Updated almost 7 years ago on . Most recent reply
Looking for cash partner for Philadelphia flipping
Hi all.
I live in Philadelphia and got into real estate last year. I purchased my first property in Philadelphia in October of last year. It needed a full cosmetic tune-up and I successfully rehabbed it quickly and it has been put on the market a month ago. This deal was an all cash deal. I am now looking for cash partners who would like to get passive income by funding my fix and flips in exchange for a 50/50 partnership. I get deals from a few wholesale companies (the same people I got my first deal from), and have several new ones in my inbox on the daily basis basically, most of which are above 20% ROI, but a few with much more potential and those are the ones I am after. Unfortunately, the private lenders I have talked to have terms which leave me very little room for profit, and that is why I am looking for a cash partner.
Once a deal comes in in my inbox that I like, we can arrange to all head out there (you, me, and my contractor who did a great job on my first property). Wholesalers like to sugarcoat the rehab price, but my contractor will be right there with us and can tell us what it will really cost to fix the house up to our specifications. I really like the wholesale company I work with because for every deal they give me a packet filled with comps in a very close proximity, with helpful information like sale price and time on market. This takes the guessing out of the picture.
Most of the deals I get are single family homes in appreciating areas in Philly. Typical price ranges anywhere from 55k to 120k, and some require as little as 30k or as much as 80k to fix up.
If this sounds interesting to you, please message me on BP, or email me at [email protected]. I can have you seeing properties with my team within a day!