Over the past few years, many people have taken up fixing and flipping properties as a hobby. As well as a hobby, it is also a great way to invest some extra money that you might have lying around. But once people have fixed and flipped a few properties, they realize that, in actual fact, this hobby can easily be turned into a very profitable business.
Hopefully, these next few tips can help fix ‘n’ flip your hobby into a full-blown business.
Will This Take The Fun Out Of It
Lots of people enjoy fix ‘n’ flip projects and find that buying a rundown property and renovating and repairing it can be very rewarding. However, are you sure that turning this into your full-time job won’t take away the fun? Some people do find that turning their hobby into a profession can take away their enjoyment of it, so you need to carefully consider whether or not this will affect you as well.
Think About Your Finances
While fixing and flipping is a hobby, you will only be taking on as many properties as you can afford. However, once you turn this into a business, you will need to find some extra financing so that you can increase your property portfolio. Only by increasing your portfolio will you be able to start making the big bucks! If you are working on turning your hobby into a business over a few months, then you should start saving in preparation. If you don’t have time to save, you could always consider taking out a business loan to cover your initial start-up costs.
Be Smart With Marketing
You might not have any experience in marketing, but there is no way your business is going to survive without marketing. Thankfully, there are plenty of places you can turn to for help. Websites such as http://investor-square.com/ feature blog posts that can give you lots of tips to help improve your property marketing. And, when you are just starting out, you might want to hire a content marketing agency to help work on your initial branding and content strategy. Eventually, once you do get some experience under your belt, you will be able to take on this responsibility on your own.
Consider Hiring Staff
I’ve already mentioned that in order to turn this hobby into a business you will need to take on a few more properties at once. This might be quite tricky for your to handle at first. One way to ease the stress of trying to do everything yourself is to hire some staff. You might want to hire some employees to take care of all your back office tasks, such as accounting, HR, and the legal side of your business. To save some money to start off with, it’s a good idea to look at sites like https://www.upwork.com to find some freelancers.
It’s super easy to turn your fix ‘n’ flip hobby into a business, especially once you use these tips!