Be The Bank
If you read the house flipping section, we touched briefly on flipping your way to big profits which you can then invest in rental property. We also mentioned that you could become the bank – lending your money to other investors while collecting handsome double-digit interest payments.
As “the bank” you don’t have to worry about vacancies, maintenance issues and the like. Imagine this:
Let’s say that you flipped your way from $50,000 to a nice fat $250,000. Now you want to be the bank – to be the one whom:
- Lends out your money at 15%
- Gets the whole amount back with interest within 6 to 13 months.
Imagine, 15% of $250,000 is $37,500 annually, or about $3,200 per month. How’s that for a nice trip to the mailbox?