In the 119th episode of the Better Than Success podcast Nicole Purvy talks The Easiest Way to Do Your First Real Estate Flip without Wholesaling or Your Own Money. We go into details about credit, rehab budgets, hard money loans, rehabs, the 65% rule and much more...
What is the easiest way to do your real estate flip with none of your own money?
After doing a recent successful real estate flip, Nicole shares some game on a strategy to use to flip a property in one of the easiest ways. She begins with sharing an experience of starting real estate one on one development with the members of the BTS Real Estate League. Being able to idenitfy the top 3 things that keep people from doing deals, Nicole shares what they are and how you can use the information to do your future real estate deals.
Top 3 things that keep people from doing deals:
#1- Mindset
-Nicole explains the importance of being able to change your mindset. In order for real estate investing to work for you, you have to realize that you do not have to trade your time for money.
#2-Not having a strategic plan
-Nicole explains the importance of having an end goal. If your goal is clear, you will be able to achieve with the right mindset.
#3- Not being able to piece together information
-Nicole explains that there are many resources (BTS REL, Google, Mentors etc) but not being able to use your reseouces and piece togther information will stop you from doing deals.
After explaining her personal experice on what stops people from doing deals, Nicole gives a 3 step process on one way to do a real estate flip without wholsaling or your own money.
Step #1 - You have to have good credit.
Of course you have to have good credit, but Nicole shares what really matters and that is… what you have on your credit.
“If you have bad credit, do NOT be discouraged” - Nicole Purvy
There are many ways you can fix your credit. In the episode Nicole references her very own credit repair specialsts, Will Roundtree. Click Here to visit the website listed in this episode. “You should at least have a credit score of 680” Nicole shares.
Step #2 -
Nicole shares the next step wich is to get lines of credit. After getting lines of credit, you will be able to use the lines of credit as a down payment on a property.
She lists some of her top resources for lines of credit:
-Navy Federal
-Discover Credit
-Capital One Jet Blue
After sharing her highly recommended lines of credit, she shares that you can in fact use credit cards on this step as well as the lines of credit.
What is the recommended amount in credit you should have for this proccess to work? The answer is at least $30,000-40,000 dollars in credit. This brings you to the final step.
Step #3 - Use business credit to leverage and borrow more money.
If you have a business that has been around for 2-3 years and can show your income of 100,000 revenue. Get business credit. Nicole shares her personal business credit specialist, Marcus Knuckles.
Reference:
Marcus Knuckles - Bizmoney Pro
What does it mean to leverage and borrow more money? In this episode, Nicole shares her own business (BTS Funding) as a reference to use private money to help do your real estate flips.
Click Here for more information on BTS Funding for your real estate flips.
After these 3 steps you will be able to do your real estate flips with no wholesaling and none of your own money.
For more information on joining the BTS Real Estate League, Click Here.
