Edward Day - Flipping Houses With No Money Down: How To Flip Homes For Beginners, Attract Real Estate Investors, and Finance Projects Using Investment Capital

Flipping Houses With No Money Down: Three-Hour Crash Course

How to Flip Homes for Beginners, Attract Real Estate Investors, and Finance Projects Using Investment Capital

Edward Day

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Introduction

Buying real estate is not only the best way, the quickest way, and the safest way, but the only way to become wealthy.

- Marshall Field

F lipping might sound like a trick that you could do on a trampoline as a kid, but its arguably much more fun than that (and youre less likely to give your mother a heart attack while doing it). In the United States of America, the term flipping is often used to refer to the buying and reselling of assets to make a profit. You can flip anything from retail products to cars, but the most profitable asset to flip by far is real estate. Flipping houses involves buying property, renovating or rehabbing it, and reselling it for a profit within a year of its initial purchase.

Flipping real estate might sound like a pipe dream to some, but the fact of the matter is that more than 200,000 residential properties are flipped by average Americans every single year. Whats stopping you from joining them?

Not only are hundreds of thousands of Americans flipping homes every single year, but theyre also making a lot of money doing it. ATTOM Data Solutions, one of the USAs leading property data and statistics companies, estimates that your average flipper makes about $65,000 per transaction (or a profit of 40% of the amount that they initially invested in the property). Jason Kidd says that aspiring house flippers need to flip at least two to seven houses per year if they want to make flipping property their full-time job (dont worry, Im about to teach you how).

Many people make a living off of flipping houses, but some make millions, like Sidney Torres, Lin He, Jennifer Beadles, Frank Cava, and Armando Montelongo.

Sidney Torres is a real estate investor (and the host of the property-centric television series The Deed) who has made millions flipping houses. He was only earning about $40,000 per year when he first got interested in real estate, and soon had his heart set firmly on a property in New Orleans. The only problem was that the propertys price tag was $40,000. Torres pleaded with his grandmother, who had always acted as a mentor to him, to lend him the capital that he required to make the purchase, but she had some requirements of her own.

She asked Torres to essentially submit a business plan, including time frames and financial analysis, before she would even consider discussing lending him that amount of money. Fortunately, she was impressed with his submissions and decided to help him. By the end of its renovation, Torress first-ever investment property was worth more than $60,000 more than what he had originally paid for it, starting a landslide of real estate success. He currently has a net worth of about $300 million, proving once and for all that theres (a lot of) money to be made flipping houses.

Lin He bought a dilapidated mansion in Malibu for $985,000 three years ago and spent about 90 days renovating it and giving it a makeover. Just like Torres, he did a lot of work on the house himself, which helped him to keep his costs low. After three months of rehabilitation, he put the mansion back on the market for just under $2 million and managed to sell it for more than twice the price that he originally paid for it.

He says that even when taking into consideration the vast amount of work that he needed to have done on the house (which naturally came at a cost), he still managed to make a clean profit of nearly half a million dollars from the deal. He proves that you dont need to flip 20 houses every year to make a substantial profit if youre willing to hedge a bet on some more expensive properties.