First Time Flipping

[William Hutch]

So I’m looking for a partner. I’ve been doing my due diligence for over a year now and I’ve finally come to the point where I need to pull the trigger. I have a broker who’s keen to work with me. He’s helping me find off market deals. He knows the market well. He’s told me he’ll help my design the fix and flip to meet the latest market trends. I’ve prepared drawings to get estimates off contractors. I have an expeditor lined up to help with permitting. I have one partner onboard who’s providing quite a bit of capital. I’m an architect so I have a good idea about design and managing construction. What I don’t have is experience in fix and flips which is what hard money lenders looks for. So my current terms are killing me with the rates. Does anyone have any suggestions? My thought was to find a partner who could help bring that experience for a lender to help lower my rates. As this would be in NYC the price point is very high so it makes a massive difference. I’ve looked at outside the city but seeing as it’s not accessible to me and I can only assume it’s even more competitive with the lower entry price point. I’d appreciate any financing/partnership feed back.

[Nicholas L.]

@William Hutch

maybe start with a live in flip a bit away from the city

i would not partner with multiple people on your very first one - that seems like a disaster waiting to happen

high rates are just where the market is right now