Welcome to the pocast with Trish and Heather. Today we'll be discussing the L in our First Flip Formula which is all about Lending with a Property Investment Money Partner.
L - Lend with a Property Investment Money Partner
You can fund a project yourself using money loaned from the bank or a broker or you can find a property investment money partner to loan you the money for the house flip.
Finding the right property investment money partner for your project may not be as difficult as you think. Here’s why.
Key Points for Success
Many wealthy people are time poor.
They have money to invest, but don’t have the spare time or skills to flip a house.
All they are looking for is a return on their investment.
Return is higher than they would get with a bank.
Know and trust the person you are investing.
Always have a legal agreement that clearly sets out the terms and conditions of the investment ensuring both parties' interests are protected.
Risks
Circumstances change for the money partner.
Unexpected costs and delays in the renovation process.
Surprise costs greater that the loaned amount.
As professional designers, we know that our unique First FLIP formula is the key to successfully flipping a house.