make money tips

House Flipping – Another Way to Make Money

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We’re always looking for ways to bring in more cash. Whether you need to pay off a few more bills or to increase your retirement fund, the more money you can bring in, typically the better off you will be. Besides your monthly income, do you have other ways you bring in cash?

Many individuals, business partners, and even couples will test their skills of flipping a house. When done correctly, you could walk away with a hefty lump sum of money. However, done poorly and you’re looking at a considerable loss.

Does that mean you shouldn’t try it? Not necessarily. Although house flipping is not for everyone, it could be the other source of income you were looking for to pay off your last credit card. If this is something you’ve thought of doing, here are a few tips to make your first house flip successful.

Are You Ready?

First of all, you want to understand that flipping a house is not a simple task. It tends to require a lot of skill in renovations, or a decent amount of money up front to hire someone to do the upgrades. If you are uncertain if you’ll be able to complete the flip on your own, or can’t afford to hire contractors to help, you may want to take another look at if house flipping is for you.

Find the Right Partner

If you’re looking to partner with someone to flip a house, don’t choose just anyone. You’ll be working closely with this person most likely seven days a week for as long as it takes to complete the renovations. Will you be able to stay civil with each other, or do you expect your relationship to fizzle out?

Do Some Reading First

So, you’ve decided you’re ready to flip a house and have found the right partner, is it time to dive in? Before you do that, consider reading up on house flipping from those who are successful in the business. They’ll be able to give you the ins and outs for you to make your first flip a successful, and profitable one.

Find a Property Fit For Your Level

If this is your first house flip, do you want to dive into one that will require basically a rebuild? Alternatively, would it be better to find a house already in decent shape that only needs a few upgrades? Biting off more than you can chew at the start could set you up for a disastrous flip and ultimately cost you more money in the end.

Finding the right property also should include the location of your potential flip. You want to find a balance of property value with how much you’re spending. A beautiful house in a rundown end of town may not sell for as much money as you want. Purchasing a home in a high valued neighborhood could sell high, but it may cost you way more than budgeted to fix and meet the neighborhood standards.



Fix Quickly, Sell Quickly

Part of the art of flipping a house is to fix it up as quickly as possible (while maintaining quality), and then turning around and selling it right away. You could put in a ton of work to make the house look beautiful, but it won’t make you much money if you don’t sell it right away. The longer you hold on to the house, the more money it costs you.
When the time comes to sell the house,every small detail matters. From how you stage the home to even the smell of it, every detail can influence someone’s decision to make an offer. So, by setting it up in a way that allows potential clients to picture their family in the home, the better chances you have of closing a deal.

About the writer: Jeremy Biberdorf is the owner & founder of the popular investing blog modestmoney.com. Check out his site for latest investing news and tips


5 Habits That Will Make You More Money

5 Habits That Will Make You More Money

Most of us work. For money. And we’d like some more of it. But we don’t always know how to get it.

Is it possible that all of the opportunities to make more money are right there in front of us, we just don’t know how to get our hands on it? Is it possible that more money could be waiting for us, we just need to change some of our habits in order to find it? In most cases, the answer is yes!

Here are 5 habits that can help you make more money.

1. Wake up early

The early bird catches the worm. This isn’t just a catchy phrase. It is so, so true! There are many benefits to waking up early. It gives you more time in your day to do productive things. It helps you to get to the office earlier (which could help in that next promotion). It gives you more time to brainstorm. Many successful people have said that it is in the early hours of the morning, before anyone else is awake, that they find the most inspiration and come up with the greatest ideas.

2. Check your email twice a day

Time is money. Anything that eats your time, eats your ability to make more money or find opportunities to make more money. Email is one of those great time eaters. Timothy Ferris, the author of The 4-Hour Workweek, has advised us to only check our email twice a day (at the most). He has referred to email as “the largest single interruption in modern life.”

Create a schedule for yourself where you only check your email twice a day. If you want, you can set up an autoresponder that informs others of this. That way, if it’s urgent, they can find another way to reach you. The trick to this habit is to stick to it! You must be disciplined with this one!

Once you’re in this habit of checking your email and responding to emails only once or twice a day, learn to utilize this newfound time. Use it to brainstorm, create, work, build, network, etc.

3. Keep your eyes open

You never know when the next opportunity will come to you. Always keep your eyes open for these opportunities! If you are in the business world, keep your eyes open to new jobs. You never know when a promotion or a new higher paying job may come along. Keep your eyes and ears open to these kinds of opportunities. Never be closed minded. You never know where your next opportunity will come from.

If you are an entrepreneur or business owner, keep your eyes and ears open to new opportunities, ventures, or partners. Also, keep your ears open to yourself. As a business owner, you will be the source of the majority of opportunities that come your way. So, make time to brainstorm. Listen to your gut.

Never say no to someone who wants to pitch you on an opportunity. If you have a friend that wants to talk to you about a job opening with their company, give them a minute of your time. Follow up on leads. If you have an acquaintance who calls you out of the blue to discuss an “opportunity too good to pass up,” let them take you to lunch. Again, you never know where your next opportunity will come from, so always stay open minded. Either way, at least you got a free lunch.

4. Create a group

Two minds are better than one. Four minds are better than two. In many of the make money books, you will hear them talk about “power groups,” “master groups,” or “master mind groups.” Basically, these are groups that you can use to brainstorm, share ideas, and share talents and resources. This group could be as simple as a few individuals who meet together every so often to brainstorm and run ideas past each other. Or it could be as complex as a group of individuals with different skills and connections, who work together in business ventures.

Either way, leverage the abilities of others. Don’t try to do it all yourself. Get advice from those you respect. Find a group of people who you trust, and utilize each other’s skills, ideas, connections, etc.

5. Take a break

The power of taking a break can’t be overstated. We all want to work hard towards our goals. When we’re trying to make more money, many times it boils down to outworking the competition. But if you take that so far that you’re burning yourself out, you can be undoing all of that hard work. It is necessary to take breaks once in awhile. This will reignite your creativity, allow you to have a fresh mind, give you new perspectives, etc.

Work hard. Work harder than those around you. But find balance. Have one rest day a week. Or take an hour or two each night to decompress. Let the time rejuvenate you so that you can start again fresh and renewed, ready to conquer the world and make yourself some more money.

Nicole is a blog writer for www.gulfcoastdrugrehab.com. Learn more about their unique addiction treatment now.


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