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7 Things You Need When Starting a Remodeling Business

No matter if you already have some formal remodeling experience or if you have a passion you want to turn into a source of income, you might want to think about starting your own remodeling business. However, starting this sort of venture is a task that requires money, perseverance and plenty of knowledge. While we can’t help with the first two, we can share some useful tips that will help you start your own remodeling business.

Acquire the licenses

It all starts with licenses. In order to work legally, you need to have a registered company with all the necessary licenses. In most cases, you’ll need to acquire a DBA certificate (“doing business as”). In some cases, you will also need to have a contractor’s license to make public petitions for remodeling. Consult with your local licensing office and get informed about all the licenses you need. You also need to create a separate bank account with your company’s name on it which will accept payments and allow you to keep your work and private life separate.

Get insured

It’s best to halt all work until you get insurance. A good general liability insurance deal will cover you in case of any injury at work or any damage to someone else’s property. In fact, in many countries, you’re required by law to be insured, especially when it comes to worker compensation. Practical commercial property insurance can also come in handy in case your equipment or furniture gets damaged or stolen.

Get the tools

Depending on the type of remodeling you’re performing, you need to have the right tools for the job. For example, it’s crucial to have different kinds of hammers, nail guns, screwdrivers, tape measures, saws and other smaller tools. If you miss something essential, it can delay your work and cost you a lot of money.

Invest in a truck

Every successful remodeling business needs a truck. Of course, you don’t need anything huge, but a medium-sized vehicle with make things so much easier, especially when it comes to moving lumber, bricks, furniture and appliances. And if you’re worried about the price, don’t be. You can always find a respectable dealership with many new or used trucks for sale at affordable prices. Even if you choose a used vehicle, you’ll still have many models at your disposal. And if you ever decide to quit your business, your truck will be easy to sell and get some money back.

Create a good network

The people around you can make a huge difference between a successful and unsuccessful business. If you can be sure your materials will arrive on time and your contractors will finish everything according to your instructions, you can expect plenty of satisfied customers. After all, the finished product will have your name on it, so you want to be associated with only the reliable business partners.

Promote your business

Today, there’s no business without promotion. Many remodeling experts today rely on referrals, so you want to collect as many satisfied customers as you can get. One way to promote your business is to create a referral program. Every customer who recommends you to a friend or family member can get discounts and special gifts. Also, contact your local radio stations and blogs and offer promotional deals to customers. Creating a flat fee for specific projects your business offers is a smart idea that will attract many people.

Prepare for slower periods

Remodeling business closely depends on the real estate market and your local economy, so you can prepare for some not-so-great times. If you’re located in an area with separate seasons, prepare to have slower winters and more active and productive summers. While remodelers working in Australia or California might not notice this phenomenon, places with cold winters with plenty of snow certainly feel the difference. Winters are not so suitable for remodeling and people usually spend a lot of money on vacations and presents. However, in order to push through slower periods with minimal losses, you can advise your budget customers to postpone their old house remodels until winter. If you offer better prices, you can expect to have plenty of work during this period of the year.

In order to become the owner of a successful business, you need to make a profit, but make sure to conduct your work without cutting too many corners. As long as you provide your customers with cost-effective, reliable and safe services, you can expect to have plenty of work and a load of satisfied clients ready to recommend your products to all their friends and family.

What You Can Use Fixer Upper For?

Every year in the USA, there are millions of existing homes that are bought and sold. These homes come in all shapes and sizes, as well as in various conditions. While some people want a move-in ready home, others might want a fixer upper.

When many people buy a fixer upper home, they are doing it so they can quickly fix and flip the home. Fixing and flipping a home is buying it for a cheap price, fixing it up quickly and relatively affordably, and then selling it for a profit.

However, fixing and flipping isn’t the only use for a fixer upper. The costs can add up, a lot of work is involved and the time it can take to sell the home can be plentiful. With that in mind, this article is going to look at a few other ways to put your fixer upper to good use.

As an Airbnb

When people used to visit or stay in a new city, they would almost always stay in a hotel. However, in recent years, that has begun to change. A big reason for this is Airbnb. Airbnb allows anyone to rent out their home by night, similar to how a hotel will rent out a room. This often gives customers more bang for their buck, and allows homeowners to make money without doing a thing.

Sure, you will have to keep the place clean, stock it with items and perform a bit of customer service, but that is a small price to pay for what you can make. You will need to fix up your fixer upper to a point where it is livable, but renting it out nightly through Airbnb is significantly less work than completely renovating it and selling it.

As a Vacation Rental

While this will depend largely on where you live, you could also rent your home out as a vacation rental. For example, millions of people travel to California every single year, and they need a place to stay. If your fixer upper home has a good location, it could be perfect as a vacation rental.

You could rent it out weekly or monthly to interested parties, and potentially make thousands of dollars. You will need to update it and ensure it functions well and looks nice, but think of this as an investment than a cost. Sure, selling a house from ISoldMyHouse.com can be a good idea and can net you a lot of money, but be sure to consider putting the home up as a vacation rental as well. This could allow you to make a good amount of money, without actually having to lose the asset.

As a Standard Rental Property

Another option instead of fixing up and selling your fixer upper is to fix it out and then rent it out. Being a landlord is indeed some work, but can be incredibly fruitful financially. Depending on the size, location and look of the home, it can be rented out to families, couples, university students or anyone.

Oftentimes, you will essentially be able to get your mortgage paid for if you rent out the home. In some cases, you may even be able to charge more in rent than your mortgage if you include utilities or internet. While you will essentially be breaking even for a little, once the mortgage is paid off, the rent you collect will be nothing but pure profit.

In conclusion, there are many different things you can use a fixer upper for, in addition to simply fixing and flipping it.

Living in Texas: How to Save While Moving

Moving into a new home in Texas can be both hectic and expensive if you do not plan well. With proper planning, you can save money during your move and settle in peacefully, whether you choose to do the move yourself or if you opt to use a moving company.

Come up with a Moving Budget

Get everything covered during your move by coming up with a moving budget. The budget will guide all your expenses and ensure you do not overlook anything that could potentially sabotage your move. The easiest way to come up with a moving budget is to use programs such as Microsoft Excel or Word, but you can also look up budget templates online. These will help you calculate and track all your expenses before, during, and immediately after the move, saving you money that would otherwise be spent carelessly.

Rental Expenses

Whether you opt for services from a moving company or choose to do the move yourself, rental expenses are inevitable. If you opt to make the move by yourself, you need to factor in charges for a moving truck, the amount of gas you will need, and insurance costs. A truck rental is dependent on the size of the truck and whether you’ll be using it one way or return. Choose the correct size and not bigger to save you some money. To find out the cost of gas you’ll spend, ask the rental company the miles to the gallon rates for the truck you’ll be getting. Your credit card company could help you cover insurance costs, therefore, call the company in advance to find out if you’re covered. If you need additional rental equipment such as a loading ramp, find out from the rental company if they can throw this in for free.

Packing Expenses

You need packing boxes, mattress covers, tape, labels, markers, bubble wrap, and newspapers, among others. You can rent packing boxes from a moving company, but you can save some money by opting to buy them yourself from stores such as Lowes and Home Depot. You can even get free moving supplies from Craigslist, but you need to start looking early if you choose this option. You can get items such as mattress covers for free from certain San Antonio movers if you are using a moving company. Above all, determine what you really need to bring with you. If you don’t need to move your old TV, sell it off or give it away. It will save the money you would have used to pack it.

Travelling Expenses

If you are moving to Texas from out of state, you need to factor in travel expenses. If you need to stop at a lodging for a night, check beforehand what your cheapest options will be. Book in advance to ensure you get the best deal possible. Also set aside the cost of meals and check on the most affordable eateries on the route you’ll be taking.

Settling In

Whether you buy or rent your new place, you need to factor in legal fees, insurance fees, and redecorating costs. Shop around for the cheapest lawyer you can find. Ask for recommendations from friends and family to find lawyers with the best rates. For home insurance, get quotes from different companies and settle for the most favorable but one that will cover all your insurance needs. Lastly, budget in advance for any redecoration costs such as painting and wallpaper and get items within your budget.

Check if Your New Employer can Meet Some Expenses

If you are moving because you’ve found a new job, find out if your employer can cover some of the costs above such as travel, packing, and shipping expenses. Negotiate also to find out if the employer can meet realtor costs and any storage costs you may need. This will save you some money and make the move less tedious. You can also get your money back the next tax season if your move is work-related and meets certain time and distance requirements.

Easy Ways to Invest In Real Estate

As an investor, real estate is one of the many options you can consider to expand your portfolio. It comes with many benefits including securing your future, buying a home and making money from renting out the real estate property you buy. If you are starting out, it is imperative to keep in mind the advantages and risks that come with real estate investment so that you make the best decision for your money. Once you have decided to invest, here are a few easy ways you can start out with:

Buy to rent

With buy-to-rent properties, you will be able to pay the mortgage on your property through the income generated from the tenant. If you select this option, you will be responsible for the expenses that come with renting out, including maintenance costs and taxes Ensure that you do your due diligence to make sure that the investment is worth it. Remember, the rent will depend on the market rates without affecting your mortgage. You should also make sure that you choose a property in an area where people would like to live so that you can get tenants easier. Consider the kind of tenant you want on your property before making a decision.

Consider investment groups

If you do not want a rental property, consider joining an investment group. With these groups, a company buys or builds property and lets a group of investors buy them through the company. Although you can own one or multiple units, all management responsibilities fall on the company. The company will also take a percentage of the monthly rent to cater for the maintenance, mortgage insurance, advertisement of vacant units and others. It is important to note that mortgage insurance is different than homeowners insurance, also known as home insurance, and it is wise to have both. Keep in mind that some investment groups require a percentage of the rent for vacant units. Ensure that you find out more about the agreements before signing up for such an investment.

Buy to Sell

If you are not interested in the two options above, consider flipping properties as a way of investing in real estate. This is the process of buying property, holding it for a few months with the intention of selling for a profit. It comes with a number of pros including the potential to make quick money and you will be able to learn a thing or two about construction, real estate and market demand. However, you need to be careful not to make mistakes that might cost you. Keep in mind that you will need adequate time, as renovation is important to boost the value of your home when reselling. From finding the right house, buying the property and fixing it up, you will need quiet time and patience so that the investment can be worth it.

Real Estate Investment Trust

A real estate investment trust (RIET) will invest your money to buy and operate income property. It is a good plan as it allows both small and large investors to own real estate and commercial property as well. REITs come with a number of regulations, including having at least 100 shareholders; at least 75 percent of the assets must be in real estate, cash and government securities and 75 percent of the gross income come from rent, mortgage, and real estate investments. With REIT, you will benefit from high yields, simple tax improvement, and diversification.

Leverage

You can also consider leverage as an investment strategy to increase your potential of earning returns on your investment. This means that you use borrowed money to pay a significant percentage of the cost that enables you to buy a more expensive property that you could have bought using the available funds. If you are not comfortable with using leverage directly, you can invest in companies that use leverage to finance their operations. Depending on the decision that you take, make sure that you weigh your options, do your research on the benefits and costs of each before making your investment.

5 Fun and Simple Ways to Save Money for the Family

Saving your family money is nowhere near as difficult as many people think, which means you can lower your family’s bills and save a little money in more than one place. Saving is the easy part. It’s figuring out how to do it in your own family’s budget that makes the concept a little more difficult. With these five money saving tips, you’ll be on your way to more savings and a more fulfilling life in no time.

Get Quotes

The first thing you need to do is go over the budget and see where you can save money on your expenses. You can get free insurance quotes for your car as well as your home, you can ask your credit card companies to lower your interest rates, and you can call the cable company and tell them you’re paying too much. Most are happy to lower your bills for you if they suspect you might leave for another company.

Make a Meal Plan

You don’t have to sit down and plan every single meal for every single day of the week, but you should have enough meals on the menu for the entire week. You can eat them any night you want, but pick seven meals you’re going to eat this week and make a list. Now you can go to the store once and buy everything you need rather than a dozen times to pick up that one extra thing you forgot. You’ll end up spending far less the fewer times you go to the store.

Take Some Time

Impulse buys are difficult, but you don’t have to live with regret each time you make a purchase. Is there something you love more than anything, and you really want it? Put it in your online cart and leave it there for 24-hours. If you still can’t stop thinking about it at the end of your 24-hours, it’s for you. If you still aren’t sure you want it or not, don’t buy it. The key here is to really decide you want it. If you do want it, you’ll know at the end of the day. If you don’t, you just saved yourself a lot of money and regret. If you’re worried about regret after making the decision to buy something, perhaps the decision isn’t the right one for you and your family.

Find Local Deals

Did you know you can take your kids out without blowing the budget? It’s easy to spend $100 at the movie theater on just tickets and popcorn for the average family, but you can find a better way to do it. Most movie theaters offer $1 movies for families all summer. Bowling alleys have $1 bowling night, and even skating rinks offer family packages to save money and encourage people to visit. Take advantage of those when they are offered.

Lower Your Utility Bill

One of the biggest wastes of money in most all households is the energy bill. Start shutting the blinds during the hottest part of the day to keep it cool inside and the air from running over-time. Cook outside during the summer to prevent heating up the house. Light a fire instead of turning up the heat. Turn off lights, set timers, and invest in a smart thermostat. The more you save on utilities, the more your family can save elsewhere There are hundreds of ways you can save your money, and it all starts at home. Start paying your credit card balances in full each month to avoid paying interest charges. Start filling up your gas tank rather than putting a little in here and there. Eat at home more often, and be sure to only buy things you need. You can negotiate with just about anyone, and that’s what makes it easier to save on things you need the most for you and your family.

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