Home Buying

Back to School, Back to Profit: How Flipping Houses Can Fund Your Education by Andrea Needham

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Embarking on a journey back to college as an adult is commendable, often requiring financial savvy to manage effectively. One innovative strategy to fund this ambitious pursuit involves flipping homes. This approach not only promises a potential income stream but also hones skills that are invaluable both in and out of the academic realm. From Shippy Realty & Auction, here’s how to navigate this dual path with precision and success.

Time Management

Juggling the demands of property flipping alongside academic responsibilities necessitates meticulous time management. This begins with setting clear, achievable goals and breaking down your week into structured blocks of time dedicated to studying, renovating properties, and managing sales. Prioritizing tasks based on urgency and importance will help you stay on track, while flexible scheduling allows for unexpected study sessions or property emergencies. Remember, success in both arenas depends on your ability to manage your time effectively, making every minute count.

LLC Protection

Initiating a business early in your house-flipping venture is crucial for safeguarding your investments and ensuring a smoother operation. Setting up involves selecting a unique business name, filing the necessary documents with the state, and adhering to local compliance requirements. You can then form an LLC in South Dakota via ZenBusiness to shield personal assets from business liabilities and enjoy tax advantages and flexibility.

Financing

Exploring various financing options is key to maximizing the profitability of your flipping ventures. From traditional bank loans to hard money lenders and crowdfunding, the right financing strategy can significantly impact your project’s success. Each method comes with its own pros and cons, tailored to different properties and renovation scales. Thorough research and a clear understanding of your financial capabilities will guide you to the most suitable option, ensuring your educational and flipping goals align seamlessly.

Beneficial Partnerships

Success in real estate flipping often hinges on the strength of your network. Establishing connections with industry professionals, from real estate agents to contractors and fellow flippers, can provide invaluable insights and opportunities for collaboration. These relationships facilitate smoother transactions and renovations and open doors to exclusive deals and insider knowledge, propelling your flipping business and funding your educational journey forward.

Pre-Listing Preparation

Doing your own cleaning before showcasing your property can lead to substantial savings by eliminating the need to hire professional cleaners. This allows you to allocate your budget toward other aspects of home preparation, such as staging or minor repairs. Additionally, personal cleaning gives you the chance to spot areas that may need extra attention, ensuring your property looks its best. With some effort and time, you can enhance the appeal of your space while keeping costs down.

Tax Implications

Awareness of the tax implications of flipping houses is essential for managing your finances effectively. From capital gains tax to potential deductions for renovation expenses, a thorough understanding of your tax obligations can influence your flipping strategy and impact your overall profitability. Consulting with a tax professional can provide clarity, ensuring you confidently navigate the complex tax landscape.

DIY Renovations

Embracing DIY renovations can significantly enhance your profit margins. By leveraging existing skills and learning new ones, you can undertake various tasks, from painting to minor repairs, reducing labor costs. This hands-on approach increases the financial return on each project and enriches your skill set, proving beneficial in both your flipping endeavors and personal development.

As you navigate the dual challenges of flipping homes and returning to college, remember that forming an LLC is a foundational step toward safeguarding your journey. This strategic guide outlines a path that balances educational aspirations with entrepreneurial pursuits, offering a practical approach to achieving your goals. With dedication, the right strategies, and a willingness to learn and adapt, you can successfully fund your educational comeback while building a profitable real estate portfolio.

Ready to buy or sell your property? Contact Shippy Realty & Auction today for professional and personalized service that goes above and beyond, ensuring your real estate goals are met with expertise. Let our experienced team guide you through every step of the process!

Andrea Needham is the creator and editor at Elders Day. A lifelong writer, she created her website to share information and resources with other seniors who love living it up as they age. Andrea believes our golden years don’t have to be a time to slow down, and she looks forward to sharing the many health-boosting, fulfilling activities and experiences that are perfect for aging adults. 

Stress

6 Things Seniors Can Get Rid of When Downsizing by Katie Conroy

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According to statistics from the American Psychological Association, 74% of older adults say that they are stressed. Stress is connected to many adverse health outcomes, so this figure proves that seniors must take steps to reduce stress in their lives. One of the most effective ways to do so is to downsize belongings. Clutter often causes anxiety, but downsizing is an effective antidote. Seniors can start by getting rid of the six items shared below by Shippy Realty & Auction.

1. Home Repair Stress

For seniors, downsizing can significantly reduce the burden of home repair and maintenance. A smaller home often means fewer systems and structures to maintain, such as plumbing, roofing, or large yards. With less space to manage, ongoing repairs and unexpected issues become less frequent and less overwhelming. This shift allows seniors to focus more on enjoying their time rather than worrying about costly or time-consuming upkeep.

2. Anything You Don’t Want to Move

Once you’ve listed your home on the market, you must decide whether you want to move all of your current belongings. You probably don’t, and it’s important to be selective about what truly deserves a place in your next chapter. If the stress of moving an item is greater than the value that it adds to your life, moving is the perfect opportunity to downsize by eliminating these belongings. Take a look at everything you own, identify any items that fit this description, and arrange for a donation pick-up service to collect them.

3. Riskier Investments

Simplifying your lifestyle by downsizing your home can also serve as a prime opportunity to reassess your investment strategy, especially as you approach retirement. With fewer home-related expenses, you may find more financial flexibility to allocate funds toward retirement savings or other long-term investments. Downsizing can also free up equity that could be reinvested in more stable or income-generating assets. Taking this step allows you to align your financial goals with a more manageable and sustainable lifestyle.

4. Items That Are Outdated

Seniors often hold onto items that have sentimental value, but you might also be holding onto items that are simply outdated. If you have a hair dryer that’s a few decades old, for example, you can probably get rid of it as part of your downsizing process. New models are likely safer and smaller, so they will consume less space.

5. Paperwork That Can Be Digitized

Yet another effective downsizing strategy is eliminating old paperwork you no longer need. If you suspect that you may need to reference a document in the future, you can digitize it as a PDF and store it in the cloud. This helps you downsize without losing access to important files. If you discover you have a lot of PDFs that you’d like to keep in one central file, look for a merging tool; you may consider this option so that you don’t have to fuss with a lot of different files relating to one particular topic.

6. Belongings That You Don’t Need

It’s important, too, to honestly assess whether or not you need everything that you own. Of course, you are entitled to hold onto items that represent fond memories, even if you don’t technically need these belongings. For all other items, though, you should assess whether it offers significant value or joy to your life. If not, it’s a good idea to get rid of it.

Get Rid of Clutter and Reclaim Control

When you have too much clutter, it might feel like you’re losing control of your life — and this will cause stress to increase dramatically. Luckily, seniors should reduce stress by downsizing, selling their business, digitizing their paperwork, and reducing unnecessary clutter.

For realty auction and property management in North Dakota, contact Shippy Realty & Auction today!

Author bio:  Katie Conroy enjoys writing and created advicemine.com where she shares advice from her experiences, education & research. She particularly enjoys writing about lifestyle topics and created the website to share advice she has learned through experience, education, and research. 

Garden almanac

This Week in the Garden

This week in the garden, if you have dead spotty areas in the lawn, try pulling the grass up. If it comes up like a carpet, then dig around to see if you have any grubs. They will be large white worms with brown heads. They are eating the roots of the grass on the lawn. Now is not the time to treat since they are going downward to overwinter. The best time to treat is earlier in the summer when you see June bugs flying around (the adult form of the grub) laying eggs in the lawn.

Water your lawn well into fall until the cold night temperatures shut down the growth. You can think about putting on winter fertilizer then. Do not fertilize any perennials or woody plants because we want them to stop growth.

Before bringing your outdoor containers and houseplants back into the home, hose off the leaves, especially the undersides. This helps by bringing in aphids and white flies. Do this several times. Also, check and clean the saucer, certain bugs live in the saucers. Do not fertilize and transition to the house by bringing the plants into shady areas before bringing them into the house.

As we cool down next week, it is time to spray for those broadleaf weeds like dandelions and creeping Jenny. Use a 2,4-D type of herbicide. You may have to hit them again in 4 weeks.

The insect of the week goes to the boxelder bug. These bugs are attracted to boxelder trees and other maples along with ash trees. Since they overwinter as adults, you may find them wanting to share your house with them. They lay wait on the warm southern side of the buildings looking for areas to get in. You do not want to squish them because they are related to the stink bug and will leave a brown residue. Barrier sprays will work somewhat as vacuuming them up inside and tossing back outdoors. They do suck on leaf sap, however, their numbers are not great to cause any damage this time of year.