how much each one will roughly cost you. If you don’t have money saved, which a lot of flippers do, then you will at least need a deposit to put down to apply for a loan from the bank.
Work With Professionals
Another thing you might need to do when flipping homes is work with various professionals. These could range from estate agents to architects. An architect will help you design a building or home in any given area. You might also want to have a team of contractors and handymen on your side, for cheaper renovations.
Buy Auction Homes
Where are you going to find homes to buy? There are a few avenues you can go down, you could work with a realtor to find properties. Alternatively, you could bid on auction properties as these work out much cheaper. However, just because they are cheaper doesn’t mean they will stay cheap. You will often find that auction houses need a lot of work carried out in them, they could be in need of some serious TLC. You can find information on home auctions coming up using online searches and estate agents.
Rent Or Buy
When you buy homes you will need to decide if you are going to rent them or sell them on. There are pros and cons to both of these options and you need to think whether you want to have a steady income each month or a lump sum when you sell. If you buy them and then sell, you can not only make a profit but you will then have more money to put towards other homes.
Find Ideal Tenants
Lastly, if you decide that you are going to rent your houses out to tenants then you will need to find some great ones. It all depends on who you are going to put in your homes, this could be family’s or professionals. If you market your homes towards families then this could work out much better for you. Families will stay put in your homes for longer than professionals would, long term lets have plenty of benefits. However, if you want to rent for only a short term then this is also possible. This type of let might work out for people who are in the process of buying their own home and need two or three months after their rent contract ends.
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