First, thank you for taking the time to review my post.
I've spent hours reading forms, books, and going to seminars. I'm looking to get a couple honest straight answer.
I've been into real estate since I was 22 from a hobby stand point. I love home design, and architecture. For the past 9 years I've watch programs on HGTV and DIY about flipping homes, renovating, and redesigning to resell. Since 2007 I've been trying to come up with my own funds to start this industry, but between the recession and loosing employment I haven't been able to.
I've found several properties for sale in my own area where renovations are minimal and profits could be between $15k and $40k low and high $80k. And its depressing because I don't have the capital. I've checked out these places claiming, "No credit, no money, no problem!" to much disappointment.
Question 1. Is finding investors willing to front the capital, in exchange for a full reimbursement plus 15% to 50% of the profit just a pipe dream?
Question 2. Any good suggestions on where to go or how to proceed to get the capital/investors?
Any assistance offered is very much appreciated, thank you.
@Jacob Powell Welcome to the community!
First, Bigger Pockets is a great resource and a great place to build your network for future business deals. To answer your questions;
1. Finding someone to front the capital and split the profits is very realistic and happens all the time. However, for someone to front the capital, you have to do the leg work and bring the deal to the table and it would probably be a 50% split.
2. My suggestions would not be focused on finding buyers right away, but would be focused more towards finding the deals and putting it under contract. If you find a real deal, the money will come. Let's fast-forward and say you have a real deal under contract, some options to find the buyers is through Bigger Pockets Market Place, Craigslist, bandit signs or through your local REIA.
As I always say, travel as far as you can see, and when you get there, you'll see a little further.
Thanks George, thats a lot of help. my 15% to 50% was based on 1 or more investors.
You can always find a good hard money lender, or partner with someone. Go to your local REIA and network with people there. Most likely you will find there either a lender or an investor to partner with. If you have found deals with potential, why not wholesale them to other investors with capital until you build some capital of your own?
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