i found a great property in a good neighborhood in baltimore, md and there's money in the deal but i need advice how to fund the deal with no money on my own and bad credit. my mother has money in her 401k but maybe just enough for a down payment but not to fund the rehab. any advice would be greatly appreciated.
Hi @Craig Smith . I believe that you have a couple of choices.
1) If you can get the property under contract at a discounted rate, you could wholesale it to another investor for a fee.
2) You could talk with the vendor and see it they are willing to do a seller finance with a smaller down payment, using whatever you have left over to try and repair. or even talk with the vendor and see if they want to partner with you.
3) find some one you trust who has what you are missing and partner up.
4) pass this by, knowing that you will find another deal, and gear yourself up (fix credit/no money issues) with the goal to fix and flip
some basic ideas. you can search the site for more forums on what you need.
Good luck! keep the forum up to date on how this works out for you.
Thanks Joshua I forgot to mention it's a foreclosure for the amount of 124,000 comps are 190-200,000 but needs a new roof and kitchen. I'm going to take all your advice I really appreciate it. I'll definitely will keep everybody informed on my progress. Thanks for the help.
There is a company called cogocapital.com. Check them out.
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