Flip The Script On Paying For Your Education By Flipping Houses
Flipping houses (the process of buying a home, repairing it, and selling quickly for profit) is a great way to make money. And if you’re an adult going back to college for the first time in many years, it’s a great way to start a second career while working toward a degree on a third. If you’re willing to put in the effort, real estate may just be the ticket to covering the cost of your tuition.
The First Step
Before you get started buying any type of property, it’s a smart idea to partner with a real estate professional that understands the area, the market, and your needs. The broker and associates at Blueprint Real Estate Advisors are your partners throughout this process.
Choose Your School Wisely
Choosing the right academic institution is crucial as an adult learner, especially if you’re going back to school for a specialized degree, such as education. In this example, look for a program that offers instructional practice, professional development, and a broad range of knowledge and topics you think you need. Choose an online degree program, and check it out for more info before you sign up to ensure it’s an accredited school.
Get Cozy With Cleaning
If you’ve purchased a foreclosure or a house in need of extensive repair, you’re already going to spend money on these repairs. There’s no need to overspend in other areas. Cleaning is a great example. You can save some by learning the ins and outs of a thorough home cleaning first. According to the Upnest blog, this should include cleaning the windows, deep cleaning the bathroom, and getting rid of mold. As the final step in the cleaning process, make sure to clean the floors, which, if you have laminate, you’ll need a special vacuum (ideally one with soft or no bristles) that won’t damage the floors.
Review Your Budget
Your budgets and timeline for completing your renovation project are an important part of staying on track and reducing your expenditures. For tasks that you don’t have experience doing, contract with a reputable home repair company. Although you may spend more today, it’s better than having to pay someone to repair the damage that you caused due to inexperience.
Choosing The Right Property
When it comes to making a quick profit, there is absolutely a right and wrong way to go about your investment selection. Do choose a property in a good school zone that has solid bones. The more desirable the location, the more people you’ll appeal to. Likewise, the less work you have to do to get a property ready for sale, the better To get the most out of the property, consider staging, which Investopedia explains is essentially visual merchandising meant to flatter the property’s best features.
Consider Holding Before You Flip
The US is in the middle of inflation at the moment. But, although real estate tends to maintain its price and value, you may even find that you make more month-to-month by renting your property. The Motley Fool explains that rental property values keep up with inflation over time and asserts that rentals are almost recession-resistant.
College can cost tens of thousands of dollars, and most of us don’t just have that sitting around in the bank. While you should be able to qualify for at least some scholarships or grants, there’s no reason to drain your savings to pay for a degree. Today’s tips are meant for those looking to buy and sell homes to fund their education. The above advice, which includes everything from choosing the right school and learning which vacuum is the best one for hard floors to learning how to stage a home and deciding to sell or hold, can all help you make the most of your investment dollars so that those same dollars can grow and pay for your future career.
Blueprint Real Estate Advisors is spearheaded by some of the state's most experienced and innovative real estate professionals. Call 808.400.5796 for more information.
Guest blogger: Andre Griffin