You’re working hard at your day job, but wouldn’t it be great to have a little extra cash? Well, get ready for some serious “side hustle” inspiration – property flipping could be the key to a whole new level of earning potential!
Forget dog walking or selling things on Amazon, we’re talking about real money here. Property flipping means buying up buildings, doing them up, and then selling them for a hefty profit. We’re talking £50,000 for a residential house, and a whopping £100,000 to £500,000 for converting a commercial building into flats. In PropertyWire, expert Ritchie Clapson outlines the basics.
The Skills You Need
So you’re thinking, “Sounds great, but what does it take?” You need to be a bit of a go-getter, with:
- Organisational skills: You need to be able to keep track of everything, from budgets to deadlines.
- People skills: You’ll be working with architects, builders, and buyers.
- Management skills: You’ll be the boss, so you need to know how to delegate and keep everyone on track.
- Decision-making skills: Quick thinking and sound judgement are essential when making big financial decisions.
- Hard work: It’s not a get-rich-quick scheme, you’ll need to put in the hours.
- Determination: There will be obstacles, so you need to be able to stay focused and push through.
A Step-by-Step Guide
Here’s a breakdown of what your job as a property developer will look like:
- Set Your Vision: Decide what type of project you want to tackle, from a cute cottage to a swanky apartment block.
- Build Your Team: Find the best architects, builders, and other professionals to help you bring your vision to life.
- Find the Right Property: Search for deals, analyse them, and make sure you’re picking winners.
- Secure the Funding: Talk to banks and investors to get the money you need for your project.
Top Tips for Flipping Success
Ready to get started? Here are some golden rules to keep in mind:
1. Take the Plunge! Don’t be afraid to start. There are tons of people who’ve already done it, so you can too! Connect with others in the property game to build confidence and get some advice.
2. Embrace Imperfection: Don’t let perfectionism paralyse you. Aim for good quality, but don’t overspend on fancy details that won’t add to the value.
3. Don’t Burn Yourself Out: Make sure your side hustle doesn’t take over your life. You’ll need to enjoy the fruits of your labor, so keep a good work-life balance.
4. Delegate and Outsource: You don’t have to do everything yourself. Use online platforms like Fiverr and Upwork to find affordable marketing help and other services. And remember, you have a project manager for a reason!
5. Know Your Market: Do your research and understand who your potential buyers are. Are they families looking for space or young professionals looking for a city pad?
6. Separate Your Finances: Set up a business bank account to keep your side hustle money separate. This makes it easier to track your income and expenses, and pay your taxes properly.
7. Pay Your Taxes: Don’t even think about trying to hide your profits. Set aside some money to pay your taxes, and consult with an accountant to make sure you’re doing things right.
8. Set Realistic Goals: Set targets for yourself and celebrate your successes. There will be bumps in the road, but don’t give up!
Remember: Property flipping can be a rewarding way to boost your income, but it takes hard work, dedication, and a willingness to learn. With the right skills and a good plan, you could be on your way to making a real fortune!