If you’re in your 20s or early 30s, you might think that real estate investing is something that older people do when they’ve saved up some extra cash and they want to keep making money after retirement. That might be true for some people, but there’s nothing holding you back from getting started in the real estate investing business now. In fact, there are more than a few reasons that millennials should embrace the real estate investing world.
YOUR COLLEGE LOANS WON’T STOP YOU
If you’re like most millennials, you probably have some pretty large college loan debts. While you would love for a presidential decree to forgive those debts, you aren’t betting on one. And while you’d love to get started investing in real estate or anything else, you feel like that debt is holding you back.
But guess what! Unlike other types of loans, hard money loans and private loans don’t depend on your credit score or your current debt level for approval. If you have your eye on an amazing flip house, you can get funding for it based on its ARV (after-repair value). Then, once you’ve rehabbed and sold the house, you can pay back your loan and have a large chunk of cash left over in profit.
IT’S A LIFESTYLE BUSINESS
The business world is changing, but too many corporations aren’t embracing that change. So, if you’re still in the 9:00-to-5:00 world, chances are good that you’re working for someone who’s much older and doesn’t have the same ideas as you about how to run a modern business. With real estate investing, you’ll be your own boss, and you can put in as much time and effort as you want.
How much you get out of house flipping is directly linked to how much you put in, but that doesn’t mean you have to put in 80-hour weeks to get great results. It just means that you get to figure out how to work smarter instead of working harder, and you can enjoy the lifestyle you want while you make money.
IT’S A GOOD WAY TO AVOID UNEMPLOYMENT
Sadly, even though we’re supposedly out of a recession, unemployment rates are still really high. More and more millennials are in a lot of debt but can’t find jobs in their chosen fields. Fortunately, though, house flipping is a great industry to get into, no matter what the economy is doing. Throughout the housing crash and the economic recovery we’ve seen over the last eight years, flipping houses has remained a viable way to make money on the side or as a full-time career.
IT’S THE PERFECT INDUSTRY FOR THE SOCIAL MEDIA GENERATION
Finally, older real estate investors are facing the challenge of catching up on social media marketing strategies. You’ve grown up with the Internet and social media. Facebook, Twitter, Instagram, and Snapchat are all intuitive to you, and so is every new social network that comes along. In other words, you already have the tools you need to step into real estate marketing and build a reputation for your real estate investing business.
These are just a few of the top reasons that I think millennials should get excited about real estate investing, and especially about house flipping. This business is perfectly suited to the next generation of investors, and there’s no time like the present to get started!