How To Flip Your Money: 6 Ways To Make Supplemental Income This Way

James Holbach  Thu, July 13, 2023 at 12:00 PM EDT

Financial independence is a dream for most of us — something we will likely spend most of our working lives trying to achieve. The best way to get there is to make your money work for you, by getting a return on it or by turning it into a income stream on the side.

One way to do this is by “flipping” your money.

Now, money flipping may sound questionable, but there’s nothing illegal or shady involved. It really just means investing in an asset with the intent of holding it for a fairly short time before selling it or cashing out for a return. There are a lot of ways to do it, too. Here are five below.

Real Estate Wholesaling

Investing in real estate can be very lucrative, but it typically requires significant upfront money. For those who don’t have that kind of cash on hand, wholesaling can be a great entry point.

“[Wholesalers] can use some money to get leads that are looking to sell their properties for cash, put those properties under contract, and then sell those contracts to [investors like a] landlord or house flipper. Using that small amount of initial money they can have it flipped into a much larger assignment fee that they can have cashed out in as little as a few days,” said Sebastian Jania, director at Ontario Property Buyers.

It’s important to do some networking and research beforehand, so you have an idea of where to look for leads as well as where you can sell your contracts.

Website Flipping

Flipping a website is essentially the same as flipping a house — you purchase it, make improvements, and sell it for a profit. As with real estate, flipping a website requires some specific knowledge so you can identify sites with the most potential for improvement.

“A key aspect of website flipping is adding value through strategic optimization. This can include improving the website’s user experience, implementing effective SEO (search engine optimization) strategies, enhancing content quality, and optimizing monetization channels. These enhancements increase the website’s appeal to potential buyers and contribute to a higher selling price,” said Dominik Maka, head of SEO at LVBET.

Maka also noted that building a network with other website flippers can be a valuable way to gain insight and experience, and to discover new opportunities.

To continue reading, please go to the original article here:

https://www.yahoo.com/finance/news/flip-money-6-ways-supplemental-160002861.html