My Flip Adventures - CONTRACT
FINALLY, we have contract after about 65 days on the market which is the average in our area. Closing is scheduled for 9/3/2015. We haven't made as much as expected but we didn't end up in the red. After all expenses we will have made $12K. I am thankful for this experience and am already looking for the next deal.
For the next project I would like to have less of our own money in the deal. Looking for private money investors and considering hard money lender.
Comments (4)
Congrats!
Adrian Chu, over 8 years ago
I do not doubt my abilities but I do not want to use my personal money to buy and fix every property I acquire. As we grow we want to set up a business model that places the liability on the business and not on my own personal finances. Setting up a network of private investors and other streams of investment income allows you to acquire more investment properties at a faster pace. Most businesses strive to use OPM either through investors (company, angel investor, crowdfunding, private money, or an individual) or through revenues generated via a service.
Lizina Green, over 8 years ago
Why do you want more investor money if it's not because you don't have the money yourself? If someone told me they had the money but didn't want to risk their own money, I'd be very reluctant to throw money at such a project as it sends the signal that you don't believe in your own abilities.
Thomas Jensen, over 8 years ago
Congratulations!
Account Closed, over 8 years ago