It’s gotten to a point where they would either like to renovate the kitchen or just amp up the look of that property and make it look nicer so that they can collect more money on rent or just simply be able to flip a house and sell it at a much higher ARV, but they ran out of cash. How do you fix that? I think you guys know where I’m going with this, but the answer to how to flip houses is straightforward. Just credit cards.
You can leverage any of your personal or business credits and then use that money, swipe it up, go to a store, pay for the services, the new kitchen, the modern bathroom, whatever. Once you rent out the property or sell it, you simply use that money and start repaying that credit card. The good perks about it depend on the credit card you have; you can have payments at 0% for a certain amount of time, whether it’s six months or 18 months. Some of them even offer you points that you can use as cashback.
That way, you make money as you spend money. Or you just simply accumulate miles so you can plan and go on that nice vacation using miles without having to spend your money. If you don’t know the differences between business credit or personal credit, here’s a link up here. Feel free to take a look at it so you can learn a little bit more about how they work. If you don’t want to use any of those cards, just go to a store like Home Depot or Lowes and apply for credit there.
The beauty about using any of those credit cards is that Home Depot or Lowes also offer you the same amount of flexibility by applying for a card that’s at 0% or a project that will give you some type of flexibility to repay the amount of money that you’re spending on the renovation or a kitchen, also at 0%. What I love about leveraging Home Depot or Lowes is the fact that you don’t have to worry about chasing people down on that kitchen that you’re fixing or on that particular bathroom that you want to repair and make it look awesomely beautiful. All you have to do is sign a contract, ask them to come in, and do the renovation. You simply have to show up, open the door, let those people in, and help them.
You do that fabulous renovation that you want to look at and hopefully either rent it at higher money or eventually just sell out that property so you can make more money and make your money back and repay that credit card. Those are the options. I think sometimes we tend to get stuck because we’re too close to the picture. Take a step back. Credit cards are great. They’re a great resource to resolve anything that you’re trying to do in real estate. Just make sure that you manage to keep that debt under 20%. I’m going to provide you the links down below to the Home Depot credit card and all of the other credit cards I’m suggesting in today’s post.
RESOURCES & LINKS MENTIONED IN THIS EPISODE:
– Recommended Credit Cards: https://go.www.novariseinvest.com/credit-cards
-Chase Sapphire (Sign up bonus): http://bit.ly/Sapphire-Chase
-Get pre-qualified with Fund & Grow ($500 off using this link): https://go.www.novariseinvest.com/funding
-Home Depot: https://homedepot.sjv.io/RZJP2
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