How would you finance flipping property projects? - Posted by Allan

import · February 24, 2003, 6:26am

Posted by Sam on March 24, 2003 at 18:24:43:

Do you have or do you know where I can get a iron clad contract for flipping that protects me, the middleman? I am trying not to employ or retain an attorney.

import · February 24, 2003, 6:26am

Posted by Allan on February 24, 2003 at 07:26:55:

I was told that the best way to start investing in realestate without any job, cash or collateral is by flipping properties to build capital. My question is, how would I structure the financing for such deals without cash or collateral? How would I secure the property that I am wanting to buy and quickly sell for profits without putting down deposit or providing lenders with collateral or proof of my ability to service loan?

Could you please email me if you’ve got some advice, my email is allan_f_cruz@hotmail.com

Thanks.

Allan

import · February 25, 2003, 10:11am

Re: How would you finance flipping property - Posted by Bill_AL

Posted by Bill_AL on February 25, 2003 at 11:11:21:

The simple way to do this is to acquire options on properties with minimal amounts of money. Then sell or assign your option to somebody on a quick flip for profit. Safe and simple. Wishing you the best in your investing…
Bill_AL

import · February 24, 2003, 9:34pm

Easy!!! - Posted by Zack W [PA]

Posted by Zack W [PA] on February 24, 2003 at 22:34:45:

Allan,

In my opinion your advice was sound advice and “flipping” or as I like to call it “wholesaling” houses is a GREAT way to build cash reserves, so good job so far.

Now, to your financing question and how you go about obtaining it. The reason “flipping” is a great way to get started in real estate is because it requires NO financing [technically speaking]. The object of flipping is to put a house under contract for x, and sell it to another person for x plus your profit before your deadline is up. Now obviously, there is a lot more to know but that is the general principle, you just need to put the pieces together so it works. I would suggest studying up on flipping here or via courses for sale on the subject.

To answer your question about how you secure property without putting down a deposit or providing lenders with letters, is YOU DONT! You need to ussually put down a deposit, and most agents will require a pre approval letter. Solution? Deal with private sellers, then you make the rules! Best of luck to you.

Zack Wiest [PA]