I want to go into Real Estate “flipping” houses. Problem- very little (no) $$! I’ve the fire-not the bucks!

See if you can find a financial backer to help. How are you “ready in every way”. Can you repair the house? Do minor construction? Lay carpet, lay tile, plumbing, electric? Can you do these things to make the house better and increase value?

If you dont havethe means$$, no can do. I don’t recommend it at all. How are you going to pay closing costs? How will you pay for materials and labor?
Even if you bought a great fixer upper, there is no guarantee you will unload it. You could be stuck responsible for that mortgage until it sells, period.

There are several things you can do in flipping properties. Most people that started flipping properties started out the same way.

It is always a good idea to flip when you know what you are doing. In this regards you would normally select an area of your choice that is good for you to work and close to where you reside.

I would suggest that you go to your local book store and purchase a couple of books on foreclosures, distressed properties, and buying, rehabbing and flipping. You might also find several other books that you would like to purchase. You might also find a few listed in your public library.

You might also purchase one of the TV guru’s programs. In the program you will find several things of interest. You will find script to use on potential individuals that you would want to purchase their house. A slew of legal forms that you can use as well as a formula that will tell you if the property you are purchasing is gonna give you a profit or not and how to use the formula.

The also have a section on how to attract investors to split the earnings with you, and a section on whole selling properties to others so they can fix them up giving you $5k-$10k depending on the value and profit for the ones buying from you.

Their package will also tell you things you should look out for in your purchase as well as things to that you should beware of.

You should form yourself a professional team to assist you in your newly found career. This is a partial list that you might start with an attorney, real estate agent, a mortgage broker, a home insurance agent, a notary public, a title rep as well as an escrow closing agent. You might want to add or take away depending on how you feel.

You will also need to develop away to market yourself so you can have an unlimited amount of properties to buy and sell even in a slow market. I will list a couple of ways to accomplish this.

#1 Advertise in the local newspaper that you purchase foreclosures and other distressed properties.

#2 Purchase a foreclosure list from a list broker (Do a mailing campaign like everyone else)(You might also cold call off this list but you must beware of the no-call list)

#3 Select an area in your city to devote full time work in. Walk the area for about 2-3 weeks telling the folks outside their homes what you do pass out flyers out ling that you buy foreclosures and distressed properties as well as probates.

After 3-4 weeks of walking in the neighborhood, contact your title rep and ask for a farm package of the names of the people in your farm area. Now each month mail a newsletter to the names on your farm list.

This method should give you 1-2 housed per month to buy and flip, word of mouth will give you another 1-2.

That will keep you busy with enough to do and earn. You can always expand and you will as you learn more about your trade.

I hope this has been of some use to you, good luck.

“FIGHT ON”

Everyone wants to go into flipping after they watch those TV shows. Flipping is not as easy as it looks on TV, one of the main reasons is because of the money. With no money you will have to borrow the money to buy the home, and the money ti fix it up. A mortgage company will not give you the fix up money, and a hard money lender will want to see that you have some of your own funds to repair the home as well.
Why would i want to put up the money for you to buy and fix a home when you are taking absolutely no risk.
I would suggest you save some fix up money so that way people will see you have a vested interest in the investment as well as them.

Flipping properties can be very profitable, but be careful. Flipping properties you will need money to renovate & budget enough money for cost over runs.

One option if you have no working capitalt:

1) pre-approved for 100% financing with a 1yr term
2) find a property that is need of work in a good neighborhood
3) arrange for any work to be done a home centre (Home Depot)
4) make sure you only apply for the renovations when they have the promo ” don’t pay for 1 yr”
5) this way you will be able to buy a home renovate & pay off the credit card wiht the profit that you expect to make form the renovations

This is obviously not the best way to flip a home, but when you are starting out and have no money then you have to make do with whatever you can. If you make money from your first home, then you will not have to use the credit card to finance renovations.

Buy a lot of books about the subject, learn from other peoples mistakes.

Good luck

If you were in Alberta Canada, I would be able to find you the 100% financing.

Also there’s a loan product which is called purchase plus improvements. This loan may not be available where you live but it’s essentially you buy a property and have a couple of quotes for the work required.

Good luck

No $, then no flipping. Why do you think you should reap the reward if you’re not able/willing to get exposed to the risks?

Without financial backing, this is a bad idea. Someone would have to underwrite the paper, and you could lose your shirt in a hurry. Every house flipping show you see has the flipper sweating the financials, there is a reason for that.

See if you can mentor under a house flipper on TV to see if you still have the fire after you do this a few times. Lend your services for a fee and an inside look on how a successful flipper makes this work. Perhaps you could work this angle for a creative entry into flipping.