Debt in the Untied States is no joke. In fact, anger over consumer debt is driving a lot of the passion seen in the presidential election.
According to the Federal Reserve, their latest statistics show consumer debt in the U.S. has reached approximately $3.4 trillion as of May 2015. Along with significantly high numbers of consumer debt, student debt is just as serious an issue. Over the last few decades, many more students have enrolled in college and have been forced to borrow money. Between 2000 and 2014, the total number of outstanding federal student debt was $1.1 trillion, and it quadrupled over that time.
Getting out of debt is on everyone’s mind, and often seems impossible to recent graduates. There are things that can be done, however, that will eventually eliminate student debt and give people a chance to not worry about their finances as much.
If you have a large amount of student debt, that means that you (hopefully) worked extremely hard in college. Congratulations, all that hard work paid off, and you are now a college graduate. Unfortunately, college is there to teach you that the very hard work you were doing those last four to eight years is going to have to be matched, doubled, and sometimes even tripled over the next 40 or so years of your life. But if you want to succeed in life, then you’re going to have to work hard.
Once you can tell yourself that you can accomplish difficult tasks by working hard, and mentally prepare yourself for the hard work, the next step is to actually get to it.
Flipping a house is certainly not easy, otherwise everyone would do it and it would not be a viable option for attempting to hack away student debt. You have to spend a large chunk of money at first (which can be terrifying), you have to deal with renovation financing and renovation lending, you have to clean everything, you have to determine and stick to a specific budget, and you have to sell at a reasonable price and hope someone buys.
All of that can’t be done in a single weekend, so you have to look at this as a serious project. For some people it even takes up more time than their full-time job, but that’s entirely up to you and how much effort you are willing to put into it.
Luckily, renovation financing is available for you in secured short term loans so that you’ll be able to afford a house much faster than raising your own money for it. Then, you can get right to cleaning and fixing the property up and then focus on selling the home at a reasonable price.
A reasonable price is extremely important, too. Just because you have, say, $500,000 in student debt doesn’t mean that you can sell one house for $550,000 and turn a profit. The average home sale price in March 2016 was $186,000, so you might have to flip three or four houses before you reach your goal.
Again, it’s not an easy task, but if you’re serious about handling your outstanding debts responsibly and want to better your future, flipping homes can be great option. Talk to Secured Investment Lending to meet with investment property mortgage lenders to learn about renovation financing options and real estate secured lending today.