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Key Takeaways

Option to buy |Seller financing | Crowdfunding

Let’s make one thing clear: learning how to flip a house with no money down is entirely possible. There’s an entire community of investors ready and able to lend you the funds you need to complete your first deal. That’s right, there are plenty of investors willing to fill your pockets with their money — if you can prove to them that you deserve it, that is.

What Is House Flipping?

House flipping is the process of a real estate investor purchasing a property, making repairs or upgrades, and selling it for a profit. This investing strategy is intended for an investor to sell the property as fast as possible instead of using the property to reside in. house flipping is generally the most lucrative when an investor can locate an undervalued home and purchase it for a below market value and receive the highest possible bid once the property is repaired and put back on the market.

How Much Does It Cost To Flip A House?

The main costs of flipping a house will include renovation expenses, insurance, utilities, and marketing. The condition of the house upon purchase will determine the scope of work necessary to rehab the house and whether or not you will need to hire a contractor to complete bigger projects. You will need to cover homeowners insurance costs from the time you purchase the property until renovations are completed and you sell the house. The house’s utilities need to be accounted for during the rehab process as water and electricity will be necessary to carry out the rehab. Once the rehab is completed, you will need to spend time and money on marketing to attract potential buyers. It may be worth hiring a realtor to help get your property off the market unless you have an extensive network of real estate professionals already in place.

If you want to start investing today, using other people’s money will most likely be your quickest path to success, but you need to know who to look for. Below you will find your best options for funding your first deal.

8 Ways To Flip Houses With No Money And Bad Credit

Nowhere does it say an investor needs to fund a deal with their own money. As it turns out, there are several options for funding a deal made available to today’s investors, none of which will require you to use capital from your own pocket. In fact, it’s quite easy to argue that using other people’s money is the gold standard, at least when it comes to investing in real estate. If for nothing else, private lenders, hard money lenders and any house flipping investors with an interest in making money are all more than viable options to seek out for your next deal. Here are seven options to help you learn how to flip a house with no money:

Private Lenders
Hard Money Lenders
Wholesaling
Partner With House Flipping Investors
Home Equity
Option To Buy
Seller Financing
Crowdfunding

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1. Private Lenders

More often than not, private lenders will serve as an investor’s greatest source of funding. After all, private money lenders are essentially banks without the endless hoops to jump through most traditional lenders have become synonymous with. That said, private lenders are anyone with a few extra dollars in their pocket, a desire to invest, and a propensity to have their “ears bent.” Perhaps even more importantly, they are not associated with a financial institution or a government-backed agency, such as Fannie Mae or Freddie Mac. That’s an important distinction to make; it means they can make their own rules.

With the ability to set their own parameters, private money lenders will typically come at a steep price; it’s not uncommon for their fee to rest somewhere in the neighborhood of six and 12 percent, but I digress. While the average private money lenders rate is slightly higher than a traditional lender’s, they can have the money in an investor’s hand in as little as a few days or even hours. Therein lies the greatest benefit of working with private money lenders: speed of implementation. The slightly higher interest rate is well worth the cost of admission if it means an investor can secure funding in as little time as possible. Not surprisingly, most investors will find that the speed at which they can make an offer is more important than the interest rate it came with. On the other hand, traditional banks may take as long as 30 to 45 days to close on a loan or just long enough to let a deal slip through your fingers.

Most private money lenders will require a bit of an insurance policy; or, more specifically, a promissory note and a mortgage or trust deed on the subject property. Some private lenders will even want borrowers to take it a step further and guarantee the loan with their own assets, but everything is negotiable.

2. Hard Money Lenders

In their simplest form, hard money lenders are lending companies that offer specialized short-term real estate-backed loans. Unlike their private money counterparts, they are actually affiliated with a company that specializes in lending. However, hard money lenders will typically offer shorter loan terms to avoid confusion with traditional lending institutions. Whereas transactional lenders will offer loans up to 15 and 30 years, hard money lenders tend to stick with a six-month to two-year window.

Other than their affiliation with an actual company, hard money lenders will operate a lot like private money lenders. Not only are their lending guidelines a lot looser than traditional institutions, but their rates are also slightly higher. Hard money lenders will usually ask for about 11 to 15 percent and about five points (additional upfront percentage fees based on the loan amount). However, it is worth noting that there are no universal hard money lender guidelines; each will come complete with a different set of criteria.

It is also important to note that most hard money lenders will usually only loan a percentage of the purchase price — typically around 70 percent, to be exact. That will require most investors to look elsewhere if they don’t want to spend any money out of their own pockets, perhaps a private lender.

The Difference Between Hard Money & Conventional Loans

Conventional lenders like big banks judge whether or not to award loans based on the borrower’s qualifications, such as their credit

How To Earn Money On House Flip App