Hi, my name is Igor, I'm 26 years old, living just outside of Baltimore. I'm new to Bigger Pockets but already I can see that it's an incredible tool. I'm currently not working and looking to dip my toes in flipping and find a real estate investor partner. There are several properties in and around Baltimore that I've been looking at. All of which are listed in the mid-$20s and a few foreclosures, in the high teens. Comps of recent sales are in the high 40s to low 50s. I've spoken to several of the agents who are listed on these properties as well. The properties I've been looking at need some work, new appliances, windows, painting, new cabinets, etc. nothing major, like electrical and plumbing.
I'm looking to partner with an investor who will put up the money. Like I said, I'm not working at all right now, so I can dedicate 100% of my time on working on fixes on a house. I'm not looking for a 50-50 profit split, but more like a 70-30 or 75-25 profit split, since the individual putting up the money is obviously taking the main risk.
Welcome to Biggerpockets Igor. Your profile pic is sideways. I am in STL please let me know if you need anything.
In the meantime here are 9 tips to help you grow your business using BP:
1. New to BP? http://www.biggerpockets.com/starthere
2. Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
3. Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.
4. Develop your own business strategy. -- Don’t just be a “jack-of-all-trades" Even though I am.
5. Grow your business by developing your business plan. - Remember there is a difference between goals and a plan. http://www.biggerpockets.com/files
6. Locate and attend several different local REIAs as they’re great opportunities to network and meet wholesalers, lenders, and contractors.
7. Stay away from the “guru” sales-pitch events - they rarely increase your investment knowledge, they merely empty your wallet!
8. Spend some time every day on Bigger Pockets by connecting with “colleagues,” perusing blogs and videos, and engaging with others on the forums: http://www.biggerpockets.com/meet
9. Set yourself up to receive free alerts to be notified of subjects that interest you: http://www.biggerpockets.com/alerts
Thanks for the heads up about my profile pic. Would you have any advice on the best way to find a real estate investor/partner or to obtain a hard money loan of 100% (if that exists) or at least 75% LTV based on value?
You're looking good now. Do you have any experience on working on property? For an investor and hard money look at your local REI groups. If you're looking to get into real estate try this option.
- I would look at working part time or full time at a PM company, and learn the business from the ground up.
- Start building your credit.
- Go to all the REI groups in your area.
- Network, Network, Network
- Learn, learn, learn before taking the plunge
- Find a mentor
- look into getting your real estate license.
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