You can flip a house with no money!? For the most part this is true. As a real estate investor starting out you can flip a house with no cash of your own. You just have to build the right relationships. Real estate is a relationship business, and building the right ones in the right way can get your career of the ground in a hurry. This post is all about learning to flip a house with no money. There are four different options to explore which I will be covering in detail. These aren’t all of the options out there for real estate investors to leverage, but these are the four that are most widely used and battle tested. Hard money lenders Hard money lenders are a great way to get financing if you are trying to flip a house with no money of your own. They offer a specialized type of real-estate backed loan. These lenders provide funding based on the value of the house being put up for collateral and charge much higher interest rates than banks. Why is that? The majority of the deals these types of lenders fund do not conform to bank standards like verification of borrower’s income, assets, or credit score. What are some of the risks when dealing with hard money lenders? For a new or first time real estate investor trying to flip a house with no money, it may be hard to provide your “ability to repay.” Hard money lenders will most likely require tax returns and bank statements. If you are a seasoned investor and have no problems providing this, some other points to pay attention to would be the higher interest rates and shorter term loans. If you are going to look into hard money lenders, make sure to get information from more than one. Different lenders will have different requirement, interest rates, and different terms. Great if you already have a house under contract Be prepared to put your property up for collateral May need to provide ability to repay Look into more than one Private money lenders Private money lenders are people or companies outside of banks who can provide you with the money you need to flip a house. These loans are normally secured by a note or a deed of trust. Compared to hard money lenders, these types of lenders are normally found through personal relationships. Securing a relationship with a private money lender won’t just help you flip a house with no money of your own, but many houses. Finding a private money lender might be easier than you think. You can start with people that your regularly communicate with. Friends, family and coworkers are all great places to start. They are easy to talk to and are typically easier to get a yes out of. Another...
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REIA stands for Real Estate Investor Association. REIAs can be found in every state in in pretty much every major city. They have been around for some number of years now and provide great stepping stones for new real estate investors looking to get a foot in the door. REIAs normally have regular meetings during specific days of the week every month of the year. You can normally google search “REIA” or “local REIA” to find the organization closest to you. Normally after a seminar or meeting you have the opportunity to sign up, normally for a fee. Whatever the cost is, pay it. The tools made available to you through these organizations is completely worth it. Every REIA is different, but all of them have the same end goal, to provide up and coming real estate investors with the tools to be successful. How exactly can you benefit from joining a local REIA? Networking Real estate is a relationship business. Having a wide network can help lead to success in any market, good or bad. How can joining a local REIA help you to better network yourself? Normally the speakers at REIA meetings are great sources of information on who to contact in town for specific services. They normally know who is who and how they can benefit your business. Whether you are just getting started or you are just looking to expand your team, ask the speaker for advice. Look around you! REIA meetings and seminars are all filled with professionals who are in or want to be in your profession. Real estate investors, realtors, wholesalers and lenders can all be found at local REIAs. Get yourself some business cards and put yourself out there! You could get lucky and find a great mentor or a partner you could end up working with for many years. Local REIAs are also very good at providing business cards of other industry professionals. There is normally a very large table full of business cards from painters, contractors and other industry specialists. Once you become part of an REIA you can get the names of great specialists in your local area through other members and services provided by that REIA. Talk to your speaker or meeting leader for great local networking. Interact with other professionals during meetings Check every meeting/seminar for business cards and use your member services Education Education is something you can never have enough of. In the real estate industry education is what keeps you competitive. Your local REIA is a goldmine of information and the perfect place to educate yourself on everything real estate. Free seminars are normally a great place to start the education process. Normally the seminar covers a very specific topic in pretty good detail. Actually being a member of an REIA gets you access to so much more!...
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REIA stands for Real Estate Investor Association. REIAs can be found in every state and in almost every major city. The National REIA is made up of many of these smaller associations throughout the country. Roughly 40,000 members are represented by this national organization. In this article we will be taking an in depth look at the National REIA. We’ll be covering topics such as the benefits of joining, the concept and the purpose of the organization. What is the purpose of the National REIA? As with any REIA, the National REIA provides organization and stability to members. The National REIA’s main purpose is to “To advance and protect the industry of real estate investing while helping real estate investors prosper and add value to their lives and their communities.” While most local REIAs provide a level of protection through education, the National REIA takes protecting their members to the next step by protecting the integrity of the real estate investment business as a whole. The National REIA is also able to advance and influence the real estate investment industry because of its size and reach. It is the only real estate investor organization that spans from coast to coast. This makes it one of the greatest go-to places to keep up with legal policy and practices. What are the benefits of the National REIA? If you are familiar with Real Estate Investor Associations then you know there are countless benefits to being a member. REIAs pride themselves on their abilities to educate, support and promote. How can these help you? Joining a National REIA will get you access to priceless education from people who are extremely successful in the real estate industry. While you can learn a lot from reading and studying books. National REIA meetings feature top industry professionals who have already sorted through the proven methods to being successful and the “tire kicker” methods. While coursework is great, your best resources for education in the National REIA are your peers and speakers. The support you receive from the National REIA is amazing. To have a nationwide network of resources at your disposal is something that you don’t find very often. The National REIA is a big promoter of sharing knowledge and resources to help advance the industry as well as keep a higher standard of business among their members. With real estate investors from coast to coast helping one another, it’s no wonder why the industry’s best and brightest are National REIA members. Where should you start? Joining a local REIA should be the first order of business. Make sure that they are a part of the National REIA. Attend your local meetings and seminars and start using some of the tools available to you. The National REIA promotes regional events in every part of the country. The next step...
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One of the fastest ways to build a fortune in real estate is by flipping houses! I have spent the last decade flipping houses and have been very successful at it. Once you start flipping houses, the sky’s the limit! So what are you waiting for? Study my educational video library and start investing today! A seasoned investor with over 10 years in the industry, Andrew is a nationally recognized speaker and educator. His passion is helping people find their purpose and in 2013, he celebrated a groundbreaking strategic alliance with Home Depot, Inc. Andrew has flipped hundreds of homes in multiple states and tours the country sharing his vast wealth of knowledge with investors of all experience levels. Andrew loves to teach new investors how to flip a house and mentors a small, select group of student investors who have had great success applying his proven systems. Click here to watch the video! ...
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