Need Some Help Getting Started
Good Morning BP,
About 2 years a light bulb clicked for me. Flipping houses is the perfect "career" for me. I love the idea of taking a run down house in need of help and turning it into a beautiful home. Also, I have discovered that I don't want a 9-5 working for someone else's dreams, and thus my journey began.
I recently turned down a full time position with Medtronic to work in construction to learn that side of things. I also started listening to the bigger pockets podcasts and reading as much as I could. Last August I bought my first house that I am currently remodeling. It will be a couple more years before my wife and I move out of this home, but I am way to excited to get my foot in the real estate investing game to wait that long. I am looking for either flips or rentals that I can use the BRRRR method. I've been back and forth with which I should start with but I guess whichever works best for the deals I'm presented with. It would just be really nice to have that extra income from a rental and if the property needs enough work hopefully I can add enough equity to pull from. I live in St. Paul, Minnesota so I'd like to find deals nearby.
I am in contact with a realtor who works directly with investors so I have a couple deals on the table. I also have been speaking with a hard money lender for financing. The problem I have is that I don't have a lot of money. The lenders terms require $10,000 or 7.5% of the loan value in the bank to be approved. This I do not have. I am looking to the BP community for potential partners, advice, ideas, or any help you can contribute.
Thank you!