So, you want to start flipping houses, but you don’t have enough money to buy and do the renovations?
Well in this video I will show you how we have flipped over 25 houses without spending a dime!
We'll cover the 3 Steps that have helped us do this time and time again and continue to do it and will continue to do it moving forward.
This episode is a continuation of our series on How To Build Your Buyers List In 2021.
If you haven’t seen those CLICK HERE!
I’ve covered how you can start wholesaling houses with no money by building the RIGHT buyers list. Well, now I’ll show you how to use that buyer's list to start flipping these amazing deals you’re finding.
When we use to do only wholesaling we use to dream about having enough money to be able to take on one of these deals and make more than the $5K or $10K we were making by wholesaling. Until one day that little lightbulb turned on and we started using this buyers list that we have been building and nurturing to start growing as investors.
Here are the 3 Steps:
1️⃣ We had a great reputation
a. As I mentioned in prior videos, your reputation is EVERYTHING when you’re starting off. In the beginning, you have NO business, you ARE the business.
b. We have been working with buyers who loved working with us and would buy anything and everything we brought them because they kept making money.
c. So when we decided to start flipping these ourselves it wasn’t a tough sell.
2️⃣ We found the RIGHT buyer
a. In the episode What to Ask Cash Buyers I covered why it’s SO important to qualify your buyers first.
b. If you have done so correctly you should know which one of your buyers struggles with having the TIME to flip these deals.
c. You approach them and give them the chance to partner with you on the next deal you find that makes sense for a flip.
3️⃣ Structuring the partnership
a. Education vs Profit
b. Credibility vs Profit
c. Experience vs Profit
d. Now, tell them that you will find the deal and help manage the renovations/buy materials/meet contractors, etc. And all they have to do is bring the money and you’ll split the profit 50/50.
e. What if they want more? DO IT! Remember you want Education, Credibility, and Experience. If you wanted money then just wholesale it and stay where you are.
🚨 In the next episode, I’ll cover how to go beyond these partnerships and getting 100% instead of 50%. So hit the Bell to not miss it! 👆
Know your Market! When you know your market you can see what they’re looking for and not “assume” that everyone wants an updated house. This has helped us pick up houses during Covid when many weren’t buying because they didn’t have the margins for a full rehab. We did a walkthrough of one where we made $40K in less than a week. By not having to do a major rehab we didn’t risk all of that capital.
👉Watch the walkthrough here
🎧 Complement with my new podcast episode on An Investor's Journey Podcast
🎥 🏚️ Check out our Property Walkthroughs
📧 Join Our WEEKLY Investor's Digest
✔ Subscribe To Our YouTube Channel (Ton of FREE Resources)
Before You Quit Your Job For Real Estate Investing Watch This!
Can You Succeed In Your Real Estate Investing Without Networking? [TRAINING]
Which Should You Do First Lead Generation Or Building Buyers List?
How To Get Free Mentoring
How To Get Started Wholesaling
How To Get Started With Flipping
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Keep sending us your questions! @prymehomes
Any questions, email jon@prymehomes.com
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