With most college graduates they want to make their mark on the world. They are usually in a good position to take some risks because they are more than likely have less of an obligation to support anyone but themselves so they can stay focused on the next big step they are going to make, fixing and flipping houses. There are several reasons this makes a great side hustle for new grads and one might be they are just unsure of the ultimate path they want to take with their new degree. Another might include the ability to make some strong connections in the business world. With a tight inventory with established home markets, putting in the work to fix a great structurally sound home can help you make some serious cash. Also, the real-world experience you will be gaining with budgeting, financing, and achieving the goals needed to come out making money is a huge success story! Adding this experience to your degree will create a huge platform so you can make this a potential lasting career path, but you must be willing to get your hands dirty and put the work in.
Your Still Unsure of Your Ultimate Career Path
So, you’ve made it to graduation and will all those years in school, you still are unsure of exactly what and where you want to go from here. You’ve been given the ability to dabble in a few areas in college and fixing and flipping homes sounds like something you want to give a try. It’s a great opportunity to utilize a lot of the skills really pinpoint what you want to do, plus make some cash doing it.
You are very wet behind the ears and have no connections in the business world. However, real estate is an industry that gives you the opportunity to increase your network making it perfect for college students to get ahead. With the ability to make and create future business relationships with people within a variety of fields including, financial, government, construction and real estate you will be growing your contact list so making good professional impressions is huge. You will soon learn that connections are everything when it comes to post graduation pathways. It’s sometimes who you know when it comes to getting things done too. Connections among real estate agents and marketing their clients to properties and those same agents giving you the heads up on potential investment properties coming on the market before they are available could make or break your business.
With the market soaring above the fall of 2008, the potential to really make some money on established homes in great markets is an amazing opportunity. Getting ahead of the game and getting qualified with a fix and flip loan geared towards real estate is crucial. You don’t want to miss out on opportunities due to your lack of financing so get qualified before you find your property. Finding homes with solid bones and your ability to see past the poor color and outdated decor could really be the skills you grow in this demanding field.
You have been so focused in school you haven’t been able to really utilize your strengths in goal setting and budgeting to pull in a great profit on your investment. Understanding your options and staying focused on the tasks while staying true to your finances takes practice because you have to factor in a few mistakes and costs you could not have foreseen. Allowing that wiggle room in your budget, and still able to make a profit will be a great achievement to add to your resume.
Be Willing to Put the Work In
It’s not all about what you see on tv where the host gets rich while everyone else puts in the real work. As a new graduate you will make the most on your return by putting in the real blood, sweat and tears to create someone else’s dream home. If you need to hire on a helping hand, budget for that expense up front and also start watching some videos on making the necessary demo needs yourself. Hire on help with finishing contractor work, while using your hands to get the hard muscle work done will be a quick way to save on expenses. Also taking the time to really find an agent that might be willing to charge less of a percentage to be your exclusive selling agent with all of your properties you fix and flip, will be worth the negotiating work and a win/win for the both of you. You could also put in a little more work and become a licensed real estate agent to go along with your degree so you could eventually save that entire commission that could go completely back into your pocket. These tips can really make for the potential to make a lot more money which you can invest into the next home project.
Making the Money
Utilizing all the reasons a new graduate should go into the fix and flip job market is all about the potential to make some good money. If the average profit is 30,000 and you have 3 flips a year that could make for a pretty good income for a new graduate and still have a lot of room to grow quickly and increase revenue. This side hustle could potentially turn into a very lucrative small business.
The real estate market can create an industry full of new graduates that can utilize their book smarts to make some connections and cold hard cash in the process. Navigating your way through budgeting, funding, and the hard work needed to make this side hustle into a potential career opportunity will take some time and digging in and making it your goal to succeed could really make this an excellent choice or a new graduate.