How to get a credit partner?

Question

Curious if anyone knows a place to find a credit partner? If so, what was your experience?

Account Closed · Answer

I am a credit/cash partner. To get my attention, a potential partner needs to find the deal and be prepared to do all the work. That means having a background in construction, engineering and/or property management is extremely helpful to demonstrating their ability to perform with my money. I do flips and buy & hold. The property always goes in my name and I generally split the profit AND LOSSES 50/50 (always negotiable). Any expenses for material is paid or reimbursed by me so my partners are generally out of pocket only their time (assuming their is no monetary loss). I usually require some upfront money from my partner to ensure my they follow through after I purchase the property. I have a track record and references that prove my partners always get their half and the books are transparent.

I hope my example helps to set your expectations and provides a template for any relationships for which you may get involved.

I hope my example helps to set your expectations and provides a template for any relationships for which you may get involved.

Joe Villeneuve · Answer

@Rumen Mladenov I hate to tell you, but you're wrong.  I can find credit partners all day.  They are everywhere, as long as the credit partner gets the majority of the deal.  I pair up cash partners with credit partners all the time.  It just comes down to the numbers for the returns.

Account Closed · Answer

Mark,

REIC = Real Estate Investment Club

If you're looking for a credit partner, does that mean you bring equity to the table, or does it mean you bring deals to the table or both?

Greg Mesa · Answer

You CAN'T use a credit partner to obtain financing or a loan and then only pay them a fee.  That is called straw buying, and is illegal.  You & your credit partner have to be in on the deal, and they profit from a percentage of the deal.

Rumen Mladenov · Answer

Unless you have skin in the game and your partner is protected in case of default, you will not find a credit partner.

For example, you can get 70% of ARV funded by a credit partner if you either come up with the remaining 30% on your own, or bring a deal with 30% instant equity. If you fail to perform, the credit partner gets the property.

Most credit partners, at least the ones you would find at the REIC, have a "BS detector" so inflated and unrealistic ARVs do not fly.

Aaron Junck · Answer

If I am understanding what your trying to do is find someone that has great credit  go out and apply for a credit line for you to use and then you give them a little profit for doing so. ..

If this is correct you will have a VERY hard time finding someone to do so unless you have a proven track record of what you want to do. Those that have great credit and the ability to get credit have it bc they managed it wisely. They will be less likely to allow someone that has shown poor money management to mess up their credit.

"When someone wants/needs credit they seldom can get it, on the contrary when someone doesn't need/want credit it is very much available in most cases."

Joe Villeneuve · Answer

You'll find them in your own backyard.  look for them in your REIC's.  They're hidden in plain sight.

Mark Moses · Answer

Just looking for someone with good credit to pay them a percentage of approved credit lines. Once the debt is paid off they will be removed from my business.

Lorenzo Ellington · Answer

I am looking for a partner may you contact me please I have a great deal going on right now.

Joe Villeneuve · Answer

Correct.

How to get a credit partner?

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