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In this episode, I will break down the best way to finance your house flipping business using the "Smart Business Empire" strategy.
- Personal Cash
This involves using your own personal cash to fund the acquisition and rehabilitation of the property.
- Hard Money
This is probably the most expensive for of funding for a house flipping deal where they charge anywhere from 12-18% for funding a deal based how profitable the deal is.
- Private Money
This may involve your own personal money but it is not limited to your own money.
It may involve private funds from other people such as family, friends and other types of acquintance.
- FHA 203K
This is a government backed loan designed for owner's occupied properties that need rehab or construction.
This is a type of funding that doesn't just involve funding partnership but a ver involved and invested partner who cares about profitable completion of the rehab project.
- Guaranteed Funding
This type of funding is available for less than 48 hours in double closing and assignment type of house flipping deal where they typically charge 1% for the use of the money.
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ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and father to their 2 Boys. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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