OK, so you want to start flipping houses with no money?
You can if you THINK you can. You think you can?
So far so good if you do. Thinking that you can do it is nearly 90% of the battle.
When it comes right down to it, money is everywhere. Yes, I mean EVERYWHERE. You just have to go out and get it.
The other 10% is ACTUALLY doing it.
So let’s get into it.
Who to Get the Money From
To flip houses with no money, you have to get the money from somewhere and there are really three sources we use all the time to get money from. If I haven’t said it before, I haven’t flipped a house with my own money in over two years.
Yes, two years.
Why? It’s because I’d rather use other people’s money and save my money for other things – in my case, college tuition and other cash intensive expenses.
So here are the three sources we use:
1. Private Money Lenders
These are ordinary people with money who have IRAs, 401ks, mutual funds, home equity lines of credit or CDs.
The best part is that you set the guidelines and rates not the lender.
They are all around you. Just look for them. They could be:
- Business Owners
- Your Internet Marketing Guy…
They are anywhere and everywhere. Just tell people what you do and they will come to you. Don’t sell them on “giving you money” – just tell them what you do and they will come to you.
2. Hard Money Lenders
A hard money lender is a business who lends at higher interest rates. The interest rates are usually 12-18% and 2-6 points. Expensive but it’s OK, don’t get scared.
The advantage is they …read more