I am a 24 year old in Austin, TX, who recently completed my first flip, and due to my job in the service industry, it is very hard to get approved for financing. All of the owner financing properties are either too expensive or already flipped and not worth investing in! So that said, I am looking to invest around 20k into flipping homes, which I know is not much, with either a partner or somebody who is looking for an investor. Any help, ideas, advice? Thank you!
@Jared Reynolds Welcome to BP! Congrats on your first flip.
I spent 8 years in the service industry and feel your pain! Well how I got out of that problem was to partner up with investors and private lenders.
I always found it easier to pitch a deal to a colleague then to try and win over the bank when they operate strictly on their template. So my advice is exactly what you said and partner up. Or get someone to start lending you money!
Half the battle is starting which it sounds like you are already there. Good for you
You're likely to find interested local partners at the area REIA meetings, as well as putting the word out online. You'll also benefit by hearing about potential deals at the meetings.
Thursday's Mastermind lunch meeting at Big Daddies is one of the bigger area meetings to network on a weekly basis. We also have the local BP meeting the second Wednesday of each month (tomorrow) at 10 AM. There are other REIA groups that meet regularly. Check meetup.com for times & days.
Keep you eyes and ears open to ways you can participate in deals and strategies to maximize or leverage your capital and experience into new investment opportunities.
Thank you both for your great advice! It was all very much needed! I look forward to acting all of these strategies!! Thank you
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