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Ready cash also frees you to plan and begin rehabbing the property immediately rather than wait around for sluggish credit checks and loan approvals. You can have all your materials lined up ready to deliver the day after closing and have your contractors standing at the ready to start working.
Tapping Your Own Resources for Cash
The logical first place to look for cash is to yourself. You probably won’t find enough money to flip a house by emptying your pockets or your purse or looking beneath the cushions on your sofa, but you may have some money sitting in the bank gathering dust, equity in your home and in other possessions that you can unlock, or retirement savings you can put to use in creative ways without making it subject to income taxes and penalties.
In this section, I guide you through the process of taking inventory of the cash and other valuables you may be able to convert to cash to fund your house flipping venture.
Shaking your piggy bank
Chances are good that you have no actual piggy bank, and if you do, it probably doesn’t have much in it. However, you may have some money stashed away in savings and checking accounts or certificate of deposit (CD) accounts. You may also have savings bonds stuffed in a drawer or a lockbox that people have gifted you over the course of your life. A few of them may have matured. See how much money you can scrounge up from what you already have on hand. It may not be much, but it can help finance repairs and renovations.