Doable newbie flipping group?

4 Replies

I've read enough posts here now and soul searched myself to have this idea:

It seems there's a lot of chicken and egg problems for new RE investors that are looking for experience and future private borrowing.

Short version of my idea is put together 9 newbies and 1 pro, all BP members and do a few deals together to build experience and a track record.

I'll spare you the details for now but the abbreviated version is $5k each into the pot. Buy, fix and flip a few $25k or so deals until each member has a documented track record and a nice nest egg to head off alone.

A "pro" would be on board to help and the whole thing can be a thread here at B P.

This can cure the dilemma of "I need experience to get hired but no one will hire me without experience"

The group should be as local as possible with each member committed to show up at the property at least once and to be present at online meetings.

Thoughts?

Great ideal

I'm not in your market, but wondering :

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

What happens if your are not able to flip property ?

I'm guessing your going need : attorneys and group LLC

Good luck moving forward

Duplicate post
Originally posted by @Jenkins Ramon :
Great ideal
I'm not in your market, but wondering :

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

What happens if your are not able to flip property ?

I'm guessing your going need : attorneys and group LLC

Good luck moving forward

Its always possible to lose. Most pros have lost on some of their deals. Better to lose on a small amount than a 100k flip.

The worst thing that could happen to a gambler the first time they ever played is to win big. They think they figured it out and it's easy :)

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