Читать книгу Flipping Houses For Dummies онлайн
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To look at it another way, suppose you have $100,000 to invest. Many people assume that using that $100,000 to finance a single flip is the smart thing to do, because you avoid paying interest on borrowed money. However, by leveraging that $100,000 with borrowed money, you stand to earn a bigger profit. For example, you can combine that $100,000 with borrowed money to flip a higher-priced property — perhaps a $500,000 house that you know you can sell in the $575,000 to $600,000 range.
The following sections show you how to gain leverage by using other people’s money to finance your flips. And if you don’t have money, I show you how to persuade private lenders to put up some initial investment capital to get you started.
Persuading a bank to finance your flips
Since the mortgage meltdown of 2008, banks have tightened their criteria for approving loans. However, they’re still eager to loan money. After all, that’s how they earn their money. You just need to be able to persuade the decision makers at the bank that you can make the loan payments and pay back the loan on time with interest. The key is to earn their confidence in you.