Updated almost 11 years ago on . Most recent reply
How do I convince my dad to fund a flip?
Hello, BP fam! I don't have money, but my dad does. However, once he sells his small business he plans on moving out of the country and will use his money to build a house there. I'm not sure what his timeline is, but I'd like my timeline to be now. I want to get into flipping and have been actively reading The Book on Flipping Houses by @J Scott, which has been great thusfar! I'm thinking a 50/50 split because I would handle everything since he lives a few states away.
So, if I find that "good deal," what is the best way to show him it's worth his money? What would be a back-up plan that I can show him? Would I be able to finance through a bank or lender (such as a home equity loan) if I fail to get his money back?
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#3 Guru, Book, & Course Reviews Contributor
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Why not first show him you can do it without his money? That's probably the best way for both of you. Learn the basics and you'll learn how, partner with an owner first and you won't need tons of money. Just a quick comment to think about. ;)