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If you're a senior and the thought of flipping houses has always intrigued you, but you think it may be too late to start, we have good news: it's not! Flipping houses can be rewarding and profitable, but only if you are dedicated, knowledgeable, and patient. If not, a fixer-upper can turn into a money pit really fast. If you’re up for the challenge, Transparent Cleaning Co. has teamed up with the DIYGuys to offer this detailed handy guide to house flipping for seniors. Let's jump right in! Find the Proper Property It's crucial to do plenty of research before you settle on a house to flip. Consider the state of the neighborhood, any up-and-coming developments, public transportation access, schools, shopping, and other factors that may affect housing prices in the future. Avoid buying a house that requires too much TLC. Homes with a weak foundation, plumbing issues, or structural damage are sure to be bad investments. Ideally, you want a house that can be turned around quickly by knocking down a couple of walls, fixing up the floors, and adding a few coats of paint. This type of flipping is also referred to as microflipping . Gather the Funds In most cases, you will require a loan to buy and renovate the house. These will include loan interest, fees, and other related costs. To increase the chances of getting a loan, improve your credit score, resolve any debts and issues, and create a bullet-proof business plan. Of course, if you can, use cash to buy the house. It will help you avoid interest and other fees associated with loans. Recruit and Hire the Right Contractors Chances are, you won't be doing all the work on your own. Hire a general contractor who has experience in house flipping and a good team of subcontractors. Be sure to check online ratings and reviews and their licensing and insurance policies before deciding on a contractor. Expand your search and get the message out that you’re hiring by adding a banner to your Facebook page. To create an attractive banner, simply use a banner template and then modify it to add your own copy, font, and colors. Also, online business software is essential for teams in 2021. Project management applications (such as AirTable and Trello ) help you share information and collaborate with your team instantly. These apps sync across all your devices and are easy to use, so you should use them! Manage Payroll Effectively Your books can get messy when you have to deal with multiple contractors and employees, but it's vital to have an accurate, safe way to pay your workers. Many online payroll services can organize and automate payments, taxes, and other payroll duties so you can focus on other tasks. Also, to be successful at house flipping, you must stay on budget. Numerous financial tools are available online to help you keep track of your business's financial health and maintain your spending plan. Bear in mind that accounting software can help you streamline your projects and ease the complexity of the accounting side of the business. It can provide real-time financial reports for your balance sheets and income statements, plus project profitability reports, payroll, and workflow automation! This way, you stay on top of your financial responsibilities, as well as have a quick overview of your financial performance. Grow and Expand – and Protect Yourself If you’re thinking of expanding your business and hiring more employees, you might also want to consider going back to school. You’ll gain crucial information to give you the inside track, and thanks to the flexibility of online programs, you can pursue a business degree while still working, thus gaining valuable skills you can implement into your own business in real time. It’s also important that you protect yourself – and your business. Especially if you’re conducting even a portion of your work online, cyber security data protection is a must. These days, hackers are everywhere, and it’s crucial that you safeguard your business to keep it from being hamstrung before it can really get started. Should You Flip Houses? It's not too late to get into flipping houses, but it's also not for everyone. House flipping takes a lot of dedication, funds, organization, and management. If you pick the right property, gather the funds, get a good team of contractors, and utilize online financial tools and project management applications, you can earn extra income by giving new life to an unhappy home. -- -- Transparent Cleaning Co. is built on Christian principles, which for us means that we treat every person as being created in the image of God and being worthy of respect and love. Our work is an act of worship to God, and service towards others. It's our goal that the quality of our work and the relationships we build display that truth.

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