USING CREDIT CARD TO BUY FIX AND FLIPPING HOUSES
-Using credit card debt to grow your business
• My first flipping
USING CREDIT CARD DEBT TO GROW YOUR BUSINESS
Credit card can be an excellent way to fund your business, and build a good credit history. However, there are several disadvantages to a credit card comparing to other financial instruments, and we will be required to carefully consider the pros and cons of a credit card before signing for one. In addition, we have good debt and bad debt. It is imperative to identify which one to use depending of your need; for incredible entrepreneurs, Realtors, Homeowners, future Homeowners, and investors who really need cash to grow their business, and Build a strong financial record they must use the good debt. I am using credit card to build my flipping machine; if I do it, you can also do it. You only need to find someone to handle you, and show you steps by steps how to do nit.
My first flipping
I did my first flipping in 2017. I have bought the first property, fix it, sell it or flip it and maid sixty seventh two hundred fifty dollars ($ 67,250) in doing leverage. Leverage is an investment strategy of using other people money to start, build, or expend businesses specifically, the use of various financial instruments or borrowed capital—to increase the potential return of an investment. Leverage can also refer to the amount of debt a firm uses to finance assets. I have done the first flipping without using a dime from my own money. I have used one hundred percent other people money to start. This is the power of motivation. When have something to do, and you have the motivation needed to do it, anyone or anything in the world cannot stop you, and you become unstoppable. Where you are now is not important. The situation you are enduring now is not significant. The most important is where you want to go; what you want to achieve. Every morning when you wake up, you need to watch in front of you your achievement as you already get it done.
LAPEVA INVESTMENTS LLC
First Property Flipping
SALES PRICE ——————————————————-$ 265,000.00
CLOSING COSTS————————- ——15,000.00
FIX UP ——————- ——- 35,000.00
TOTAL COST . —————————————————– $ (197,750)
NET PROFIT ————————————————————- $67250.00
PROFIT RATION: ———————————————————-67250/197750=34%
Here is the order of action to flip a property:
1. Education- Learn how to flip from one of the best flippers.
2- Money- Get the money-You need to get the right type of lenders.
3. Deal-Get the deal. The deal most of the time comes after preparing to finance any good deal found. When you find a deal, you already you get a profit of at least 20% in buying property for a maximum of 70% 0f the market value.
4. Get contractors: It is not difficult to find contractors; they are always ready to work with you. However, you need to be educated on how to handle your contractors. One dollar today values more than the tomorrow dollar; knowing how to manage contractors and flip a property during a short period of time will allow you to flip more property and increase your profit.
5. Exit-Get more than one exit strategy-You could consider the following exit:
• Sell the property
• Refinance the property
• Get a credit line on the property
• Owner financing
• Lease option