Why it is smart to start investing in the stock market?
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Should I be a trader to invest in the stock market?
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What app should I use to invest in the stock market?
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Is it risky to invest in the stock market? If so, how much?
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Tell us if you are already investing in the stock market
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Being able to flip a house with no money sounds like an almost unattainable dream. However, it’s inherently possible, as many successful entrepreneurs can testify. The key is to leverage OPM—AKA, other people’s money—which is done through less mainstream methods of financing a real estate purchase.
Important House Flipping Information (Including how to do it with no money upfront)
A quick overview of house flipping
How do you flip a house with no money? 6 viable pathways
A quick overview of house flipping
In a nutshell, flipping a house involves finding a distressed property, making some improvements, and then selling it for a profit.
To do this, you must overcome 3 challenges:
Find a suitable property.
Finance the purchase price and the renovation costs.
Sell the property at a price that exceeds the value of the original purchase plus the money spent to fix it up.
How do you flip a house with no money? 6 viable pathways
Finding and selling aside, let’s look at 6 possible ways to raise the funds for your first (or next) fix & flip.
Tap into loans or line of credit: If you already own a property then this can be an excellent funding option. A Home Equity Line of Credit (HELOC) provides you with a revolving line of credit, much like a credit card. You could also consider a Home Equity Loan. Both offer competitive interest rates. Of course, you must consider that your home is being used as collateral, so you need to fully understand the terms and be confident in your ability to repay.
Consider government loans: The prime example is an FHA 203(k) loan, which is specifically for real estate investment. You will need a little capital to access one of these (anything from 3.5% to 10% of the purchase price) but it is a viable option that can get you on the ladder with very little funds.
Explore hard money lenders: These private companies lend money against the criteria of the estimated property value after the work has been completed. This removes many hurdles, such as being maxed out on credit or having to provide years of financial history. The interest rates might be slightly higher than more traditional lending avenues, but this kind of borrowing can be an attractive and fast way to build a property portfolio.
Crowdfunding: Strategic real estate crowdfunding is possible via multiple platforms. It involves several investors getting on board, each most likely putting up a relatively small amount. They get the benefit of a diversified portfolio and associated profits when the property is sold—you get to fund your fix & flip with little to no money upfront.
Seek out house-flipping investors: There are many experienced investors who are happy to finance or part-finance a fix & flip project. The best arrangements mean you get to benefit from their expertise and connections. They get to enjoy the potential profits without any of the hard work.
Private lenders: This could be a friend, family, member, acquaintance, business associate… In short, anyone you have connections with who wants to fund an investment with an attractive earning potential.
The key aspect of flipping a house with OPM is to have a strict legal agreement in place that all parties understand. This reduces the risk of conflict should unexpected outgoings or problems arise. All the above options have, and continue to be, successfully used by investors across the US. The one that would potentially work for you will depend on your situation and the level of risk that you’re prepared to take.
Always remember that, while a fix & flip can be fruitful, it’s a competitive playing field. Take financial advice as needed and do your homework before committing to any purchase, however it may be funded.
Looking for the Best Hard Money Lender? Contact BRRRR Today
BRRRR is fast becoming the go-to financier for property investors looking to expand their portfolios. In addition to funding hundreds of thousands of properties across the US, our expert team includes dedicated investment into real estate-focused disruptive technology. As we head into an exciting landscape of AI, ML, robotics, and other futuristic tech, advanced opportunities abound, if you know where to find them.
Whether wondering how to flip a house with no money or are looking for the ultimate direction for other, associated investments, BRRRR is with you all the way.