Flipper · Macedonia, OH · Member since 2015 · 66 posts · 14 votes
Hello Everyone,
When starting out what was the best way to find partners? I attend my local reia meetings and I've recently connected with lenders and we've started talking about different ways to finance my first deal. How can I make a partnership a win-win when I don't have any money to bring to the table? I would love to get some advice on this topic!
Investor · Perth Amboy, NJ · Member since 2016 · 7 posts · 1 vote
10y
Kory,
I partnered up with a friend to do my first flip...my friend had a childhood friend who he reconnected with after many years of not seeing each other. We were out having a couple of drinks and turns out that my friend's friend was heavily involved in real estate and through him we were able to find a good deal on a house to do a buy and flip. We wrote up an agreement in which he would take a certain percentage of the profit after the house is sold, he would be the project manager in essence. There are many ways to make money in real estate and this is the route I took, you'll be surprised how many of your friends/family members have the desire to do something with their money. My friend's friend (who I consider my friend now) offered his experience and we agreed to front the money for down payment and closing costs. In other words he put no money down. Maybe you have to ability to offer some type of experience in exchange for putting no money down. Hope this helps. Good Luck
Flipper · Macedonia, OH · Member since 2015 · 66 posts · 14 votes
10y
@Daniel PabonThanks. I have no experience but I have been looking at a lot of properties and doing the numbers on them. I just got my degree in finance so I have that and more time than most people because I don't have a job yet.