From $80k In Credit Card Debt To 100+ Deals
- March 16, 2023
- 10:00 am
Many people have taken on the financial risk of maxing out credit cards to fund their business ventures as an option. Are there disadvantages, benefits, or limitations to doing so?
Glenn and Amber Schworm’s recent video, From $80k In Credit Card Debt To 100+ Deals discusses their journey.
They explain the pitfalls and drawbacks of being in credit card debt to operating a successful business with over 100 deals completed annually.
There are creative options for financing your investment properties. Yes, a credit card is one option you can use to invest as an alternative cash flow.
FLIPPING HOUSES WITH A CREDIT CARD
Finding funds to get you started in a lucrative business such as house flipping can be challenging. Your credit card may push the boundaries, but it can also be an effective way of financing your project.
First-time investors can face financial concerns with repairs, and expenses can be challenging to manage. Credit cards can help, but they can also be a crutch.
Not having a consistent cash flow when flipping houses can be concerning. There are a few credit cards that you may want to think about using that will aid in expenses and offer convenient payment options.
By paying off the balance on your credit card, you eliminate incurring interest from eating away at your profit. Think of your credit card as a hard money lender; the two can work similarly.
WHAT ARE YOU LOOKING FOR
How do you find the right property to flip, and where do you start looking? These are the questions that you must ask. Where do you start if you know you want to buy, renovate and resell to make a profit?
Finding a property that is undervalued yet in a location in demand is essential. Following the proper steps will ensure the property sells at a good profit.
Make sure to evaluate the location and avoid areas of high crime and noise zones. Knowing your market is what is appealing to buyers and what sites seem oversaturated.
You also want to consider the property’s condition so that renovations are minor. Investors should be careful in their consideration and know what to avoid.
GETTING PAID OFF
Paying off your credit card debt may seem hopeless sometimes, but you can do it. Creating a plan to start will get you closer to debt freedom.
There are plenty of strategies that can help pay off debt. For most house-flipping investors, finding a new investment to turn a profit will increase your cash flow, enabling you to accelerate your road to eliminate debt.
Investment property can eliminate debt by creating recurring income or accessible equity. Refinancing or taking out an equity loan can free up cash to help pay off your debt.
Being debt free is the goal but having debt is not a good enough reason to stop investing. You can benefit from debt and manage investments at the same time.
PRIVATE INVESTOR BASE
A private investor is an excellent financial resource for your business because they are not loans. They bring a large amount of their own money to the table to help startup businesses that may be struggling.
Private investors can help ease the financial strain on a business. Not only are they investing their own money, but they also will receive a return on their investments by helping the company.
There are different types of private investors, and not all are the same. These investors are considered the most common private investors that a startup company may consider:
Doing your research and looking at these private investors’ track records, management styles, and values before making your choice will serve you well.
You don’t have to go through this process alone.
Glenn and Amber Schworm will teach you how and coach you through the process of starting a career as a real estate investor.
Visit the Home Flipping Workshop and learn how they were able to go from debts to deals in their real estate investing business.
Contact the Home Flipping Workshop today to set yourself up for financial success.
Investing in real estate using a credit card might provide enormous profits. However, paying off your credit card amount in full each month is essential.
