Hey BP !!
This year has been a tough one. I started my first deal back in February as a Flip. Many things have gone south as expected from a rookie investor. Today, I am currently sitting with no money left and a flip at 90% completion. I am still missing a small roof leak that appeared last minute, landscaping, and some small adjustments to close the electrical and plumbing permits, which I have someone working on.
I am at a point where all I want is my invested capital back to implement the truck load of knowledge I have gained through this Flip on to the next deal. The main reason for this post is to ask for advice and tips on how to get out of a deal of this type. I was thinking on driving around neighborhoods looking for properties under construction and potentially find investors willing to take it off my hands at Price. The deal has $40k-$50k in equity and the house could be market ready with less than $10k, which might be very appealing to investors looking for a quick and easy buck. Also, the reason why I am so focused on investors is due to the open permits, I know the house can be sold way easier if it were a cash buyer.
Guys, what are other ways I can find local investors that could potentially be interested in this type of deal ? Also, in you experience, are there any other tips or solution you guys might have for me for this situation ?
All advice is greatly appreciated.
Thanks in advance !
Go to local networking events! Can you put together a quick 1-pager pitching the property as an investment opportunity and distribute as an off-market deal at networking events?
Maybe you have a kind soul in your family that could loan you the money? (It's a tough ask, for sure, but not worse than foreclosure)
@Lennon Lee hosts a monthly event in Miami, that might be a great place to start!