It’s no secret that house flipping has become big business in recent years. Studies show that flipping activity peaked in 2005, garnering a 25% high. While it’s cooled off since then, it’s still a viable option for those looking to get into the real estate business. But what about flipping other things?
Many people don’t realize that flipping isn’t just limited to houses. In fact, you can flip other sorts of businesses and products. Here are three flipping businesses you can consider getting into, other than houses.
1. Abandoned Airplanes
Did you know that there are hundreds of abandoned airplanes around the world? Some airplanes sit on the tarmac gathering dust, while others are left in remote locations to rust away. This is because some planes have already reached old age, were expensive to maintain, are now outdated, or the owners no longer need them.
If you know a thing or two about airplanes, you can start a business flipping them. You can buy an abandoned airplane for a low price, refurbish it and sell it for a higher price. There’s a market for old planes, especially well-maintained ones.
Of course, there’s a lot to consider before you start flipping airplanes. For one, you need enough storage space to keep the plane. You’ll also need to get the necessary permits and licenses before you can start flipping them. Don’t forget that you will also need to find the right parts to refurbish the plane.
You can find abandoned airplanes for sale by contacting the owners directly or searching online. As for storage, you can contact your local airport or rent a hangar. You can consult with the Federal Aviation Administration to get the necessary licenses and permits.
When collecting the necessary parts, you will have to be creative. For instance, if you need a particular part for your old plane’s electrical system, you can try looking for a supplier specializing in aircraft avionics. These are parts that aircraft use to help them fly, and you can find them in aircraft junkyards or online. When shopping for such an integral part of your plane, check reviews to ensure you buy quality and durable components. Remember that your goal is to flip the plane for a profit, so you need to ensure that it is in good condition before selling it.
2. Classic Cars
Another profitable flipping business you can get into is classic cars. You might not think flipping cars is worthwhile, but it can be if you do it right.
The key to flipping cars profitably is to find the right ones to flip. You want to look for classic or antique cars that are in good condition but need some work. This is because you are not merely buying and fixing an old car you can keep, but it is an investment you will sell for a profit.
Keep in mind that you can’t just buy any old car and expect to make a profit. You need to do your research first and find out which models are in demand and how much they are selling for. Be aware of the current trends in the classic car market, inspect the car before selling, and find reputable suppliers for the car parts you will be using.
One classic car in high demand at the moment is the Porsche 911. This car is popular among collectors and increased in value over the years. If you want to flip a Porsche 911, you will need to do your research first to find out what model and year is in demand and how much it’s selling for. You should also be aware of the current trends in the Porsche 911 market.
Once you have found a car that meets your criteria, you will need to inspect it to make sure it’s in good condition. Be sure to look for any damage or parts that need replacement. You should also get an estimate of how much it will cost to repair the car.
If everything looks good, you can then buy the car and start working on restoring it. Be sure to use high-quality parts when repairing the vehicle so that you can increase its value. When the car is finished, you can then start selling it.
3. Used Furniture
This is a great business to start if you love refinishing furniture or are good at it. The key to profitably flipping furniture is finding pieces that are in good condition but need some work. The good news is that you can find furniture everywhere – thrift shops, the junkyard, garage sales, or even online.
Once you’ve found a piece of furniture that you think you can fix and sell, the next step is to refinish it. This involves sanding down the furniture, painting or staining it, and then adding a clear coat of paint to protect it.
If you want to learn how to refinish furniture, plenty of online tutorials can help you. After learning how to do it and added a few tricks to make your furniture look even better, you’ll be well on making a profit.
There are plenty of businesses other than house flipping that can be profitable if done correctly. If you’re looking for an alternative business, consider buying used airplanes, restoring classic cars, or flipping furniture. Any of these businesses could be quite lucrative with some research and hard work.