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I have been gone from the forum for a while but I wanted to share something of value.
I am not a writer so I don't expect to win a Pulitzer for this but it's strategy I know you can use and implement in as little as a few days to make money to finance those bigger dreams.
It's great to have big dreams of making millions or hundreds of thousands of dollars but first you need to know how to make thousands of dollars, consistently.
There are a lot of great ideas and concepts here on the forum, many of which may require time, money and/or a fair amount of focus and study to implement.
The bad (real) news is anything worth knowing requires focus and at least a little time to study so I can't help you there. That depends on your level of commitment.
The good news is
Not all things require money or "a lot" of time before you know enough to start making enough money to fund those bigger dreams.
THE QUICKEST AND MOST COST EFFECTIVE WAY I KNOW OF TO MAKE 10K (repetitively) IS CALLED "REAL ESTATE WHOLESALING"
If you have a car (not mandatory), a phone, and some hustle you can make money quickly in most cities and towns in the USA. I have done this in NC, GA, MS and Missouri. A few of these houses I never laid eyes on but that's a more advanced strategy called virtual wholesaling.
So, what is Realestate Wholesaling?
Realestate Wholesaling is the ability to find "off market" (not for sale) deep discounted properties (many times distressed), putting them under contract, then assigning your equitable rights to an end buyer which is most likely a local investor looking to buy similar properties for cash to fix up and resell for a healthy profit. Usually 20% -40%.
You make money by selling (assigning) your rights as the buyer to the investor (end buyer) which is paid to you by the attorney at closing.
Here is how it works.
Jeff lives in an area where investors buy and fix up properties regularly. What Jeff has recently learned is that these investors are great at fixing up houses and reselling them but they don't have the time or specialized knowledge to find homes and negotiate with motivated sellers, down to a price that would be profitable for them to fix and flip.
Jeff fills the void by doing what is called driving for dollars.
He commits so many hours per day or week to driving neighborhoods with recent homes that he notices are getting rehabbed and sold.
He knows if he can find distressed homes (that are NOT for sale already) and talks with the owners some of them may be in situations where they would be open to an all cash offer and 30 day closing. Some may even be in pre foreclosure and need to sell quickly and Jeff's service would be a life line to them and allow some to save their credit and possibly walk away with cash in their pocket instead of just losing the home.
BUT WAIT YOU SAID THIS DIDN'T REQUIRE ANY MONEY! WTF
Stay with me. It doesn't. At least not Jeff's.
Jeff eventually finds Jack. Jack lives in a 3br 2 bath brick ranch with a tarp on the roof, plastic over one of his windows, overgrown grass and a busted screen door.
Jeff recognizes this as a potential opportunity to solve a problem and gets Jacks contact information and gives Jack the homeowner a call.
After talking with Jack, Jeff learns that Jack is a widower with grown kids and has been thinking about selling this "money pit" and moving to the beach.
Jeff knows that the house has an ARV of $130k but will easily need $30k worth of repairs and updates. He tells Jack, "Hey I really like this house Jack, If I can give you $51000 cash for this house and close in 30 days would you sell it to me?"
Jack says hell yes I will sell you this house for $51,000 with no problem, and signs the contract with Jeff.
Jeff calls up a group of guys he met while stopping by the other houses he saw getting fixed up in the same area and asks if they would be interested in a great deal he has under contract with about a 30% ROI.
The potential buyers are already familiar with the comparables in the area and know that a 3br 2 bath house in HGTV shape, in the same area will sell for $130k or more. Jeff tells them his contract is for $51k with a $10k assignment fee making their total purchase price for Jack's home $61k. When they inquire about the repairs Jeff simply tells them that they can expect to spend $30k or less in repairs. Jeff knows most of them have their own crews that will most likely do the repairs for much less but he doesn't care. He is about to make $10k for less than a weeks worth of work and he is pumped.
When all is said and done the investors are falling over themselves to buy Jeff's deal for $61k because it's a no brainer, profitable deal in an area they are familiar with.
Jeff decides to assign his contract to an investor named Hank for a fee of $10,000.
After Jeff signs the assignment contract, a $2,500 non refundable deposit goes directly to the closing attorney as valuable consideration. Jeff points out in the contract to Hank If he doesn't close in the time agreed upon, Jeff keeps the $2,500 and calls up another buyer with the deal if he has to. After all Jeff has a reputation to protect.
Hank is ecstatic that he just contracted a house worth at least $130k ARV (after repair value) for $61,000. After he puts $30k (or less) into renovation he will be all in for $91,000 not including closing fees.
At closing Jeff gets a check from the attorney for $10,000 for his assignment fee and didn't spend a dime.
Hank goes on to fix the house up and sells it as expected making a very nice profit. Jeff phone starts to ring constantly with investors looking for more deals.
In closing. There are simple assignment and option to purchase contracts you should use to structure this type of deal properly (which you can find online for free). There are also paid ways you can go about finding owners of distressed property to save you time but you don't NEED these things to make your first 10k.
Start looking at youtube videos on wholesaling. There are some good free resources out there. Max Maxwell does a really good free series. Also Jaelin White
I am not saying this is the only business you should focus on but it's a way to make some quick steady cash if you stay committed..
I have corrected and revised this a few times because my phone was constantly ringing and people were in and out asking me questions. I can not multi task well.
I am not a writer so I don't expect to win a Pulitzer for this but it's strategy I know you can use and implement in as little as a few days to make money to finance those bigger dreams.
It's great to have big dreams of making millions or hundreds of thousands of dollars but first you need to know how to make thousands of dollars, consistently.
There are a lot of great ideas and concepts here on the forum, many of which may require time, money and/or a fair amount of focus and study to implement.
The bad (real) news is anything worth knowing requires focus and at least a little time to study so I can't help you there. That depends on your level of commitment.
The good news is
Not all things require money or "a lot" of time before you know enough to start making enough money to fund those bigger dreams.
THE QUICKEST AND MOST COST EFFECTIVE WAY I KNOW OF TO MAKE 10K (repetitively) IS CALLED "REAL ESTATE WHOLESALING"
If you have a car (not mandatory), a phone, and some hustle you can make money quickly in most cities and towns in the USA. I have done this in NC, GA, MS and Missouri. A few of these houses I never laid eyes on but that's a more advanced strategy called virtual wholesaling.
So, what is Realestate Wholesaling?
Realestate Wholesaling is the ability to find "off market" (not for sale) deep discounted properties (many times distressed), putting them under contract, then assigning your equitable rights to an end buyer which is most likely a local investor looking to buy similar properties for cash to fix up and resell for a healthy profit. Usually 20% -40%.
You make money by selling (assigning) your rights as the buyer to the investor (end buyer) which is paid to you by the attorney at closing.
Here is how it works.
Jeff lives in an area where investors buy and fix up properties regularly. What Jeff has recently learned is that these investors are great at fixing up houses and reselling them but they don't have the time or specialized knowledge to find homes and negotiate with motivated sellers, down to a price that would be profitable for them to fix and flip.
Jeff fills the void by doing what is called driving for dollars.
He commits so many hours per day or week to driving neighborhoods with recent homes that he notices are getting rehabbed and sold.
He knows if he can find distressed homes (that are NOT for sale already) and talks with the owners some of them may be in situations where they would be open to an all cash offer and 30 day closing. Some may even be in pre foreclosure and need to sell quickly and Jeff's service would be a life line to them and allow some to save their credit and possibly walk away with cash in their pocket instead of just losing the home.
BUT WAIT YOU SAID THIS DIDN'T REQUIRE ANY MONEY! WTF
Stay with me. It doesn't. At least not Jeff's.
Jeff eventually finds Jack. Jack lives in a 3br 2 bath brick ranch with a tarp on the roof, plastic over one of his windows, overgrown grass and a busted screen door.
Jeff recognizes this as a potential opportunity to solve a problem and gets Jacks contact information and gives Jack the homeowner a call.
After talking with Jack, Jeff learns that Jack is a widower with grown kids and has been thinking about selling this "money pit" and moving to the beach.
Jeff knows that the house has an ARV of $130k but will easily need $30k worth of repairs and updates. He tells Jack, "Hey I really like this house Jack, If I can give you $51000 cash for this house and close in 30 days would you sell it to me?"
Jack says hell yes I will sell you this house for $51,000 with no problem, and signs the contract with Jeff.
Jeff calls up a group of guys he met while stopping by the other houses he saw getting fixed up in the same area and asks if they would be interested in a great deal he has under contract with about a 30% ROI.
The potential buyers are already familiar with the comparables in the area and know that a 3br 2 bath house in HGTV shape, in the same area will sell for $130k or more. Jeff tells them his contract is for $51k with a $10k assignment fee making their total purchase price for Jack's home $61k. When they inquire about the repairs Jeff simply tells them that they can expect to spend $30k or less in repairs. Jeff knows most of them have their own crews that will most likely do the repairs for much less but he doesn't care. He is about to make $10k for less than a weeks worth of work and he is pumped.
When all is said and done the investors are falling over themselves to buy Jeff's deal for $61k because it's a no brainer, profitable deal in an area they are familiar with.
Jeff decides to assign his contract to an investor named Hank for a fee of $10,000.
After Jeff signs the assignment contract, a $2,500 non refundable deposit goes directly to the closing attorney as valuable consideration. Jeff points out in the contract to Hank If he doesn't close in the time agreed upon, Jeff keeps the $2,500 and calls up another buyer with the deal if he has to. After all Jeff has a reputation to protect.
Hank is ecstatic that he just contracted a house worth at least $130k ARV (after repair value) for $61,000. After he puts $30k (or less) into renovation he will be all in for $91,000 not including closing fees.
At closing Jeff gets a check from the attorney for $10,000 for his assignment fee and didn't spend a dime.
Hank goes on to fix the house up and sells it as expected making a very nice profit. Jeff phone starts to ring constantly with investors looking for more deals.
In closing. There are simple assignment and option to purchase contracts you should use to structure this type of deal properly (which you can find online for free). There are also paid ways you can go about finding owners of distressed property to save you time but you don't NEED these things to make your first 10k.
Start looking at youtube videos on wholesaling. There are some good free resources out there. Max Maxwell does a really good free series. Also Jaelin White
I am not saying this is the only business you should focus on but it's a way to make some quick steady cash if you stay committed..
I have corrected and revised this a few times because my phone was constantly ringing and people were in and out asking me questions. I can not multi task well.
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