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“How do I flip houses with no money?” A lot of people would love to invest in property and do it over and over and over again, but they just don’t have the funds. Or, maybe they do have funds and they want to do a flip and they go out there and they put their cash up and they get a loan and they’re able to do one or two or three properties at a time and then they’re out of business. They can’t do any more until they get those sold and then they can go out and get new loans. So, what you want to learn how to do is how to do it with no money. With no cash. You know, they say you need money to make money. I say that if you can’t make money with no money you probably aren’t going to make money with money. So if you learn how to do it with no money then when you make money on those types of deals and you have excess cash above and beyond what you need to live on, then you can start investing that money. And there’s some great ways to invest your cash as well which I’m going to talk about in some videos later on.
But if you want to buy properties with nothing down, the best way to start is, and this is what I teach my mentor students when they get in, because I know that they’re interested in getting to the cash as quickly as possible. So the best way to start is with what I call the For Rent Method. And essentially it’s just an assignable lease option. So we take a one-page lease option memo, we ask the seller to sign it and they tell us yes you can buy it on a lease option and you can assign your right to buy to someone else, and if you don’t buy it, that’s okay, too. That’s what a lease option says, essentially. It has the price, it has the monthly payment, it has the term of the lease which I usually do three years.
I have the Automarketer. Now, you could go find these sellers just by going onto craigslist or to Zillow and looking for for sale by owners. And then calling those people and say, hey, would you consider selling your home rent to buy rather than selling it outright? And you can either call the For Rent or you can call the For Sale By Owners. We originally started this by just calling the For Rents and we ran out of them so we started calling the For Sale By Owners and they worked even better. And now we’ve got the Automarketer set up so that it’ll actually text all those For Sale By Owners for you and with the text that says would you consider selling your home rent to buy? If you would, I’d be interested. Please let me know.
To read the whole transcript and more of Joe Crump’s articles, click here: http://joecrumpblog.com/?p=13936
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