Hey Guys. My name is Tony and i am new to the investing world. I am currently trying to invest in the DC, MD, and VA area. I have found so many deals but i am having a tough time coming up with the funds to close these deals. Could anyone help me with some advice to come up with the funds to support these fix and flips and buy and holds?
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A few options might include:
partnerships, including with your team, manager, REI club members, people with more capital than time;
self-directing IRA money;
There are a lot of resources, books and podcasts on this topic - I'm sure as you dig deeper you'll identify the option that makes the most sense for you.
Another good way to start might be putting together the proforma on your deal and seeing if others others find it compelling and share your definition of good. PM me if you'd like me to look at what you have and provide honest feedback on it.
@Tony Johnson like @StacyA McBain mentioned there are a lot of options out there. We need more information before we can help. Why are you not going the traditional route(conventional mortgage)? Do you have bad credit? No money for down payment? No W2 job? All of the above? If that is the case, you might want to read @Brandon Turner book: "The book on investing in real estate with no and low money down." It is definitely a good resource. Hope that helps!
@Felipe Ocampo, thanks for the response man. I do appreciate that. Truth be told my credit score did take a hit. I co signed for a close friend of mine and they stopped making payments on the car note and the car was repossessed. My credit score was very good but hey things happen. I am 22 years of age and my credit was in the 700's until the repo. I teach kids with autism so i do have a W2 job. I do not have enough saved up for a down payment though.
Private money is my specialty. PM if you want additional information on how to fund your loans whether you're looking to flip or hold.
Have a great day!
Great Question -
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