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William Bronchick | Ways to Make $7k in the Next 30 Days
How to Make Cash Fast in
The most common question I get is, “How do I make
cash right now in real estate? Oh, and by the way, I
have no money to put down and my credit is
horrible!”Ok, not impossible, but it will take hard work,
dedication, and learning a few tricks I have up my sleeve.
Here’s creative techniques for generating cash quickly
without starting from much.
• Summary: Find a fixer property that needs a lot of work, but that
is priced accordingly. Get it under contract for 70% of ARV less
repairs, then flip to another investor
• Where to Find: MLS, Probates, Free and Clear Owners
• What to Watch Out For: Banks won’t let you assign their purchase
• Summary: Find a property that would make a good rental, and flip
to another landlord. Usually a “starter” home that’s on the cheaper
side and doesn’t need much more than carpet and paint to make it
a fine rental property.
• Where to Find: MLS, other landlords
• What to Watch Out For: Sewer line, roof or structural problem
will push repair costs too high to make it worthwhile for a rental.
Lease a property from the owner with an option to buy, then
sublease to a tenant, giving him an option to buy for a higher
price. When tenant is ready to buy from you, exercise your
option to buy from the seller, and double-close the deal to the
tenant.Don’t make payments directly to seller and trust him to
make it to his bank. Instead use a third-party escrow company
to service payments.
• Summary: Have seller who is highly motivated and little equity deed his
property to you, subject to the existing mortgage. Then, lease to tenant
with option to buy. More favorable than #3, because if you have title to
the property for more than 12 months before tenant buys, the profit is a
long-term capital gain, which means lower tax rate.
• Where to Find: Properties in default or in foreclosure. May require you
to make up some back payments, though.
• What to Watch Out For: Seller has undisclosed liens on the property. Do
a title search before proceeding.
• Summary: Buy on a wraparound installment land contract,
mirroring the seller’s loan balance and payment terms. Then, resell
on a wraparound installment land contract, marking up the price
and interest rate.
• Where to Find: FSBO seller who has very little equity or
advertising “for sale or rent”.
• What to Watch Out For: Don’t make payments directly to seller
and trust him to make it to his bank. Instead use a third-party
escrow company to service payments.
• Summary: Buy one cheap, fix it up, sell for cash. Works best
on older homes that are cheap, because few people have the
cash to buy a $40k mobile, and few banks are lending in this
• Where to Find: Put fliers out in mobile home parks
• #1 Thing to Watch Out For: Your buyer may not qualify for
the mobile home park lease!
William Bronchick, Host of Legalwiz.com is a
nationally-known attorney, author,
entrepreneur, and public speaker.
Mr. Bronchick has been practicing law and
investing in real estate since the early 90’s,
having been involved thousands of real
estate transactions. He has trained countless
people all over the Country to become
financially successful, speaking to audiences
of as many as 16,000 at mega-events.