I'm a real estate investor from Lansdowne, PA and my question is how do you get the capital to fund and renovate your properties? I'm interested in buying and holding properties for long term wealth and flipping and wholesaling for short term wealth. The concept of wholesaling seem relatively easy but upon doing research on the topic it has left me feeling overwhelm.
I currently own a duplex free and clear that I bought almost 3 years ago and I'm in the process of having my credit report/score reviewed, fixed, and updated by the 3 credit bureaus due to errors on their part. Once my credit has be updated and my score increase, I feel I'll be in better position to obtain a loan from a bank. While I'm waiting, making money with wholesaling seems like the logical thing to do in terms of experience and time being not being wasted.
Any advice and guides would be very much appreciated.
@Ayodeji Kuponiyi - Your doing what I would do, get your credit fixed and put yourself in a strong buying position. I don't flip, but from my understanding you would not use a traditional bank to get these loans unless your rehab is over 6 months, you would use a Hard Money Lender.
For long term buy and hold I would leverage the duplex and buy more properties, and then I would use the profit from wholesaling and flipping to buy more properties.
welcome to the site.
@BrieSchmidt the problem I have is starting the wholesaling process. I understand you find a deal, get it under contract, and find a buyer (get buyer under contract). It seems from my understanding and reading that there's more things involved.
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