Working as a contractor is often quite taxing. Complex projects, long hours, and demanding customers are all part of your everyday dealings. Therefore, it shouldn't be surprising that most contractors look to retire as soon as possible. But, before you do, you'd be wise to make as much money as possible by using the skills you already possess. With this in mind, we will explore why contractors should use their skills to create another income stream and how to do so with surprising ease.
Let's say that you are an average US contractor. You make around $120k per year, plus $6,500 for overtime. Depending on where you live and what your living needs are, this can cover your living expenses. After all, 120k per year is nothing to scoff at. So, with this in mind, why should a contractor with enough work even consider creating another income stream?
Unless you work for a well-off company, your workload will likely be inconsistent. Even top-notch contractors don't have active projects all the time. Depending on the local economy, the need for contractor work can fluctuate. Therefore, it only makes sense to broaden your earning potential and make as much money as possible.
Not only is the nature of contracting work inconsistent, but it can also be challenging to acquire new projects. Namely, if you get a good reputation and people start recommending you, great. But, if you don't catch a good wave of recommendations, you may need to work on marketing. Finding projects as a contractor can be difficult, especially if you have no significant local reputation to speak of. This is why finding new sources of income is something all contractors should consider.
Now, by finding new sources of income, we don't mean investing in cryptocurrencies or starting an OnlyFans. Instead, we imply that you should use your contractor experience to find flip properties. While this may seem far out of your reach, you'd be surprised to learn that it takes just a bit of learning and effort to turn an established contractor into a full-fledged real estate investor.
The idea of flipping property is buying low, selling high. Namely, you find properties in poor condition that will go for a low cost. As a rule, these properties are hard to sell as the process of fixing them does not only cost money but also entails time and effort. Fortunately, as a contractor, you likely already know how long various repair projects will take. By investing in property and then repairing it yourself, you stand to make a handsome sum. You likely already know where to find the necessary supplies and how to make your repairs time and cost-effective. Furthermore, you can use your knowledge from remodeling homes to repair them in style and quickly flip them.
As a contractor, you probably cooperate with moving companies who help your clients relocate in and out of their homes while you work there. You can team up with reliable pros when you need something transported to your new investment as well. They can help you remove items from the place as you declutter before renovation begins. Moreover, you will know how to find decent electricians and plumbers. All in all, you stand to gain far more from flipping if you use your contracting experience and connections.
The average net profit in the US for flipping a home is around $30000. This means that if you manage to flip four houses in a year, you'll already make your wage. The true earning potential comes with experience as you learn how to make your repairs cheaper and find a better property. You can earn much more from flipping if you have access to a thriving real estate market. This can free you up from standard contractor work and help you make much more money for the same work.
To ease your transition toward flipping properties, OfferMarket can help you out. While we cannot find properties for you, we can help you out financially and help you list your property easily.
Once you find a property you deem worthy of investment, we can help you financially. Namely, as you'll soon learn, properties can be costly, especially once you factor in the repairs. And to have the necessary funds, you either need to have a substantial amount saved or look for outside funding. With OfferMarket by your side, you only need to put down 20%-30% of the original value. For the rest, we can give you a loan.
After you repair and remodel the property, you will need to list it online to sell it. In standard practice, this means working with a real estate agency and hiring a real estate agent to aid you. But, if you wish to avoid agent fees, OfferMarket is here to help. We will happily list your property on our website and help you find buyers in no time.
Contractors should use their skills to create another income stream even if they earn decent money. As mentioned, no man can work in construction forever, especially if they work independently. By flipping properties, you use your acquired skills to earn extra money. And you will learn a thing or two about real estate and real estate management. If everything goes well, you can look to rent out your renovated properties and gain a steady stream of income. This will further reduce the need for taxing construction work and help you enjoy your retirement in health and prosperity. So, be wise, and start working for your future.