Funding College by Flipping Houses: 8 Essential Steps

In recent years, the rising cost of college education has led many students to seek alternative methods of funding their academic pursuits. One innovative approach that has gained traction is learning to flip houses. This strategy involves purchasing properties at a lower price, renovating them, and then selling them for a profit. The concept isn't just a theoretical exercise; it's a practical solution that combines entrepreneurial spirit with real estate acumen. This article, shared by Wicked Clean, explains how flipping houses can be a viable and lucrative way to finance a college education.

1. Consider an Online Degree Program

Considering online degree programs is a savvy move for those intertwining house flipping with their educational aspirations. Earning a Master of Science in Nursing (MSN) degree online offers a flexible and efficient way to advance your career while flipping houses. Online MSN programs provide a range of concentration options, including nurse education, informatics, nurse administration, or advanced practice nursing, allowing you to tailor your education to your career goals. 

The flexibility of online learning enables you to earn an MSN degree while working full-time, fitting your studies around your busy schedule. This approach is particularly beneficial if you're involved in time-consuming projects like house flipping, as it allows you to manage your educational commitments alongside your business ventures. Online degree programs not only offer convenience but also open doors to various career advancements in the field of nursing, making them an ideal choice for those looking to grow professionally without pausing their current endeavors.

2. Purchase the Right Property

You don’t want to invest in a property that won’t bring you worthwhile returns. Therefore, you need to be discerning in your search. Auction recommends choosing a home in a desirable location with a basic design and a good floor plan. This will make it easier to modify the home based on features that local buyers want.

3. Use Digital Tools

Utilizing e-signing for housing-related documents offers a convenient, efficient, and eco-friendly solution for managing real estate transactions. By using a tool that allows you to sign and fill out PDF forms online, you can sign important documents such as lease agreements, purchase contracts, and mortgage papers without the need to print anything. This process not only saves time but also reduces paper waste, aligning with environmentally conscious practices. 

After completing the e-signing process, you can securely share your signed PDF file with relevant parties, ensuring a smooth and streamlined flow of documentation. This method is particularly helpful for those in the housing market, as it speeds up transactions and reduces the hassle of physical paperwork. To help with searching, such digital tools often come with features that allow easy location of specific documents, making the management of your housing-related paperwork more organized and accessible.

4. Financing Your Investment

You might be able to pay in cash for your property, but you have other financing options, too. For example, you might be able to take out a short or long-term hard money loan, use a private money loan, or qualify for a Buy, Rehab, Rent, Refinance, Repeat loan. Check in with different lenders to weigh your choices carefully.

5. Home Improvement Projects

Once you’ve purchased an investment property, you might be eager to tackle renovations - but you need to determine which renovations will help you attract more buyers. It’s a good idea to prioritize certain renovation projects over others. Make sure to replace any old carpeting with updated flooring, upgrade the hardware and registers, replace a worn out range hood and lighting fixtures, and put in new doors. 

You can also focus on curb appeal — remember, potential buyers will see the outside of the house before they get a peek at the interior! Finally, don’t forget to take care of some aesthetic touches, like painting the walls. 

6. Prepare the House for Showing

Cleaning your home thoroughly before listing and marketing it to potential buyers is crucial for making a great first impression. A clean and well-maintained home not only appears more inviting but can also increase its perceived value. You can save substantially by undertaking the cleaning process yourself, rather than hiring professional cleaners. 

Tackling tasks like dusting, decluttering, and polishing surfaces can significantly enhance the appeal of your home. In case of last-minute showings, where time is of the essence, a quick and effective tip is to give rugs a brisk shake outside. This can be a time-saving alternative to vacuuming, instantly refreshing the look of your rooms and ensuring they are presentable for potential buyers. This approach demonstrates attention to detail and helps create a welcoming environment, making your home more attractive to prospective buyers.

Having the home deep cleaned before putting it on the market is a good idea. This will help it pop in showings and be more appealing to prospective home buyers who visit it. Call on Wicked Clean to get the job done right!

7. Market Your Flip Effectively

In the competitive world of house flipping, especially when the profits are aimed at funding college education, effective marketing is key to attracting buyers. Chronicle Republic notes that leveraging social media platforms is a powerful strategy. Posting high-quality photos of the renovated property on these channels can also capture the attention of a wide audience. 

8. Choose the Best Buyer Offer

When you list your home on the market, you’ll need to look up comparable properties in your area to set a realistic sales price. But as offers come in, you might notice some buyers that are willing to pay over your asking price. 

When you have several good offers in your hand, how can you choose the buyer? To select the best offer, you’ll want to check out the contingencies in addition to the price they suggest, and you should also consider how the buyer will pay for it. Evaluating these factors can bring you more security.

Flipping houses presents a unique and potentially lucrative way to finance a college education. It's a journey that blends the thrill of real estate investment with the practicality of skill-building. This endeavor not only offers financial rewards but also imparts invaluable life lessons in business, project management, and resilience. For students looking to navigate the high costs of education, flipping houses could be the key to unlocking both their academic and professional futures.

Wicked Clean specializes in affordable and effective home cleaning services right here in Phoenix. Contact us today for more information! (602) 391-3297