A couple of questions from a newbie, finance and partners
Hi guys!
Newbie here, 25, from Auckland, NZ. I'm currently living in London but moving back home in about a year and looking to get started in real estate investing when I arrive home! I'm in the fortunate position where my Mum is very keen to help me get started with investing (and keen to invest some money in a project), and therefore would be willing to help me with a first deposit. A couple of questions:
Firstly, House Flipping has definitely stood out to me as the strategy that I want to learn about and get into, however, starting out, I want to buy a house that I can live in. Also, if I am going to get an investment from my Mum, this is the route I know will work... My question is: will I be able to use this to finance my next purchase in order to start House Flipping? How can I go from owning my own house to financing a first flip?
Secondly, what are your thoughts on having a brother as a business partner? I have read lots about not working with family but this seems like a good opportunity. We have a good relationship and he owns a construction company / has been a builder for around 15 years. Therefore, he has a great experience with rehab pricing and project management etc.. I also know he would be keen to get into a project and willing to put money towards it.... Is this an obvious yes?
I'm very much a newbie so apologies if any of these are silly questions!
Cheers, Sam.