Real estate investing is enormously profitable if done correctly. Fix and flipping in my eyes is fun and rewarding to my checking account. So how do I and most investors find the houses and the money? Well its easier then you could imagine.
So you need money. Well it’s readily available for just about everyone. Let me say this first, I hate the banks. I have seen people with 800 credit scores and making 200K a year get turned down for simple loans because banks just won’t do their job and loan money to people. I recommend you stay away from banks when you are looking for cash. They are just a headache and not worth the hassle that they will create. Money for real estate is readily available from some where else and its much easier to get.
I recommend that you look at hard money. Hard money is private money. It usually comes from a hard money lender but it can come from anyone who has money to loan. It is usually money from some ones retirement fund or some private investor who wants a good return on his money. It will be more expensive then regular loans (somewhere around 10-16% and will require you to pay points) but its much easier to get with bad credit and it will cover acquisition cost, repairs, closing costs, and sometimes even a few payments if you do it correctly. You need to be aware that this is very short term money (usually 6 months) and if you don’t sell your house or refinance the house after 6 months then they will foreclose and your done.
The houses are the simple part. You can go looking for houses on the M.L.S. or higher a realtor to do it for you but why go through the hassle. Many big investors go through people called wholesalers. These are people who go find the houses for you and assign the contracts to you and make some money at the closing. You see these peoples signs everywhere saying ” We buy houses” or “I buy houses”. Good wholesalers will advertise everywhere including the internet and can get anywhere between 10 to 15 houses every month. This is what I do. I buy houses from distressed home owners and banks for dirt cheap prices.
Concentrating on your business is paramount. You need to learn to delegate certain parts of your business and concentrate on the core aspects so you can be profitable. Let a wholesaler like me take over your home buying needs and you work on fixing up the house and selling it.
My wholesale houses are just a click away. Sign up now for free.. Free reprint available from: Who to get financing and get houses for fix and flip deals.