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In this YouTube video, real estate investor Sam shares his tips and tricks for buying and flipping properties without using his own money. He recommends finding deals through local wholesalers and real estate agents, who can help find discounted properties. Sam emphasizes the importance of networking and contacting people who can find deals rather than spending money on marketing.
Finding funding sources is crucial to buying properties without using your own money. Sam recommends using hard money lenders, which are more expensive but willing to work with new investors and provide a second set of eyes to ensure the deal is good. To find hard money lenders, Sam suggests Googling "hard money lenders near me" or attending local meetups.
Private money lenders are the "creme de la creme" of lending and borrowing money for real estate investing. These are individuals who have extra money and want to diversify their investments. Private money lenders can be used in conjunction with hard money lenders to cover the purchase, rehab, or monthly payments. Finding private money lenders takes effort but is worth it because it allows investors to use someone else's money and make a profit.
Sam shares the details of a specific deal he made using a private money lender and a local wholesaler. He purchased a property for $195,000, spent $55,000 on rehab, and sold the property for $350,000, resulting in a net profit of $65,000 after deducting holding costs, closing costs, and inspection item fixes. Sam also shares some tips on how he saved money during the rehab process, such as reusing flooring and leaving electrical wiring in place. Overall, Sam's attention to detail and cost-saving measures allowed him to make a significant profit without using any of his own money.
In this YouTube video, real estate investor Sam shares his tips and tricks for buying and flipping p