18, Looking for Advice!!
Hey!! I'm 18 and been working around flips and rentals for the past year and a half learning every detail about the contracting and the rental portion!! I currently don't have the cash to do my own deals!! I don't know if its nerves or what, but I also am worried about taking on my first deal!! I know lots about creative financing opportunities but it's just really hard to believe that a private money investor would truly lend money to me being so young and them not really understanding what I'm able to do with that money. I trust myself to do just about any contracting work there is in a residential standpoint. I'm just really struggling to believe that I can start my own projects now!! I know I'm in a great spot with the work I'm doing with a fellow investor, but there's a part of me that just wants to get out there start doing the flips myself and start building my own rental portfolio.
If you have any advice at all it is very much appreciated!!!
Most Popular Reply
Kayden. You are in a great position. I agree with Arman. You should not be in a rush to just say that you did a deal all by yourself.
You have an opportunity to partner, learn, and continue growing with your present senior investor partner. You can leverage your contracting expertise to jointly venture with your present partner. If you have a deal, the partner brings the equity, and you bring the sweat equity in the form of your contracting expertise. You can offer a 50%/50% split so that your partner feels safe in supporting the deal.
The best deal to start off would be a small deal. It should be simple cosmetic flip instead of a property with complex structural issues. Additionally, prepare an exit plan. Decide whether the finished property will be a long-term rental or a BRRRR.
I hope that this helps.