Think flipping houses is a young person’s game? Think again!
Although there are loads of young investors and fixer-flippers doing this work, there’s been a recent influx of retirees getting into the business. Many of them start buying up investment properties for fun at first, but once they get bitten by the fixing and flipping bug they go all-in. Many of these savvy folks recognize that real estate investment is a great way to learn something new, have fun, make a difference, and earn some extra cash after they’ve left office life far behind.
And I couldn’t agree more. As an investor and renovator who has been fixing and flipping properties for more than thirty-two years, I think that breathing new life into neglected homes is the perfect second career for retirees. Especially accomplished women who have a flair for design and an inclination to do something meaningful with their retirement years. Here’s why.
Fixing & flipping is (relatively) easy for talented retirees
Now, don’t get me wrong. Flipping is a multi-faceted creative endeavor that takes loads of dedication and elbow grease. But compared to raising a family in this complex, modern world? Keeping kids and a partner healthy and happy for decades at a time? Or compared to building a career from the ground up, especially in male-dominated fields? It’s a piece of cake! Fixing and flipping asks savvy retired women to apply their project management, diplomacy, investment, and design skills all at once … but it also offers them something far simpler than many of the endeavors they’ve already undertaken in their lives!
Meaningful work keeps people healthy
One of the biggest challenges retirees face is staying healthy and engaged once they’ve left the workplace. Once career goals and job promotions are off the table, it can be tough to keep the motivation up and many women feel lost and purposeless. Studies have shown that doing something deeply meaningful and satisfying is essential to staying healthy during retirement. Fixing and flipping homes may not seem like the most altruistic pursuit on the surface, but it definitely can be! Retirees who renovate homes and keep them to rent position themselves to offer stable and beautiful housing to tenants. And those who, like me, tackle renovations in blighted areas can have a role in turning them around. Renovations are a fantastic way for retired women to focus their energies on worthwhile work.
Renovating houses can be very profitable
As a top real estate mentor, I work with a hand-picked, elite group of women, mentoring them privately to become unmatched real estate investors and big-hearted community builders. My clients’ net profit from fixing & flipping single-family homes ranges from $19K to $37K, which makes this a fantastically profitable way to spend the retirement years. Instead of taking an hourly job as a retail greeter to fill the time, these women get to dedicate themselves to large-scale renovations for months at a time, do challenging and satisfying work, and walk away with healthy returns.
And flipping properties isn’t the only way to transform renovation work into cash flow. Many of the retirees I’ve worked with have moved away from just fixing and flipping to become landlords. After a few flips, they realize how financially smart it is for them to turn their properties into rentals; sources of easy, passive income. They also see that renovating single-occupancy properties to rent is a great way to attract great tenants and reliable families to an ailing village or neighborhood.
Transforming houses is rewarding, not draining
Women who have retired from long and successful careers may want new projects to keep their minds sharp … but none of them want the relentless grind of a traditional office job. They’re all thrilled to have left that energy-sapping work behind them! And when they work as fixer-flippers, they get everything they loved about owning their own businesses or managing their careers without the long, exhausting hours. As long as they stay within their project budgets and respect their contractors’ time, retirees can make their own schedules during home renovations. Flexible work hours and total control over a fun project make this work gratifying, not grueling.
If you’re a retiree looking to try your hand at fixing and flipping, I’d love to work with you! I have created a movement called “Small Town Dynasty,” a mentorship program for ambitious women retirees to learn, grow, and join me in reviving small towns. Over the past few months I have been visiting and meeting with officials of many small cities, villages, and towns to see which ones might be good fits for my students. To say I’m excited about this movement would be a massive understatement. I am passionately committed to getting more retirees involved so we can bring back these overlooked areas that deserve a second chance at success. You can learn more about Small Town Dynasty and apply for the mentorship on my website. I hope to see your application come across my desk very soon!