How to Flip a House with No Money
One question that I get a lot is â€œhow can I get into the house flipping business with no money?â€
I really enjoy talking to these kinds of people because they are usually highly motivated and action oriented.Â They have made the decision to change their lives â€“ they typically want to one day achieve financial freedom.Â I really respect that and I always do whatever I can in my power to help them get started and being learning how to flip a house.
Unfortunately many of these folks do not come from money and have little dough in the bank.Â Actually, I would go out on a limb and say that most successful house flippers began their career with little or no money in their wallet.Â Fortunately it is very possible to begin a house flipping career with no cash at all.
Now, if you have money then starting a career in house flipping will be much easier.Â Thereâ€™s no doubt about it, if you have hundreds of thousands of your own dollars to invest you are absolutely a step ahead of the gang.
If you are not one of these people with hundreds of thousands of dollars, then donâ€™t let your financial situation deter you from launching your house flipping career, or any career for that matter.Â As long as you possess the motivation and passion, then you will find ways of starting without shelling out your own money.
With that said there are certain techniques/strategies that people with no money can use to get into the house flipping business.Â One of these strategies is called wholesaling.
Wholesalers essentially bring deals to people like me.Â I will then run the numbers, and if the deal looks good, I will pay a commission of $2,500 - $20,000 per deal.
So how can you go about finding wholesale deals to present to a real estate investor? How can you find a real estate investor to present deals to?
Well the best way is to expand your network.
I recommend attending your local real estate investors meetings and virtually any and every networking group related to the real estate industry.Â Over time youâ€™ll develop contacts that will help you find these lucrative deals.
Now I donâ€™t often pay out $20,000 in commission per wholesale deal, but I have in the past.Â On average I pay around $5,000 for each promising wholesale deal that is brought to me.
There are wholesalers that work part time, finding just a handful of deals per year.Â Just imagine what 2 or 3 wholesale deals a year could do for you.Â Imagine the impact that an extra $15,000/year could have for you and your family.
The best part is that a successful wholesaler usually begins to branch out into other aspects of real estate investing and house flipping very quickly.Â Wholesaling is a great way to enter this business.
If you have any questions regarding wholesaling, or other ways of entering the house flipping business with little or no money, then please leave a comment below or contact me at firstname.lastname@example.org.
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