Thursday, January 21st, 2021
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Looking for House Flipper Financing?
Fixing and flipping houses is expensive. You have to lay out a lot of cash for rehab, repairs, and improvements. Your payoff, if it comes, can be months or years later. But house flipper financing can help.
Flipping is a lot of physical and manual labor, because if you paid contractors, you wouldn’t make any money! High tax bills can come with flipping, due to short term capital gains. See flippingprosperity.com/why-flipping-houses-is-a-bad-idea.
You Need House Reseller Funding
There are several ways you can get money to fix and flip houses. These methods can help. You can smooth out the inevitable financial highs and lows that come with flipping. You won’t be dipping into your personal savings as much.
Try a Home Equity Loan for House Flipper Financing
Do you currently own a home beyond the house you intend to flip? A home equity line of credit (HELOC) is a potential source of funding. Home equity lines of credit are secured by your house, so you can get financing at a low interest rate.
HELOCs are based on the equity you have in your home. This is the value of your home minus what you owe on the mortgage. You can tap into a HELOC if you have at least 20% equity in your home, and you can borrow up to 85% of the home’s equity.
Try an Investment Property Line of Credit for House Reseller Funding
If you own a rental property, you may be able to take advantage of an investment property line of credit. Like a HELOC, you can borrow against your investment property’s equity. Again, the property serves as collateral.
To qualify for an investment property line of credit, you often need good to excellent credit. Plus you need to have a history of successful real estate investments. In general, you must own the property for at least one year before you are eligible.
Speaking of lines of credit, if you’re an experienced flipper and have a history of completed deals and profits, another financing option is a business line of credit. With a business line of credit, you get access to a revolving credit line. You can use up to a set amount, but you only make payments and pay interest one the amount you actually use.
Business lines of credit are especially useful for home flippers. This is because you can use it again and again if and when issues pop up. Another option is to tap into it when you tackle your flip. Most banks offer business lines of credit, but you generally need to have excellent credit and a stable history of flipping success to qualify.
Try Seller Financing for House Flipper Financing
With this approach, you work with the seller to come up with a payment plan, and to create a contract. You make payments directly to the seller on an agreed-upon schedule, based on a price you both set with interest. But it is not regularly available.
Seller financing poses more risk to the original property owner. As a result, you often pay a higher interest rate, and have a shorter repayment term than with other loans.
Try a Bridge Loan for House Flipper Financing
With a bridge loan you can cover the gap between when you want to buy a property, and when you can secure long-term financing. It can help you cover the cost of the down payment on your next flip, and then you can focus on finding another financing option, like a traditional mortgage, to pay for the rest.
Bridge loans are generally secured by collateral, so you can qualify for a loan with a lower interest rate, versus some other financing options. They are often easier to qualify for than other loans.
Try a Cash Out Refinance Loan for House Flipper Financing
This is a financing strategy where you refinance an existing property, to fund your flip’s purchase or renovations. Use your current home’s equity to take out a new loan and pay off the existing mortgage, and you can use anything left over to finance your flip.
For a cash out refinance loan to work best, you need to have 30% to 40% equity in your home. Otherwise, this approach is not cost-effective. So don’t bother unless you have that kind of equity in your home.
Try a Permanent Bank Loan/Online Mortgage for House Flipper Financing
If you want to buy a home that you can stay in for five years or more while you renovate it, then a regular mortgage with a fixed interest rate from a bank or credit union is likely the best idea. You qualify for lower interest rates than you’d get with other financing options and have up to 30 years to make payments on the loan.
You must have enough money saved for a down payment, and good to excellent credit, and a stable income, to qualify for a mortgage.
Try a Hard Money Loan for House Reseller Financing
If you are an experienced investor who has completed a few flips before, or you have poor credit, or you having troubles other financing options, try a hard money loan.
With a hard money loan, you work with non-bank lenders, these can be individuals or online lenders, in order to get the money you need.
Hard money lenders often have less stringent eligibility requirements. So you can qualify for financing even if your credit score isn’t great. You can often get the money fast. But note hard money loans tend to have higher interest rates than other types of loans, and they often have shorter repayment terms. See nav.com/blog/fix-and-flip-loans-306111.
Did You Know that Credit Suite Offers House Flipper Financing?
Enjoy a quick closing and high loan-to-values with our rehabilitation loans. Rehab loans are tailored for the real estate investor who wants to purchase, rehab, and flip residential properties. Using the property as collateral, funds are available for short-term residential renovation projects that most traditional banks and credit unions won’t approve.
You can Get Approved for House Reseller Financing Through Credit Suite
There are three main elements lenders are looking at to approve you for this program. You should have prior and recent flipping experience. Lenders will ask you to list your recent projects verifying that you have recent experience of selling 2 homes or more. Lenders will verify that you have average credit. You can be approved with credit scores as low as 640 long as you don’t have any recent severe negative credit items on your report.
The last element lenders are looking at to approve you for this program is, you should be liquid. Lenders want to see that you have money in the bank, and you will be required to put funds into an escrow account for security. The amount of liquid funds varies based on project, but you should only apply if you have at least $30,000 in liquidity now. So you can be approved, even with average credit, as long as you have some flipping experience and money in the bank.
Check Out These Terms for House Reseller Financing Through Credit Suite
Get approval for 100% of the financing you need to buy and rehab residential properties. Lenders will verify that the amount you are requesting is 65% or less of after-repair value of the property. You can be approved for a short-term loan of 6 months and can also get extended terms upon request. There is no prepayment penalty, so you can sell the home faster and pay off the entire loan without any cost to you whatsoever.
Check Out the Benefits of House Reseller Financing Through Credit Suite
Get 100% of funds to purchase and rehab property. Pay no application fees. A simple application is all that’s needed for approval. Get approved with average credit and enjoy 48-hour pre-approval.
Application to funding in 3 weeks or less. Pay rates of 8 – 18% based on risk. Get financing for multiple homes. Get loans starting at $25,000. Apartment rehab financing is available.
Here are Details of House Reseller Financing Through Credit Suite
Get approved for $25,000 – $2 million. Average credit is accepted. The property serves as the collateral. But note financials are required.
House Reseller Financing: Takeaways
House resellers have several options when it comes to getting funding. Option eligibility may depend on credit score, and often your experience with flipping. Credit Suite offers house reseller financing. Get money fast, and at great rates. Let’s take the next step together.
Find Out How to Build Business Credit in 30 Days
You may have heard of business credit, which is credit in the name of a business and not its owner. It is an ongoing process and you must do it proactively. That is, it won’t just happen – you have to make it happen. Did you know that in 30 days, you can hit the ground running and build business credit?
How to Build Business Credit in 30 Days: You Need to Get Fundable
There are a number of things you can do to make your business more fundable. That is, more likely to get funding. Here are some acts you can take which are fast. They will give you quick bang for your buck.
Getting Fundable is About More than Building Business Credit
Yes, it will help you get business credit fast. But building fundability also bakes credibility right into your business. This will help you attract prospects, and it will help you convert more of them into customers.
Getting fundable may even help to shorten your time to close. And it will do so long after the 30 day time period has expired. A lot of these steps will require a phone call to a provider or chatting online. To expedite matters, get someone to help you, so you can get the preliminaries done in a total of maybe 2 or 3 days.
Fast Business Credit Building starts with Your Business Name
Does your business contain the name of its industry? That can be problematic if you’re in what is considered to be a risky industry. Risk is usually defined as a higher chance of injury on the job and/or businesses which perform more cash transactions than most other companies. To become more fundable, don’t add the name of a risky industry to your business name. Deciding on your business name can take less than a day.
How to Build Business Credit in 30 Days: Consider Your Business Phone Number
A cell phone or home phone number will get your business flagged. It will not be considered to be established. This will harm your business in your quest for fundability. But you can use VOIP (voice over internet protocol). This enables any phone number to ring any device. So you can still use your cell phone. Setting up a VOIP will take far less than a day.
Toll-free numbers are best. That is, 800 or an equivalent exchange, such as 877 or 888. You also want to have a 411 listing. You can get one via ListYourself.net. Lenders and credit providers will be looking for your phone numbers, so make them findable. You can a toll-free number fast through a provider like RingCentral.
How to Build Business Credit in 30 Days: Your Business Address
Working from a residence can be a red flag to lenders and credit providers. They will check your business address on Google Street View and flag it as residential, and you’ll be denied business credit. A virtual business address can address all these issues.
You get a deliverable address – not a PO box or UPS box, which would also be flagged and generate a denial. This means an actual brick and mortar address. Some plans give you access to clerical help, conference rooms, mail forwarding, and more. Three we really like are Alliance, Da Vinci, and Regus. You can contact any of these providers and get a fast live quote.
How to Build Business Credit in 30 Days: Your Business Website
You must have a professional-looking website and email address. Your domain needs to be yourcompany.com or .net if you can get that. Never use Wix or Weebly. You will need hosting through a hosting company like GoDaddy. You can buy a domain and set up a website (larger hosting companies will provide services to help if you’re inexperienced with this) in maybe a day.
Don’t Forget About Your Business Email
Your email address needs to be on the same domain as your website. Generic professional names work well, something like [email protected] or [email protected]. Don’t use Gmail, Yahoo, AOL, or the like. But don’t worry about checking yet another email address, you can have any email forward to any other email. You can set all of this up at the same time you set up hosting.
Fast Business Credit Building Means a Trip to The Secretary of State’s Office
The Secretary of State’s office has info on every license needed to run your business. They also have helpful information, like if you need to take continuing education to maintain your license. Processing time varies, in some states, it won’t be done in time.
But even if licensing will come past the 30 day mark, you can at least get started with getting your licensing. Even business credit providers which insist that you have your license(s), may make an allowance if you can prove you have put in your application. So be sure to print and keep copies of receipts and forms.
Let’s Look at Your Business Bank Account
Many business credit providers will insist that you have a business bank account. It must be devoted to your business. This will also help to keep you from accidentally commingling funds. You can apply for a business bank online at many banks, even if the bank has brick and mortar locations.
In particular if you have a personal account with a bank, and you’ve managed it well, you can get a business bank account fast. You can often be approved within as little as 15 minutes online. But it may take longer for you to get a debit card or checks or the like in mail. So to save time, you may want to do this in person.
Don’t Forget about Your EIN and Business Entity
Visit the IRS website and get a free EIN for your business. Choose a business entity like corporation, LLC, etc. You can start off as a sole proprietor. But you will most likely want to change to a type of corporation. This is to minimize risk and maximize tax benefits. Note: a DBA is not a separate business entity.
Getting an EIN and choosing a business entity at IRS.gov are both fast. They will happen as quickly as your internet connection allows. Doing these things at this stage of the game means you’ve got a set business address, phone numbers, etc. So you wouldn’t have to change them later.
Take a Look at SIC and NAICS Codes
You will also choose codes at IRS.gov. SIC and NAICS codes classify your business. The IRS is moving from SIC to NAICS. But for now, consider both to be in play.
Codes show what your business does. For example, NAICS code 531312 means Nonresidential Property Managers. If your business could fit under one or more code, choose the less risky code
Lenders and credit providers are far less likely to approve a business if they consider it to be risky. Risky often means a higher chance of injury on the job or a business with more cash transactions than the average. You choose codes at the same time as you get your EIN and select a business entity. You can get all this done in less than an hour (internet permitting).
Incorporating Your Business
The amount of time it takes to incorporate will vary. It will depend on the state you’re incorporating in. It will also depend on the means you use. In general, online will be faster.
Even if you apply to incorporate online, you may still have to wait a few business days. In general, you will need Articles of Incorporation. If you want them drafted quickly and correctly, you’ll probably need to hire a corporate attorney to get this done. In the meantime, you can be working on some of the other things you need to get fundable and quickly build business credit
Fast Business Credit Building means getting Your D-U-N-S Number
To build business credit, you will need a D-U-N-S number from Dun & Bradstreet. A D-U-N-S number + 3 or more reported payment experiences will generate a business credit report. And, therefore, you’ll have built business credit.
Go here: dnb.com/duns-number/get-a-duns-number-product.html. The free product will send you a D-U-N-S number within 30 days. But with our time frame, you don’t have that kind of time to wait around. Hence, you’ll end up spending $229 to get an expedited D-U-N-S number in 5 business days or less.
The $229 (DUNSFile + CreditSignal) will also get you monitoring, but it’s only monitoring of D&B business credit scores. You will also get alerts when your score changes. And you will get a full basic D&B business credit file.
How to Build Business Credit in 30 Days: Establish Payment Experiences
Lenders consider your credit history as one of the chief factors when determining creditworthiness. Making timely payments will demonstrate to anyone looking to do business with your company that you’re low risk. You can open most credit accounts online in just a few minutes. But it will take longer to see the impact on your credit report. To save time, you only want vendors which will report to the business credit reporting agencies.
It’s Vital to Work with Vendors Which Report
Even vendors which report may need you to reach a certain minimum before they will report. Crown Office Supplies requires an annual membership (for a fee). So check the fine print and call or chat online with a representative to get information fast, which you know will be correct. And keep in mind, it can take over 30 days for reported purchases to show up on your business credit report.
How to Build Business Credit in 30 Days: Takeaways
When all is said and done, it may take over 30 days to build business credit. But if your business is already set up, that will save time. You may need to pay to get everything done faster, and correctly the first time (which will also save time). But no matter what, once the 30 days have elapsed, your business will be set up well and will exude fundability.
A highly fundable business setup will only help you in the years to come. We can help you get started. And we can help you get everything done a lot more quickly. Let’s work together to build your business credit as fast as possible.
You’ve heard the phrase to pull yourself up by your bootstraps, right? But what do we mean when we talk about bootstrapped tools?
Pulling yourself up by your bootstraps refers to succeed through your own efforts without relying on investments or help from anyone else. (Though the phrase’s meaning has shifted over time.)
Bootstrapped companies are those that grow through the dedication of their founders, rather than relying on cash flow from investors. Basecamp is a bootstrapped company, for instance. Apple isn’t.
Bootstrapped companies must focus relentlessly on sales, cash flow, and profit because they don’t have the luxury of VC investments to fall back on. They need to remain lean and keep costs to a minimum.
As a result, there’s no room in the budget for expensive enterprise tools. Luckily, there are a variety of bootstrapped tools that can help. Today I’m going to share with you some of my favorites.
What Are Bootstrapping Tools?
Before we dive into the tool suggestions, let’s talk about what bootstrapped tools are — and why the distinction matters.
Starting a business, even a bootstrapped one, is expensive. But you can’t build a great SaaS or e-Commerce company without the help of digital tools. Unfortunately, the best tools are often prohibitively expensive for companies on a tight budget.
The good news is there’s plenty of free, freemium, or affordable digital tools you can use instead. These tools are often just as powerful as enterprise-level tools while helping you remain cash flow positive and maximize your runway.
Planning and Project Management Bootstrapping Tools
If you’re serious about growing your startup, you’ll eventually need to put down the pen and paper to-do list and upgrade to a SaaS solution.
Wrike is a versatile and comprehensive project management tool, perfect for startups and businesses of all sizes. It has all of the features you’d expect from a SaaS project management tool, including Gantt charts, Kanban boards, briefs, and request forms.
Wrike also makes collaboration seamless with shared calendars, file sharing, and team reports time tracking.
Wrike is used by some of the world’s biggest companies, including Google, Airbnb, and Dell. It also integrates with over 400 other SaaS tools and software platforms like Salesforce, WordPress, Hubspot.
You won’t have to worry about the security of your data — enterprise-level security comes standard and everything syncs instantly to the cloud.
Wrike is free forever for up to five users. The professional version costs $9.80 per user per month for up to 15 users. If you need it, the business version costs $24.80 per user per month.
Other Bootstrap Project Management Tools:
- Asana offers a robust project management package with features that vary by account level. Their free version includes unlimited tasks per team, projects in the board or list view, unlimited file storage, an activity log, and more.
- Trello is a popular project management tool that offers a free basic version. Their free version offers 10 “boards” (project views) per team, unlimited “cards” (tasks), and 10MB per file attachment.
- Paymo offers their lowest-cost plan for $9.95 per user per month. With this plan, you can access features like task views, time tracking, project templates, and recurring tasks.
- Microsoft Projects starts from $10 per user per month. It offers grid, board, and timeline view; co-authoring and communication on tasks; and project planning and scheduling.
Bootstrapping Tools to Create a Website
You can’t have a digital business without a website.
Even running an offline, local business can be challenging without a strong web presence. However, you don’t need to spend thousands of dollars on an expensive web design agency. It’s possible to build a website from scratch using an intuitive website builder.
One option is Webflow, which was labeled “the development platform of the future” by Smashing Magazine. It is a hugely capable website builder that lets anyone create visually stunning websites without a developer or designer’s help.
It comes with CMS and e-commerce capabilities, meaning you can turn the platform to any task or goal and integrates with tons of leading SaaS and web apps. Hosting is also built into the platform, so there’s no need to mess around with a separate hosting company.
It’s not just a platform for startups and solopreneurs, either. Webflow has built some pretty major websites, including Zendesk, Hellosign, and Dell.
You can use Webflow free forever, but you’ll want to play for a plan to get the most out of the platform. The basic plan costs $12 per month, and a CMS version costs $16 per month.
Other Bootstrap Website Builders
- Contact Contact is more well-known for email marketing, they also have a website builder that’s great for bootstrappers. You don’t need any SEO or developer experience to use it. Features include mobile responsive design, logo design, creating easy e-commerce websites so you can sell your products with minimal effort, and more. The Constant Contact website service is $10 per month.
- Squarespace helps customers create sleek and professional website design. You can also integrate some of your favorite SEO tools, have access to data analytics, and get help with your company blog. The cost of your account varies by which services you use. Squarespace offers monthly payments or a lump sum.
- HostGator costs only $3.84 per month for their cheapest package. For this plan, you have access to the website builder, a website hosting service, and 12 months of ownership of your domain name.
- WordPress is one of the most popular website builders. Their cheapest plan is $4 per month and includes free domain hosting for a year, no WordPress ads, and free email support.
SEO Tools for Bootstrappers
You need a strong SEO game, especially if you are a bootstrapped business that can’t afford to spend a lot on Facebook ads or other online advertising forms. But, you don’t need to pay a fortune for the right tools or even hire an SEO agency.
My SEO tool, Ubersuggest, is perfect for anyone running a bootstrapped company because it’s free. Even better, it gives you all of the insight and advice you need to optimize the heck out of your pages.
You’ll get an overview of your domain and its strengths and weaknesses, a report of the top pages ranking in your niche and how to beat them, keyword suggestions with accurate search volumes, backlink data, content ideas, and so much more.
Even the tool’s premium version is cost-effective, starting from as little as $29 per month.
Other SEO Tools for Bootstrappers
- Moz: The free version of Moz has robust services such as keyword research, a link explorer, and domain analysis. It offers a pro version and a local version.
- Screaming Frog: Screaming frog’s free website crawler alerts you to technical SEO problems like broken links, metadata issues, and discovering exact duplicate content on pages.
- AnswerthePublic: AnswerthePublic is a tool that identifies content topic opportunities based on what people are searching for.
Each tool provides similar data and insight, but you’ll find these slightly more expensive than Ubersuggest. Moz, Ahrefs, and Semrush all start from $99 per month, for instance.
Bootstrapping Tools for Design, Stock Images, and Prototyping
Whether it’s a beautiful header image for your blog, great looking stock photos, or a banner for your new Facebook ad, having access to a designer is invaluable. It is also prohibitively expensive for most bootstrapped companies.
The good news is, you don’t need to outsource design to an agency or hire a full-time designer. Instead, use the following tools to create the designs you need.
While there are many free or cheap design tools out there, very few bring everything you need together in one place like ZeBrand. With ZeBrand, you can create logos, fonts, color palettes, inspiration boards, and whatever else you need.
There’s a massive library of high-quality photographs to use for free, too. The platform even provides Brand Coaches, on-hand experts who will help you create and execute your brand strategy.
The starter version of ZeBrand is available for free. The premium version is significantly more expensive at $399 per quarter, including brand coaching sessions.
Other Design Tools for Bootsrappers
- Canva: Canva is known for its design prowess. The free version has a robust collection of templates for users to choose from. WIth the paid version, you have access to designers, premium custom templates, premium fonts, and a background remover.
- Dribbble: Cribble’s primary goal is to connect users with graphic designers or creatives. Users are able to hire freelancers directly from their website.
- Crowdspring: In addition to designing logos and web pages, Crowdspring also offers a service that helps users find unique business names.
- Design Pickle: Design Pickle provides graphic design services on demand. Their work quality is great, but you’ll pay for it. Design Pickle is a pricey $499 per month.
Automated Email Software Tools for Bootstrappers
Are you still sending out email campaigns manually? Are new subscribers automatically added to your welcome email flow? Automating your email marketing can save a lot of time, but it can also make your business a heck of a lot more profitable.
Squeezing as much value as possible from your email list is essential if you’re bootstrapping. You don’t need to waste your money on expensive enterprise platforms, however.
HubSpot is a freemium marketing automation platform perfect for every business, from a one-person startup to a 300-employee company.
Creating and optimizing automated email campaigns is easy once you get the platform set up — and you’ll be able to do it all by yourself. Personalization is included to easily create specific email marketing waterfalls for different types of users.
You can also A/B test your campaigns to improve open and conversion rates.
This is just the tip of the iceberg when it comes to the HubSpot platform, however. You can also build landing pages to capture more email addresses, gate content that already exists on your site and get a full picture of how every lead came into your CRM.
HubSpot costs just $45 per month for up to 100 contacts.
Other Automated Email Software for Bootstrappers
If you’re not a fan of HubSpot, consider:
- Marketo: Marketo has a wide range of marketing services, one of which is email automation. Marketo’s email solutions include creating campaigns quickly and easily, creating personalized emails, ensuring you’re targeting the right audience and tracking KPIs.
- Salesforce: Salesforce boasts they are the number one email marketing solution. Their product offerings include tailoring your emails for every step of the sales funnel, delivering engaging content to your email subscribers, and using AI tools to improve upon the process.
- Blueshift: One of Blueshift’s product offerings is an email marketing service. They intend to generate emails quickly, send emails that are triggered by user behavior and the sales funnel, and offer predictive segmentation.
Team Communication Tools for Boostrapped Small Businesses
As your bootstrapped team grows, communication will become more critical. Emails, texts, and phone calls will only take you so far.
It doesn’t matter if your team sits in the same office or works across the globe; you need a SaaS communication tool to ensure you’re all singing from the same hymn sheet.
Here are some of my favorite bootstrapped communication solutions.
It will probably come as no surprise that I highly recommend Slack as a bootstrapped team communication tool. Slack is the perfect combination of email, instant messaging, and voice calls, and it’s all available for just $6.67.
A limited version of the platform is available for small teams to use for free. What’s better than that?
Other Team Communication Tools for Small Businesses
If video conferencing is a more pressing need for your business, you may want to consider:
- Zoom became a household name during the Covid-19 pandemic. Since Zoom is free, friends and families use it to stay connected during the pandemic. Zoom is also useful for businesses. You can use Zoom for team meetings, chats, webinars, conference meetings, a phone system, and a marketplace.
- Microsoft Teams is another popular tool for communications. Its services include chat channels, video meetings, screen sharing, and more. Teams is a good choice if you’re already using Microsoft products.
- Skype was one of the first iterations of communication software. You can use it to chat to your friends via messenger or video chats, as well as make direct calls. Skype has not changed much since the early days, so it might be a great fit if you’re looking for something that’s budget-friendly with basic features.
So there you have it, that’s my list of the top bootstrapped tools for your startup.
Which bootstrapped tool will you try first?
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