Finding the Money to Start Wholesaling Homes
Is finding the money to get started wholesaling homes holding you back?
When asked what has prevented aspiring real estate investors from getting going and realizing their personal and financial goals through wholesaling properties a surprisingly large number have answered that finding the funds to get started was their biggest challenge.
Of course for many this may just be another excuse or form of self-sabotage. It is certainly hard to believe that with so much information out there today that those that recognize the power of real estate investing for getting ahead in life haven’t heard of no money down real estate deals or how they can begin flipping houses with no cash or credit of their own.
Even if you need to front a few hundred dollars to get a deal landed and locked down most can find a way to pull that off. Providing you have taken the time to study a good real estate investment course and have a system for wholesaling homes that fits your resources there really should be no excuse for not getting started and finding the money should be the smallest hurdle in your way.
Still for those that insist on having access to more cash for getting going here are a few options…
6 ways to find the money to start wholesaling homes:
1. Family & Friends
Perhaps the easiest and fastest way to find the extra cash to get going in real estate is to hit up family and friends. They won’t pull your credit or make you fill out stacks of paperwork to apply and you could certainly be doing them a favor by enabling them to get a higher return on their savings and introducing them to the advantages of investing in property.
2. Hard Money Lenders
Hard money lenders have fueled investors wholesaling homes for many years. They tightened up a little after the crunch but are loosening up again and becoming hungrier to lend. They primary loan based upon the value of a property and will lend on the ARV.
3. Transactional Funding
Transactional funding is perhaps the best form of financing an investor could ever expect to find. Transactional lenders don’t care about credit or assets and they don’t even need and appraisal. Better yet; they will loan 100% of the purchase price plus your closing costs.
4. Private Lenders & Investors
There are private individuals all over the country who are right now wondering how they can take advantage of the real estate market and see higher returns on their money and you have the answer. You can help them put their money to work to fund your acquisitions and they get better returns. It’s a win-win.
5. Crowdfunding
Crowdfunding platforms build on the above with websites designed to help investors raise money from the public. These range from the likes of trendy sites such as Indiegogo and Kickstarter to peer-to-peer lending sites like Prosper.
6. Credit Cards & Lines of Credit
While it certainly may not be wise to bury yourself in debt from the get go if it is just a matter of a few hundred dollars for deposit money, due diligence or miscellaneous expenses most aspiring investors will find that they can tap personal credit cards or obtain lines of credit. Even if your credit is terrible and you have past car repos and foreclosures there is a good chance you can get a secured card or line of credit from your local bank or more lenient lenders like Capital One.
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