speaking from minimal experience I'd like to flip until I have enough Capital to buy two homes, buy one rental and then buy another flip and repeat the process. Kind of like BRRRR but I figured long-term financing isn't always going to be an option and this way I won't have to deal with the drama of seeking financing Every Witch Way and again this is me saying this now haha
speaking from minimal experience I'd like to flip until I have enough Capital to buy two homes, buy one rental and then buy another flip and repeat the process. Kind of like BRRRR but I figured long-term financing isn't always going to be an option and this way I won't have to deal with the drama of seeking financing Every Witch Way and again this is me saying this now haha
I love that plan! I was going to recommend flipping until you had more cash. I'd check out HML's like lima one, fund that flip, foa commercial, and others. Those can be a good source of funding at least the first few flips if you can't find something cheaper.
@Grant Rothenburger granted if I wanted to do it by myself things would take a little bit longer being that I don't have a lot of cash. what if I found a deal and basically coordinated the buying in the rehab. I want to say something like syndication but I'm not really sure if that is syndication.
Consider looking into wholesaling. This option can help you build up cash necessary for your future investments and by the same token meet and network with the investors.
@Grant Rothenburger granted if I wanted to do it by myself things would take a little bit longer being that I don't have a lot of cash. what if I found a deal and basically coordinated the buying in the rehab. I want to say something like syndication but I'm not really sure if that is syndication.
@Grant Rothenburger granted if I wanted to do it by myself things would take a little bit longer being that I don't have a lot of cash. what if I found a deal and basically coordinated the buying in the rehab. I want to say something like syndication but I'm not really sure if that is syndication.
That could work, it would be a matter of finding someone that would do it with you. You'd probably have better luck if you found a deal and either helped some with the coordination of rehab, or maybe on the first one just be a fly on the wall and learn, split profits at the end (however you decide to split based on roles), and take on more of a role on the next one. Not many experienced investors will want you to coordinate the rehab when their money is at risk and you're new.
@Alina Trigub but I don't have enough money or credit to buy a $20,000 house then wholesale at 30. Granted I may not have to put up all the money but I'm not that great at paperwork and when I think wholesaling I think of paperwork and networking
That's exactly why you need to learn how to wholesale. There's more than one method to this madness! Learn about it first, then take action! Education is the key! My best!
@Alina Trigub but I don't have enough money or credit to buy a $20,000 house then wholesale at 30. Granted I may not have to put up all the money but I'm not that great at paperwork and when I think wholesaling I think of paperwork and networking
@Alina Trigub I couldn't agree more education is the key. :) I'm almost done listening to all of the BiggerPockets podcast as well as the money podcast and I'm going to keep up-to-date with the business podcast. Not to mention the book they recommend.
one of the things that I have taken away from a lot of the podcasts is that the things that you're good at you should focus on and amplify. then pay somebody else to do the things you don't want to do or you're not good at.