is this the Holy Grail everyone is searching for? being able to flip a property without using your own cash or credit? I would imagine if possible it would be on some sort of partnership basis and/or involve very creating financing.
@Patrick Britton anything can be done, but unless you have experience and going to put work into the deal why would someone jv with you or loan you money if you have nothing to lose. One has to bring something to the table for a beneficial deal.
it can happen for sure.. but lots of competition.. 95% of investors are all chasing the same thing SFR under value assets.. I think one would be better served to find a niche.
for instance when I was in the Timber business you talk about a unbelievable business.
WE could talk to a land owner secure a logging contract... take that contract to a mill they would fund 100% of it without any points or interest.. and we would make the spread and get paid every two weeks as logs were delivered.. we need no license ( like many who wholesale real estate basically do it illegally if truth be told) we need no Money because the seller of timber did not expect a EM deposit... And we made bank on these deals minimum 5 figures and many time 6 figures with some deals above 250 to 400k... NET to us in 90 days without one DIME of our own money.. Now that is a Niche.. I made millions peronsonally in the timber bizz.. then used that cash to do what I do today lend it out to you guys here on BP LOL...
I see your in Bellingham so you know the timber pimp game well I am sure.
@Patrick Britton it can be very difficult. It has taken me a little over a year to find a partner that has the same sense of urgency and drive as I do and that has the money as well. Also, you have to figure out what you have to offer them. How can you benefit them? What can you bring to the table if you don't have money or experience?
And as @Jay Hinrichs has said, competition is tough right now, at least in my area it is. For every house that we have put a bid on, there are at least 4-5 other offers. So its hard to get a flip currently.
I'm not saying it can't be done, I am just saying that its a lot of work to find the right partner and then the property. There are hard money lenders, but you have to bring cash to the table with them as well.
things working out better for you now? did you dump that one partner that never bought anything and find another ? Got your first deal tied up and working on it ?
Good luck this year.
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