3 Ideas on Where You Can Get Funds for Your House Flipping Business
Wednesday, December 27, 2017, 6:00 PM | Leave Comment
First things first; flipping is a term used to define the act of buying a revenue generating asset and reselling it at a profit.
So, in this case, house flipping simply means purchasing a house and then reselling it at a higher price. So, assuming that you have no money, can you still get into house flipping business? Well, the answer is yes!
You can invest in real estate without spending a cent of your own money. I know that this may sound too good to be true, but this s post explains exactly how you can fund your house flipping business.
So, here are 3 ideas of where you can get funds for your house flipping investing business; (please) keep reading.
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From private money lenders
Away from the bank and other financial institutions, there are some pretty reliable private lenders that you can talk to. Good news is, this could just be anyone new or someone you already know.
So, all you need to do is meet with a private lender, explain to him or her what it is that you intend to do and if you convince them enough, they might actually end up approaching you as opposed to you approaching them.
However, if you do not have a solid plan for your house flipping business, it will be of no use sitting down with a private money lender.
At the end of the day, these money lenders have no time and money to waste on investees who lack a solid plan.
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From friends and family
Friends and family are somewhat similar to private investors. You approach them and explain to them what your ideas and plans are for this business. The good news is that unlike private investors, family and friends may need less convincing.
However, if truth be told, borrowing money from friends and family members will not be a walk in the park.
At the end of the day, emotions may get in the way and money issues may get more and more complicated.
So, as you get funds from your close friends and family members, always look at it as if they were your private lenders.
And now that your mom, sister or uncle has agreed to fund your career in real estate, be sure to pay back the amount you borrowed.
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From partners who have money
Believe it or not, so many businesses have become a success just because one of the partners agreed to fund their career.
So, worry not; if you can find someone who has money and is willing to partner with you, then grab the opportunity.
A good example of such a scenario is where you might have a private stakeholder who funds you all the cash for the real estate investment and then you do all the work.
And for such a case, the profits are split 50-50 when the work is done. And although you might be giving away half of your profits, it is a good start for you to pace your real estate career.
There you have it! Don’t just sit and sigh because you have no money. Money is everywhere; you just have to go out and find it.
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