I am a construction worker that wants to get into this field but no credit and no money saved tried with a investor first time but he just used me to meet all my contacts anyone interested in giving me a try I do almost all aspects of the job
You have not told anyone where you are or how you plan to add value you need to be a lot more specific if you expect people to give you money. It is almost impossible to invest with zero dollars of your own money so the best suggestion is to start saving that way you'll rely less on other people.
I guess I left a few things out so here it is I’m not a licensed contractor yet but I can run a flip from start to finish have been doing this for 25 years now in the Bloomington Indiana area have worked for many contractors on rehabs and have been the one at all stages I have no clue how this part of the process works it may be a shot in the dark I still belive in the hand shake is good as any contract out there
@David Phillips Where is your focus on investing? What would you consider your top skills (i.e. management or hands on work)? Keep reading these different forums. You will grow and find good people to work with,I have built a lot of great relationships from these forums and still do business with several. Good Luck!
I’m strongest at hands on installation what I would really like is to just spit like 70 /30 in investor favor and make a check while I get it ready I do a lot of custom exterior and have been learning the inside for ten years now
Yes I know I’m not going about it right I guess but never hurts to try I’m in the Indianapolis and surrounding area or even someone that could mentor basically anything to start with it’s kind of confusing trying to be self taught
@David Phillips probably the best thing you could do for yourself is get a GC license so that you can start working with investors for pay and then you might be able to move into an equity split. It is unlikely that an investor will do an equity split with a novice, who doesn't have the proper contractor's license.
@David Phillips Whatever you end up doing - know this - if you have the ability to evaluate realistic rehab costs prior to purchase of a property, then you have a very special skill that many others don't have.
Investment disasters come from a few basic areas. Many times properties are purchased too high and rehab costs are not clearly understood. A good deal assessment involves understanding comps in the immediate area, and likely ARVs, reasonable investor return, holding costs, selling costs, and rehab costs needed to hit target ARV. When you know these factors, then you know what a reasonable purchase price for a distressed property is.
Way, way, way too many people think they are getting a good deal on a property and don't understand the full equation. They buy too high and then try to force the rest of it to "fit". It just doesn't work.
The skills you have now are great. I would suggest that you get a broker's license and learn how to pull numbers so you can be adept at putting together full and reasonable deal evaluations.