Hello Bigger Pockets,
I am new to real estate, but I work with my father-in-law who has been painting for 15 years and can do all types of interior and exterior work. I am not trying to solicit an investor on here, I am asking how to find one in my area?
I have talked to my local REIA group, and they are all very leery of investing in a new flipper. The group has a financing program, but they require 10% down, 20% interest paid monthly and 50% of the profit for coaching and facilitating the deal.
I am a new investor so I don't have very much capital so the 10% down is out of the question let alone the rest owed. Are there any hard money lenders out there who only ask for their money after the rehab is done. So maybe 65% ARV, 13 % interest paid monthly and 3 points? I understand a lot of lenders want the rehabber to have some skin in the game, but is it stupid to search out a person who group who doesn't?
I know this may be a very silly question to ask on here, but how do I find an investor that is willing to trust a newbie?
I also am not looking to start off wholesaling first and then work my way into flipping.
Maybe go work for a company that flips and learn the ropes. The owner will see you have a " thirst for knowledge" and " fire in your belly " and then want to help fund your first deal.
Being successful is very hard and you have to work and want it bad. I mean REALLY bad.
I have been approached before by commercial agents wanting to learn the ropes ( not your situation but similar ). What I have found is many talk a good game, waste a bunch of your time, and don't do anything. Talk is cheap and actions speak volumes.
Now I just say 25,000 non-refundable credited off your first deal and that gets them to go away real fast.
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