Real estate investor

[John Thibodeaux]

Is there anyone in the NWA (Northwest Arkansas) region that would be willing to mentor or partner up? I'm a Navy reservist, a part-time ICU nurse, and over the past few months, I've set up an LLC, bought a condo in Fayetteville, renovated it mostly by myself and already have a tenant. I'm eager to do more projects like flipping, tax liens, foreclosures, auctions and buy-and-hold deals, but most of my capital is tied up in the rental property now so I don't know how to move forward. I'm willing to learn, research properties, attend auctions, do non-permit renovation work myself, etc. I just need someone to advise me on how to take that next step when all of my capital is tied up in my first property.

I bought the rental property at $168K and the assessment came back at $192K before closing. I paid about $34K as my down payment and then dumped about $10K into new flooring, fixtures, paint and vanities so the property should now reappraise at about $210K.

Any advice for an eager, driven, goal-oriented newcomer? Anyone need an investment/renovation partner in the Bentonville, Rogers, Springdale, Lowell, Fayetteville area?

[Jaycee Greene]

Quote from @John Thibodeaux:

Hi Luis, yes, that's what I'm going for. I have the time to do the boots on the ground work of finding properties, going through the buying process, fixing them up either DIY or hiring contractors for the more extensive work, and then taking the properties through the selling process with an agent. I just dont have 100% of the capital needed. I might only have 10% of the capital that's needed.

@John Thibodeaux That's exactly how Joint Ventures (JVs) work. A General Partner (GP), you, would contribute 10% of the equity. Your partner, the Limited Partner (LP), would contribute 90%. Now, keep in mind, the cash flow (aka profits) isn't necessarily paid out at the same 10/90 split.