So I have a contact that knows a good private lender. The lender doesn't want a part of any of the work, not even go take a look at the property because he trusts my contact enough. So I have this great opportunity, but I'm extra nervous because he's very experienced and I'm not. So I'm looking for properties and thinking about this and that and nothing is looking like a deal to me, because I want to make sure the first thing I bring to him is going to be something he's interested in taking up, you know the whole first impressions thing. I'm 23 and haven't done a deal yet, he's much older. Before I found out about this guy I was just going to try wholesaling, and now I'm going to be flipping and I will have free and clear access to all my lending needs if the deals look good. My question is where should I be looking for more deals, I feel that driving/looking and Craigslist are decent but I don't have an experienced eye so I'm not seeing very many. Should I look for more foreclosures and pre-foreclosures because I haven't been looking as hard into those as FSBO. I guess this is a good problem because I have the lender but now it's too real and I don't want to disappoint.
I think a Joint Venture Makes sense until you feel comfortable on your own
@Connor Simonds Take a deep breath. Now breathe out. Repeat until calm. Now, from the beginning. You originally wanted to get into wholesaling, by yourself. It seems to me that you should now look at every potential deal in that same light ie. crunch the numbers; do they work for Buyer/s that you would be looking to find? And how are you finding those Buyers?
Before taking action, you already need to have all those strategies worked out, whether for yourself or in cahoots with others.
Please be aware that you should not need to be any more nervous for your "contact" than you are for yourself. And here, you are in a safe place. If you want a second opinion before bringing it your contact, yes, put the numbers up here for us to see, and we will not judge you (and you can tell us and our opinions to get lost anyway). That's the fun of BP! Cheers...
Connor, were you able to find a deal to present to your investor? If this has been working out for you I may be interested in talking to you about doing some JV deals in the future.
Look forward to hearing from ya!
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