You don’t need money to start flipping house. You can use loans to flip houses. Find out how that works here.
Just about everyone has heard the adage, “It takes money to make money”. What many people don’t realize is that you don’t have to have that money in your bank account. Instead, you can simply borrow the money.
When you borrow money to get into a new business, such as flipping houses, you can pay back the loaned amount and make a profit. How does that work? Read on.
As long as you can be approved for a loan, you can get into the business of flipping houses. Even if the loan amount is not high, you can get started.
This is case study of a person who used loans to flip houses and is now a millionaire.
Jared Betty was approved for a $85,000 loan. With that loan, he worked with a Realtor to find a property that was $53,000. This property was a foreclosure that needed a little work. After purchasing the home, he put $25,000 into the home to bring it up to code and beautify it.
As soon it was ready, he had the Realtor that helped him find it put it on the market. It sold within a week, and he sold it for $95,000. He took the remaining money from the loan he received to pay the Realtor and pay back the loan. He then took out another loan, and since he had a previous loan that was paid for quickly, he was able to get approved for $100,000 the second time.
He used that money to purchase another fixer-upper, and used the remaining to renovate it. This time, he was able to double his investment walking away with $100,000 after paying his Realtor and the loan back.
With $100,000 in profit, he purchased a home that was about $80,000, put in $15,000 for renovations, and sold it for $135,000. His profit was $40,000.
Jared now rolls over his profits into bigger homes for more profit. He makes hundreds of thousands of dollars from each sale instead of tens of thousands.
The business of flipping homes is not difficult. With so many loans available, you can find ones that fit your current financial situation. No matter if you have no credit or bad credit. You can get out from being stuck in a financial pit. Use loans to flip houses to make money for a secure financial future.
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Dennis Dahlberg Broker/RI/CEO
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About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.