One of the hottest growing trends recently is real estate investing and house flipping. This is an especially growing trend among those of a younger age who are hoping to make a quick profit. This younger generation is being told “they can go far” or “are really going somewhere” by making these investments.
Know the disadvantages
It is a good idea to start your real estate investing when you are young, although there are a few disadvantages you should consider. These include:
- At a young(er) age, you may not necessarily have the money available to purchase a house to flip or invest in right away.
- While you think you may know it all, chances are you have no idea what you are about to get yourself into, and that’s okay. There are classes and trainings, such as those offered by Success Path Education, which will teach you all about real estate investments and house flipping.
- You are probably suffering from credit card debit and student loans, which will lower your credit score and affect how much a bank will loan you for your new investment.
Use your tools
Sure you may have some disadvantages stacked against you, but you also have plenty to offer, so use what you already have.
- You have already set your goals and know what you want to accomplish. Use this as your motivation. If that doesn’t work, you can always use the fact you don’t want to live with mom and dad forever.
- You are the generation who lives and breathes with their iPhones and iPads, so why not use it to your advantage? Social media, forums, real estate sites…these are all great places to learn more while searching for the perfect property.
The house flipping business is very attractive for a number of reasons, but the largest reason is the ability to turn a profit in a short amount of time. Unfortunately, it takes a certain skillset to be able to accomplish positive results. Today, we will take a look at common mistakes people without a Success Path Education tend to make.
- Buying Cheap Housing Materials – If you ever heard the expression, it takes money to make money, it’s extremely fitting for house flipping. People try to skimp on the materials needed for that new wall or roof. The results can be disastrous. Consumers are smarter than ever and aren’t going to pay top dollar for a home with cheap materials.
- Not Measuring Up –Precision is essential in the house flipping business. Whether it’s measuring for window or door frames, being off the slightest bit can be catastrophic. Mistakes can’t happen, because mistakes mean wasted time. House flipping professionals need to understand their limitations. It can pay to spend a little extra to have an expert handle the measurements.
- Keeping Up With The Trends – The goal of house flipping is to create a home that is desirable to the masses. In order to generate enough interest to cause a bidding war, it’s not a great idea to go overly trending with the design and amenities. Go with classics that will last for generations to come. Leave it to the new homeowners to repaint a room or fill cabinets with modern glassware.
- Safety First – Nothing leads to unnecessary downtime faster than ignoring the proper work attire. Make sure that you have boots that can handle a day on a demolition site. Also, look for gloves that keep your hands secure and glasses that will protect your eyes. There’s too much at stake to put your health at risk.
- Networking – A Success Path Education teaches students the importance of networking. Only reliable contractors, banks and real estate agents should be utilized. People who rush these types of decisions end up with a poor finished product. Taking the time to research and build a relationship with key members of your house flipping team can be the difference between success and failure!