Charlotte Meier
How to Leverage House Flipping to Fund Early Retirement
Perhaps you hope to retire early, but you’re not sure if this will be possible if you’re relying solely on the income from your current job. Flipping houses and transforming them into vacation rentals can be a powerful way to grow your portfolio and get on the fast track to early retirement. You can start your house-flipping journey by browsing investment properties on ListFlips. Here’s how to determine where you should live in retirement, including considerations like healthcare and assisted living, and reach your retirement date faster by flipping houses.
Decide Where to Live in Retirement
If you can successfully build a steady income stream from your vacation rentals, you’ll likely be on track to an early retirement! Check in with a qualified financial advisor to determine when you can officially retire, and then start exploring where you might settle down. You may be interested in looking at cities where you already have family and friends.
No matter when you choose to retire, it’s important to set your sights on a retirement destination where you’ll be able to meet all of your needs in your golden years. First, you’ll want to research cities with fantastic local healthcare facilities. You should also look into the availability and quality of nursing homes in the area, should you ever need these services. It’s a good idea to factor the costs of long-term care into your retirement plans. Finally, make sure there is plenty to do in the area!
Choose Homes With Potential Profit
Executing a profitable house flip starts with your initial purchase. If you plan to turn your property into a vacation rental, you’ll need to invest in a property located in a neighborhood where tourists generally like to stay. BiggerPockets also recommends researching typical property prices in the area so that you can recognize a good deal, avoiding properties located on busy roads, and ensuring that the neighbors are good company!
Invest in Renovations
Once you’ve purchased your first house to flip, you’ll need to invest in renovations so that it can serve as a cozy vacation rental. Crescent Lenders recommends updating the bathrooms and the kitchen, refinishing old wood floors, painting the walls in new hues to brighten up each room, enhancing the lighting, and even replacing the siding and doors. You can also bring in decor from local artists!
Promote Your Properties
In order to book your first guests and start drawing income from your vacation rental, you’ll need to market the property. If your guests have good experiences, they’ll likely come back for future trips! Plus, you could use some of this income to invest in additional properties. You can look into marketing resources like Cornerstone Content and learn how to create high-quality blog posts and graphics for social media that you can use to highlight your property’s winning features. Marketing your property across multiple channels is a great way to generate leads.
Manage Your Vacation Rentals
When you hire a property manager to oversee your rentals and coordinate different tasks, you can free up your own time to enjoy your retirement! This means that you’ll get to spend more time with your loved ones, try fun activities in your chosen city, cook healthy recipes, hit the gym, and prioritize your mental and physical health and well-being in retirement.
By flipping houses with a practical strategy, you can improve your chances of retiring early. When you have income from multiple vacation rentals, you’ll be able to move up your retirement date. With these tips, you’ll be ready to choose a city that suits your needs in your golden years and retire comfortably with income from your rental properties!
Ready to start searching for investment properties? Turn to ListFlips! Use our search tool to look up investment properties today.
Photo via Pexels
