5 Reasons Fix and Flips Make a Great Side Hustle for Students

In the age of the side hustle, students are always looking for non-traditional ways that they can make money that don’t involve an actual job at a retail store or a restaurant. Side hustles are appealing because you can often do things that actually interest you, you can build a resume for your future career, and you can often make your own schedule. All of these things are very appealing for college students who have irregular schedules and might not be able to commit to 20 set hours at a part-time job every week. A side hustle allows you to devote the time that you can – during finals you don’t have to worry about working, you just focus on your exams! In the beginning of the semester when you aren’t as busy, you can work more then – it’s totally up to you! One side hustle that college students often don’t initially consider is fixing and flipping homes. It may sound impossible, after all, what college student has enough money in their pockets to buy a new laptop – let alone a house? But you don’t necessarily have to have that money yourself, there are options like fix and flip loans that can provide you with the financing you need to buy and flip your first house. If you are interested in real estate and this sounds appealing to you, here are five reasons fix and flips make a great side hustle for students: You Can Make a Good Profit The first reason why fix and flips make a great side hustle for students is that you have the opportunity to make a lot of money from just a single flip. The average profit for flipping a house is usually between the range of $25,000 to $30,000. However, your profit can depend on a lot of things, including location, initial purchase price, renovations costs, and other considerations. Even if you just flip one house a year, that’s a decent profit! If you can do more than one, odds are that you will be able to make more money annually than most people working a regular full-time job. When buying a house, you want to make sure that you don’t just buy the cheapest house you can find, but instead one that has a lot of potential but needs some work. It’s good practice to purchase homes that are in good areas with good schools and need only cosmetic changes that you could even do yourself. That way, you are able to make the most profit off of your investment. You Can Gain Real Estate Experience Another reason why fix and flips make a great side hustle for students is that it allows you to gain experience in the real estate business before you even graduate! It’s no secret that you can make a lot of money in the real estate business and fixing and flipping houses can help you learn about the industry as you buy and sell your houses. You will need to learn how to do market research before you purchase a home to determine what the best price is and also what renovations you should do in order to recuperate the most profit possible. In flipping, it’s important not to over-renovate a home and make it too expensive for buyers in that area. You need to always keep your ideal buyers in mind when making renovation decisions – and this isn’t something you can learn overnight! You can only learn this through research and experience which is why flipping houses is a great introduction to the real estate industry. You Can Make Your Own Schedule The next reason why fix and flips make a great side hustle for college students is that it allows you to work on your own schedule. Flexibility is really important for college students who are often balancing class, homework, exams, projects, and a social life. By investing in a fix and flip, you can work on your own time and at your own pace – something that you aren’t really able to do in many other professions. If you want to paint at two in the morning, you totally can! You Can Learn About Renovations Speaking of painting, all the things that you can learn about home improvement through fixing and flipping is another reason why it makes a great side hustle for college students. It might seem far-fetched now since you might not even be able to replace a lightbulb, but the good news is that there are tons of resources out there that can help you learn how to complete the projects that your flip needs. Never underestimate the teaching power of YouTube – and you will be laying wood floors and grouting tile in no time! You Don’t Have to Pay Rent The last reason why fixing and flipping houses can make a great side hustle for students is that you don’t have to pay rent if you decide to live in your flip house while you are renovating it. Nothing is more frustrating than throwing money away on rent every month. This way, you are actually paying into something that you own and are able to sell and make a profit off of in the near future. This also gives you the freedom to complete projects totally on your own schedule and really commit yourself to your project.