Fix and Flips ( How to start with no money?)
Hi All,
I’ve been a Realtor 8 years and want to transition into the fix and flip game.
I have been thinking about the best way to start. It seems to be all about sourcing the deal. I plan to meet some local investors to talk about the option to go source a deal and partner on it.
Here are my ideas- Cold calling owners that have banged up homes, using deal machine and door knocking. Yes this is all sweat equity and I’m willing to do it to get started.
Next- Find a local investor with experience I can trust to partner with and teach me the process. I think this will be a value add for them because it’s a deal they wouldn’t have had and it’s a great way for me to learn with lower risk.
Structure- When partnering with someone what percentage does the person who sourced it usually take. Also, do I need to set up a LLC to avoid risk? Can 2 LLCs be on a contract ?
Also, is there anything I should know before doing this? I’m all ears and I’m just looking to get started.