Hi BP fellows, I have a gentleman who has agreed for me to hold a note on his $1,000,000.00 single family residence in westchester county NY. The property can be rented out for at least $8000.00 a month. However my problem is that I'm new to this and the owner wants to see some financials or track record for him to go ahead which I don't have. I lost two similar deals already. Any help/ suggestions out there is most welcome.
Almost everyone would need a track record, but maybe start with friends and family, or try to start with smaller properties that you can afford and build your track record from there. You also might consider flipping so you get some cash to be able to buy&hold.
thanks a lot @Chaim . I think I'll start with the flipping as you suggested.