New REI investoer -- First Project

2 Replies

The phrasing of the question makes me assume you have not yet researched this enough to buy a property yet. If so I would take the necessary time to learn about what strategies you want to use. While learning I would Practice analyzing deals. Then I would look at local investing clubs to meet people that know your market. They can have useful referrals of lenders, contractors, and agents. Then once you line up people that would like to gain your business you have to bring something to the table like a good deal that you found while analyzing properties.   You bring the deal and do some of the legwork and find someone that has money but doesn’t have a deal. 

I understand about analyzing deals. I already used Bigger Pockets tools for that purpose. I have not started networking yet. The only reason I asked is that bringing in partners to the table will dilute the profit margin. Some lenders only loan up to 80% of the loan and require cash at closing. That is the part that I'm falling short. The reason is timing. I found a potential property, I analyzed the property. It may be a great investor property as a rental or flip. The other issue is potential issues with the property. Simple dry wall and flooring is easy for me. Anything more will require the use of contractors. That still requires money. 

You say I need to do more research, but the only way to be in business, is to be in business.