Starting out and need advice!!

7 Replies

Hi everyone, so this summer I am finally ready to take action in flipping houses. I've been back and forth with starting and now after listening to podcasts, i am ready. I currently live in Austin, TX and will be moving back home to Philadelphia. I will only have about $10,000 saved up by then. I want to ask you guys the route that you would take to get my first deal. I don'r have great credit or income so I was hoping to find a mentor/partner to help me get started and learn the business. But are there any other options i have for only $10,000?

Do you have a job lined up in Philly? I'm thinking the lowest cost of entry would be an FHA loan to purchase a duplex and rent half. You'll need decent income and credit, so if you don't qualify for an FHA loan then I think the first steps would involve repairing your credit and building up your savings

Or i can find a partner to fund the rest right? Even though i don't have any deals in my portfolio, but I feel like i can convince someone

Of course, that's an option as well. Without experience that might be difficult unless you know them personally.

Justin,

Lets set up a time to get together when you get here or to jump on a call in advance of getting here so we can create a plan of action. PM me so we can connect.

@Justin Lee connect w/ local flippers in Philly w/ good reputation...via here, REIA meetings, Meetups, etc. After visiting 5-6 of them, see if the one you admire would allow you to invest your $10k into a deal and for you to shadow them during the flip.

Will be priceless.

All the best!

sjw

@Shawn Ward That's a great way to help people start out.  I have done it a few times, but I would say that the amount is too low for a reputable investor to accept and want to do that.  @Justin Lee I would suggest try to get a bit more money from your network.  I think that would def help. 

@Irfan Raza I understand what you are saying. But I mentor people for free, and our minimum investment is $50k...but for someone like @Justin Lee who's enthusiastic, we find ways to make exceptions...and I am sure if he reached out to 10 - 20 other credible investors, there will be a couple more in addition to me who like helping people. 

Work with what you got man. 

Onward!

sjw

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here