When you’re a full-time traveler, it can be difficult to find income options. Many of the offers in the job market or entrepreneurship opportunities often need people to be based on a local area. This scenario leaves full-time travelers only with a few ideas such as online work or businesses to help them pay the bills.
Flipping houses and full-time traveling: Is this possible?
As previously mentioned, many business opportunities need their owners to stay put. However, there are other business ideas such as flipping houses which can even make the nomadic life an advantage.
Flipping houses can be a good way to have a substantial amount of income as a full-time traveler. Chenoa Fundpresents a few tips to get started flipping houses when you have the traveling lifestyle.
How to Get Started Flipping Houses When You’re a Full-Time Traveler
Set up a budget for your house-flipping business.
If you are serious about flipping houses as a business, you need to understand that it’s a high-capital type of pursuit. Unlike most online businesses that require minimal to even zero capital, flipping houses can cost around $20,000-$100,000 to start or depending on how your credit score is for downpayment loaning.
To better understand your budget, you have to identify what kinds of properties you may want to flip. Do you want to buy and sell residential homes? Commercial properties? Or a combination? What is your price point for these properties? By setting these specifics, you are able to have a better idea of how much you will be spending.
Apply for a loan or pay in cash.
The next step is applying for a loan. Companies such as Chenoa Fund are able to provide affordable house loan options. Many of these lenders are willing to provide you with downpayment or mortgage assistance rather than paying it entirely. Be sure that the interest rate is manageable and you will still have profits after selling the home post-renovations.
In some instances, home-flippers may have enough cash to pay for the home. For example, you may have seen a $20,000 home in a good location with a lot of potentials. You may desire to contact the seller or real estate agent, then agree to pay in full. In this case, you don’t need a loan but the goal in mind is similar–you must estimate the costs of renovations and balance it to have a good profit.
Hire a property manager or a real estate agent.
Something that is crucial if you are a full-time traveler is having a property manager or a real estate agent to work with you. These professionals can represent you in times where you can’t appear for a potential buyer during your travels. Real estate agents and property managers are also skilled on how to close deals–something that you need in your arsenal to experience success in flipping houses.
These professionals can work by your side either through commissions or through regular monthly payments. It all depends on how you set up a deal with them. They are an indispensable part of your success especially if you desire to flip houses in several cities or states.
Use your travels to scout for new properties to flip.
Why not hit two birds in one stone? Full-time travelers have the advantage to keep on searching potential properties especially in the places they travel. If you frequently travel from state to state, you can search for good neighborhoods which have affordable homes in need of a renovation. You can be hands-on in terms of inspecting the property and truly assessing its value.
Flipping houses is not an easy business, more so if you are a full-time traveler. However, if you get started using these tips, you are off to a good first chapter of your entrepreneurship journey.
