myEmpirePROQuestion: “Can You Really FLIP HOUSES with NO MONEY?”
Let’s focus on “Really” because that person obviously is asking this question,
…have seen maybe, in different places that says “hey you can flip houses with no money down”.
Not necessarily no money but it’s more like, none of your personal money.
It’s simply none of your personal money that has to be involved in the transaction.
This is true with everything else in life, it’s not just real estate.
I think people get wrapped around the whole idea of “this is real estate, obviously it takes money, downpayment, closing cost to buy real estate”.
They’re actually right.
The only thing that’s not true about that statement is, it doesn’t have to be your money.
There are people that are able to put the money down or actually pay cash for the property.
There are people that are able to pay full blown closing costs on the property that they want but they don’t have the time to find the desired property,
…and you get paid for that.
That’s what realtors do except that the realtors have to actually represent the interest of the seller and the buyer.
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Something called the Fiduciary Interest, they have to basically protect their interests.
As an investor, you’re not obligated to protect anyone’s interest,
… but you are only obligated, it’s not really an obligation.
It’s a choice that you have that you can help investors who for the most part don’t have the time, resources or the skill set to market and find good deals.
You can acquire the skill set, you probably have the time if you don’t have money, or you could create the time and learn how to find deals.
So the question is, what is a deal?
How do I identify a deal?
A deal is something that somebody values that’s “okay it’s a lot cheaper than what you will find it for in the market.”
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What is a deal to each individual investor, that can vary from location to location, from investor to investor.
But once you find a deal that basically fit most people’s criteria,
For example, 40-50 cents in a dollar of a property will be a deal for anyone considering there’s not a lot of work to be done in the property,
…because they can literally buy the property and sell it the next day and make a profit.
That’s valuable if you learn how to find such deals, no you just invested your time in real estate, no money involved.
Somebody else’s money was involved.
Not only that they paid you a fee for finding the deal and its’ as simple as that.
So, can you really flip houses with no money?
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All day long, yes.
But hopefully that explanation made sense to you.