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
(267) 520-0454

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.
(267) 520-0454

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.

Matthew Teter, Real Estate Agent in New Jersey (#1329823) and Pennsylvania (#RS335692)
215-600-0126

@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, Real Estate Agent in PA (#RS331743)
215-346-6812

@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

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