What if you could make $10,000 more on every flip, simply by paying less for capital? What if you could access large lines of credit with NO personal guarantees and not attached to your personal credit? That’s the topic for today on Flipping America.
How many more deals could you do? What would it add to your bottom line? How different would your life be 5 years from now if you could do two more profitable deals each year between now and then? These are the types of questions you should be asking when you begin to think about business credit. Now I’m not talking about the type of business lines of credit where you pay what amounts to 40% interest and you have to make daily payments starting the next day after you receive the money. I learned this business model the hard way about 8-9 years ago. I had a few conversations with some money guys in New York. Turns out they had clever ways to avoid having their interest rate labeled usurious, but they were workarounds. And they were a rip-off. Since that time I have been on the robo-call list as a sucker who needs money. Even with my robo-call killing software I still get a few calls or texts every week offering me this kind of money. Now they are hitting me up on LinkedIn as well.
But that is NOT what we are going to be talking about. We are talking about legitimate lines of credit for your business, obtained because of and on behalf of your business. These loans are solid and real. And I’m going to tell you right now that since I favor good quality debt backed by real estate, this program qualifies. Stephen Wible is coming up in a few minutes to explain it, which I will let him do.
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I haven’t really wanted to weigh in on the minimum wage debate. I remember the exact same arguments over the past 35 years -- people can’t support a family on minimum wage. The comeback is, “of course not, minimum wage jobs are not designed for heads of household.” The cruel fact is, the minimum wage doesn’t matter and it never has. I remember discussing this with a mentor of mine when the argument was about raising the minimum wage to $7.50/hr. I asked him his thoughts. He replied, “that’s fine if you don’t mind paying $3.00 for a loaf of bread.” This is the most succinct description of the consequences of minimum wage hikes I’ve ever heard. It perfectly encapsulates the reality that if we raise required minimum wages, business owners will be forced to raise prices. Once the prices are raised, the net effect, in terms of buying power, will be zero.
Here’s another tough love fact for you today. You are never going to become wealthy by demanding more money from your employer. Everyone listening to me has a chance to become wealthy, but you will only do so by making yourself more valuable. If you make yourself a valuable commodity, I PROMISE you someone will notice. Good help is hard to find, GREAT ASSETS are like treasured jewels. Get knowledge, gain skills, grow in wisdom, and opportunities will find their way to you.
