Wholesaling Basics: How to Flip a House with Little or No Money Down – Part 3
They say three is a charm, and man oh man are they right! (Who is that, anyway?)
Welcome back to the series, Wholesaling Basics: How to Flip a House with Little or No Money Down. Today, I bring you the third and final segment. It’s short, it’s sweet, and it’s oh so insightful.
In Part 1, I blew your mind (insert explosive sound and hand gesture) by introducing the concept of wholesaling with little or no cash. We talked about effective marketing, contracting and even scripting. Then in Part 2, we covered the stimulating world of escrow and paperwork, and you powered through it with both eyes open. Hats off to you! (If you haven’t read those informative posts, do that so you’re all caught up for today’s final post in this series.)
So today, is all about finding those who have the money and turning contracts into cash.
Let’s break it down, shall we?
How to Convert Contracts to Cash
You recall (hopefully) that once you get the contract, you’ve got 15 days to find a cash buyer to step into your shoes. Do you want to kick those shoes off before the 15-day mark? Sure. But it’s not the end of the world if it takes the full 15. Just remember that.
You’ve got the eye of the tiger on that 15-day window, and now it’s time to go cash buyer hunting. Sounds fun, right? Once you have the contract, get out there and start marketing (again).
If you’ve been flipping houses with little or no money down for some time, then you should have your cash buyer’s list ready to go complete with names, emails and digits. These are the people you’ve networked with over the months or years… those who have said they are interested in you finding them deals.
But what if you don’t have a list? Don’t sweat it! There are dozens of ways to get in touch with cash buyers, and here are just a few:
- Bandit Signs
- Networking Events
- Social Media
- Foreclosure Auctions
- Direct to Seller
You can even advertise your smokin’ hot deal on other websites – say, at a $10,000 mark up, and then watch the rehabbers and other buyers come out of the woodwork!
Batter up, Helloooo Cash Buyer!
So, you’re marketing like the house-flipping ninja you are, and suddenly a cash buyer steps up to the plate. Swing batter, batter, swing batter!
Now you’ve got a decision to make on how to close the deal. You can run with the “assignment” method or you may want to choose the “double close” method.
The assignment method is cheaper and simpler, but everyone and their mother will see what you’re making on the deal. There’s no privacy for what you’re earning. If that’s a biggy to you, then you may opt for the double close, which is more expensive and involves a full-blown contract, so we’re talking time and lots of details here. But, no one will be able to know what you’re making on the deal, so your privacy will be preserved.
It comes down to your personal preference, really. But either way, once the deal is done, everyone’s a winner, and everyone walks away smiling. You make a quick and easy $10,000, your buyer will make bank down the road, and your seller walks away with the money they wanted.
And that, my friends, is a good day’s work.
The Bottom Line
It all comes down to leads, systems and marketing. Didn’t I say 3 is a charm? Have these 3 key components in place, and you too will be able to do deals weekly, maybe even full time. You will experience financial freedom and control over your destiny if you follow the steps and tips I shared with you in this series. Just get in the game, get out there and start making money!
It’s been awesome sharing these tips with you on house flipping with little to no cash. Remember, it’s your responsibility to succeed in life, and this is one amazing way to do so.
It doesn’t matter where you’re from, if you have a college degree or even if you have experience house flipping. I mean, you don’t even need a license to do this, people! Just get off the fence, get one deal under your belt and watch the ball roll all the way to the bank.
As always, keep it classy, my fellow investors.
Hit Me Up!
Got some awesome insight or your own experience flipping with little or no money down? Talk to me below.