Sorry, but this is what is known as a come-on because you can’t do it. Or so I think. But I did happen on a site that claimed to do it, so if you want to continue reading, I’ll tell you what they said and what I think of it.
It was written by what they call a “flipping coach.” (This did not inspire my confidence but I am trying to take it seriously).
The first several hundred words (no, I don’t know how many, didn’t count them but it went on and on) described in detail how the only way to make this happen is simple. Believe it. Think it. When you don’t think someone will give you money when asked, you won’t get it. Money is everywhere (really?), so you simply have to ask. This is termed an “abundance mindset.”
So think differently, if you can. If you are not already pocketing the money, read on.
Now the suggestions get perhaps more serious and more concrete-specific. So how do you get money for flipping when you have none?
Find others who have money. Try networking groups. Try the local Chamber of Commerce meetings. (I’ve gone to those, too, but never thought to ask for money other than to borrow a couple of dollars if you have to pay for drinks).
Next, try private money lenders. These might be family members, family associates, or others. They’re regular people such as your doctor (have to be in sick to loan me) and your dentist (getting money from them is like pulling teeth) and even your attorney (can this be a joke?).
Another potential group of fundraisers: partners. That could be a business partner, a co-worker or any kind of real estate investor. You do all the work and give them half the profits. They supply the money and you provide the time. This is a win-win situation for all when “you approach it with enthusiasm and abundance,” the site says.
Another group is “hard money lenders” (this may be best described as hard in the sense of getting them to give you money).Find them at network meetings and other affairs.
Finally, there are traditional banks. They “do in fact lend money, sometimes even to real estate investors.” Here the site says look back to the first item on this list: think abundance.
Almost as entertaining as the suggestions were some reader comments. One suggestion is that the best way to find money was simply talking about it: bragging about your successful deals (try it with those notorious talkers, your barber or hair cutter) and find a good coach who will remind you to “take action with no excuses.” Still another commentator says just because you can’t write a check, you can still find cash buyers” (no word on who would really write the check). Still another writes “what we think about, we bring about” (at least it rhymes but it’s no milestone in poetry).
Sigh. The bottom line in the claim that you can flip houses (or make any real estate deals) with no money is really about how a broke person such as yourself can extract money from others to support your obviously brilliant deals. Call it optimism in abundance. That’s fine if you can do it, but don’t expect to get any money from me.
This article was first published on http://moneyprime.com.