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If you’re an adult thinking about going back to school, you might be wondering how you can afford your tuition on top of your mortgage. While there are many things you can do, including taking out student loans and applying for grants and scholarships, there is another solution that can also help increase your personal wealth: flipping homes.
Today on the Moving & Storage Of Jacksonville blog, we offer a few quick tips that can help you flip homes and afford your education.
Evaluate your financial standing.
There’s no real way to determine how much you can expect to spend on buying and reselling properties. A good place to start is to evaluate your current income, savings, debt, and credit score. Once you know this, you can speak with the mortgage agent and realtor to determine what’s feasibly affordable. Even if you can’t do it by yourself, you may be able to take on investment partners that can shoulder some of the financial burdens.
Choose the right properties.
Once you have a number in mind, it’s time to choose the right house. Ideally, it will be under your overall budget so that you will have a bit of money left over for updates and unexpected repairs. Steer clear of homes with significant foundation problems, which basement waterproofing company GJ MacRae explains are easily noticeable by bowing, bulging, cracked masonry, and sagging floors.
Form an LLC.
You don’t necessarily need a formal business structure to start flipping houses. However, it comes with many benefits, the least of not which are tax savings and the ability to write off many of your expenses. As an LLC, you’ll also separate your personal money from that of your business. Speaking of money, you can form an LLC online for less than an attorney’s office would charge you if you don’t mind reading up on local regulations before you get started.
Get cozy with cleaning.
Cleaning happens at every step of the renovation and resell process. Don’t be shy about putting on some gloves and boots and cleaning out things previous owners may have left. Just as importantly, you’ll find that you save money if you act as your own deep cleaning service. Before each showing, plan to clean every surface, vacuum well, or, at the very least, take the rugs outside for a quick shake to reduce dust.
Utilize online learning.
When you’re running a business and going back to school, time efficiency matters. Consider going back to school for an online degree program, which has the bonus of also being more affordable than brick-and-mortar learning. A quick tip: pay close attention to the schools you want based on your professional aspirations. If you want to be a teacher, for example, this may help by offering information on the types of degrees you can get and what types of information you’ll learn that will make you a better educator.
Find the right storage partner.
Finally, but just as important as all of the above, find the right storage partner. This is especially beneficial if you plan to buy bulk materials, such as wood, brick, and flooring, to save money on your home-flipping endeavors. Look for a storage partner that’s close by, has convenient hours, and won’t break the bank.
Flipping houses is a great start to a career in real estate. But it’s also an excellent side job, and you want to go to school for something else. Start by identifying your financial standings and then form an LLC to protect your personal credit from issues surrounding your business. You also need to get comfortable with the vacuum and look for other ways to save, such as going to school online or buying in bulk and storing materials for when you need them most.
Moving and Storage of Jacksonville 