How to Invest in Real Estate with No Money

How to Invest in Real Estate with no Cash

This week on the Fund, Fix and Flip Real Estate Investment series, Trainer Trevor Evans teaches How to Invest in Real Estate with No Money.
In this segment Trevor teaches our listeners on the following:
1. What are some strategies to purchase real estate with little or no cash?

2. What does Hard money lenders look for in a good deal?

3. How do you make your deal attractive to a Hard money lender?

Strategies to use other people’s money to fund your real estate investments:

1. Using your credit cards to fund your deals. The more credit you have the better off you are!

2. Hard money Lenders. Hard money lenders look at the asset and not at your credit score.

3. Borrow money from friends and family. You convert them into Hard Money lenders and pay them a good interest rate.

4. Borrow from your Whole Life Insurance policy.

2. Take a loan from your 401K.

3. Take out an Equity line of credit on your personal house.

The commonly used strategy in real estate investing is the use of a Hard Money Lender.
So, if the Hard money lender does not look at your credit, what does he look for?

1. Your expertise. Most Hard money lenders want you to have 3 investments under your name. This does not include your personal residence.

2. The ARV or after repair value. The property must have equity before the deal is made.

3. How did the property come on the market. Eg is it a Foreclosure, short sale or probate.

4. What is your exit strategy? Are you buying to hold or buying to rehab and Flip.

5. How long you need to complete rehab work.

6. How much is the estimated cost of repairs.

Hard money Lending

Tip of the week:

Confessions of a Hard Money Lender -And Why We Hate Hearing “I Need 100% Financing”

Make no mistake, hard money lenders need borrowers to deploy their capital and get a return on investment for their capital partners. They often enjoy repeat business – real estate investors aren’t typically one-time borrowers, so asset-based lenders like hard money lenders or private money lenders value the business relationships they develop with quality borrowers.
One way to invest in real estate with no money down or little or no cash is to borrow from Hard money lenders who charge high interest for short term loans. When hard money lenders provide a loan, they want to be confident that the borrower is able to repay the loan on time. If the borrower isn’t able to pay back the loan, this creates a great deal of extra work, stress and potential financial loss for the lender. A strong borrower with a significant down payment (or equity in the property) and cash reserves has the best chance of obtaining a hard money loan and succeeding with their real estate project.

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Looking for a Hard Money Lender? Here is an article from Connected Investors on how to get bids on your project.

real-estate-investing-funding-portal-

Connected Investors, the world’s largest real estate investors network and marketplace, today announced the launch of the first centralized real estate investment funding portal, CiX.com. The technology allows real estate investors to quickly and easily submit their deals to a network of asset-based lenders, ensuring the best terms for loans on their investment properties.

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Real Estate Investments: Fund, Fix, Flip series – How to Get Started with Wholesaling

How to get started with Real Estate Wholesaling

“A real estate wholesaler contracts with a home seller, markets the home to his potential buyers, and assigns the contract to the buyer. The wholesaler makes a profit, which is the difference between the contracted price with the seller and the amount paid by the buyer.”

Tip of the week: So What Exactly is Wholesaling Real Estate?

Wholesaling is often marketed as a low-to-no cost way of getting into real estate investing and this can be true. A new wholesaler can certainly profit with a much lower initial cash outlay than an investor who has to buy a property and rehab it. However, the successful wholesaler has to have a firm grasp of what makes for an attractive deal – once you understand this process of wholesaling, it becomes much easier and can be broken down into a serious of repeatable steps.

Word from our sponsors:

Flip or Flop

Are you looking to invest in the south Florida market? The time is ripe for investors. Call MyHelps Real Estate Investment Services Services LLC at 954-999-6125 for all your Sales, Rentals or Property Management services. We are licensed in real estate and property management and will buy or lease your property. Don’t delay, Call today 954-999-6125

My co-host today on this podcast is Trevor Evans.
Trevor is a Professional Speaker, Real Estate Investor, Retail Store Owner.
Speaker/Trainer for Rich Dad Education and Founder of Personal Awakening brand “Being Normal Sucks.”
Trevor has also been married for 19 years and have 2 beautiful daughters ages 22 and 18.

Bio: Coach Myrna Young –
Certified Professional Spiritual, Life and Executive Leadership
Coach, Motivational Speaker, Published Author, Realtor and Real Estate Investor
Past president and CEO of A Royal Livery Limousine Service, and Entrepreneur of the year, Myrna is now the President and CEO of MyHelps Consulting LLC. I am also married and the mother of 5 children. Myrna currently lives in South Florida.

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Show Notes:

• Topic: How to get started with real estate wholesaling
1. Question 1: Tell us of your path to becoming a Speaker/Trainer for Rich Dad Education.
2. Question 2, What do you feel is a step by step plan to becoming a Real Estate Wholesaler?

Step 1: Create a Database of buyers:
Contact local Rehabbers and Contractors and ask them what kind of properties they are looking for to rehab.
You can find them at your local Chamber of Commerce or your local REIA

Ask them these questions.
1. What kind of properties are they currently rehabbing?
2. Type of properties they like to work with Eg. Single family or multi family?
3. What are they certified to work on? Eg. Are they certified to work on burn down or water damaged properties?

Step 2: Put an AD on Craigslist
Ask the following questions when you get responses to your AD
1. Is the property listed with a Realtor?
2. Are you speaking with the owner of the property?
3. Is the property in Foreclosure, probate, bank owned, or free and clear
4. Does the property need rehab? If so what is the estimated cost of repair.

Step 3: Put together your power team which includes your Title and Escrow Agent.
If you structure your deals properly, you could use one escrow deposit for 10 properties!

Question 3. In our first episode you talk about process. You said that setting up a process prevents failure.
What is the process for the real estate Wholesaler?

Wholesaler Website: do you need one

My friends at Connected Investors wrote this article on Getting started with real estate Wholesaling.

Wholesaling is often touted as the easiest entry point into the world of investing in real estate. And financially speaking the barriers to entry are generally a lot lower, especially when compared to fix and flipping or buy and hold investing. Many experienced, professional investors have door-knocked and bandit-signed their way up the REI ladder without having more than a cell phone, gas money, and the will to WIN. read more …
http://connectedinvestors.com/blog/find-it/wholesaler-website/

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Free eBook: Wholesale Plan of Action Cheat Sheet

This cheat sheet was created by Trevor Evans and Myself and goes into further detail on the Wholesaling steps.