If you’re looking at flipping a property with a high profit margin, consider securing your down payment or renovation money through home equity lines of credit, credit cards, selling an automobile or even a life insurance policy. I remember years ago when I took a cash advance on a credit card to buy a house.
However, buyer beware, research your investment thoroughly before turning to these riskier alternative sources of funding. Remember if the deal doesn’t workout you may be delivering pizzas & newspapers to repay your lenders.
Financing for the actual purchase of the property could be possible through private money lenders which you can find at a local real estate investors association or smaller local banks. Some private money lenders & especially banks require your credit history and/or expierance to meet certain criterias.
When you borrow from a person as opposed to an bank, that person is generally going to be more conservative and more protective of giving their money to a stranger.
Just be aware that you may be met with some adversity or skepticism if you do not have a history of successful real estate investments.
To learn more visit us next week at Corkys Bar-B-Q in Brentwood, TN 11:30-1:00pm or join online today.