Partnership in Central Michigan?

3 Replies

Hey guys, I'm a new investor trying to get in the game. I've been talking to REAs and my bank and trying everything I can think of for a couple deals but they haven't worked out yet.

I've found my next deal that I want to work, it's a duplex that needs a good about of rehab and a roof, but the price is right and I like the numbers (which are just estimates for now). My thing is that my credit isn't great, so getting a mortgage would be almost a miracle right now, and for rehab and a roof after that seems way too far away.

I just listened to this weeks podcast and I want to see if anyone would be willing to partner on this to get me started. I'm not entirely sure how I want to structure this, I guess you would have some knowledgeable input on your side that could be mutually beneficial. There appears to be a lot of opportunity for equity in this property, maybe we could work out a buying out after a refinance? (Like they mentioned in the podcast).

Or just some advice on creative financing would be cool too.

Any help is appreciated!

Hey guys, thank for the interest!

First, @Nick Watkins, asking price is $55k, but I think $40k is a good offer, I'll be willing to pay $45k. I think a $10k-$15k rehab will bring the ARV up to around $85k-$100k.

The end goal for this property would be a first rental property for my portfolio.

I can't seem to figure out how to send PMs, maybe on a desktop I can figure it out.

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