Finding the money to start selling houses wholesale

Is finding the money to start selling wholesale homes holding you back?

When asked what has prevented aspiring real estate investors from getting off the ground and achieving their personal and financial goals through wholesaling properties, a surprisingly large number responded that finding the funds to get started was their biggest challenge. .

Of course, for many this may just be another excuse or form of self-sabotage. It is certainly hard to believe that with so much information available today that those who recognize the power of real estate investing to get ahead in life have not heard of no down payment real estate deals or how they can start selling homes without cash. . or own credit.

Even if you need to advance a few hundred dollars to close a deal and get it done, most can find a way to pull it off. As long as you’ve taken the time to study a good real estate investing course and have a wholesale home selling system that fits your means, there should be no excuses for not getting started and finding the money should be the smallest hurdle in your life. their way.

Still, for those who insist on access to more cash to start with, here are some options…

6 ways to find the money to start selling houses wholesale:

1.Family and friends

Perhaps the easiest and fastest way to find the extra money to get started in real estate is by calling family and friends. They won’t pull your credit or force you to fill out reams of paperwork to apply, and you could certainly be doing them a favor by allowing them to get a higher return on their savings and introducing them to the advantages of investing in property.

2. Hard money lenders

Hard money lenders have been pushing investors to sell homes wholesale for many years. They tightened up a bit after the crisis, but are loosening up again and are increasingly eager to lend. The principal loan is based on the value of a property and will lend at the ARV.

3. Transactional financing

Transactional financing is perhaps the best form of financing an investor could hope to find. Transactional lenders don’t care about credit or assets and don’t even need an appraisal. Even better; They will lend 100% of the purchase price plus closing costs.

4. Lenders and private investors

Individuals across the country right now are wondering how they can take advantage of the real estate market and get higher returns on their money, and you have the answer. You can help them put their money to work to finance their acquisitions and get better returns. It’s a win-win.

5. Crowdfunding

Crowdfunding platforms build on the above with websites designed to help investors raise money from the public. These range from trendy sites like Indiegogo and Kickstarter to peer-to-peer lending sites like Prosper.

6. Credit cards and lines of credit

While it may not be wise to bury yourself in debt early on if it’s just a few hundred dollars for deposit money, due diligence, or miscellaneous expenses, most would-be investors will find they can use personal credit cards or obtain lines of credit. Even if your credit is terrible and you’ve been through car repossessions and foreclosures, there’s a good chance you can get a secured card or line of credit from your local bank or more lenient lenders like Capital One.