All Forum Posts by: David Rosenhaus

@Johnathan Boyle

Thanks, Jonathan. I agree with you 100%. I'm very happy to find a partner to work with. I guess that's kind of the main reason I wrote this post. It's my first step (or maybe misstep? Haha ) of networking.

My intent wasn't so much to focus on the negative, but rather to be transparent if somebody were to work with me. I just want them to know what their getting into. I have great faith that there are people out there to work with.

Btw, I lived in Belleville when I was 6 months old up until 4 years old. The only thing I remember is an old Italian place my stepfather used to take us to called the tick tock. I doubt it's still there.

@Chris Levarek

Thanks, Chris, but won't the same issues apply even going long distance? No cash, no credit etc.

@Stephen Brown

Thanks Steven. I'm with you about the timing. Which makes it a perfect time to learn before doing. Yay me.

I'll try to be brief, lol.

I'm trying to get prepped a bit before seriously looking for my first deal (wholesale or flip).

Background:

I cannot get any first time home buyer breaks and can't house hack. I have no high value assets. My credit is garbage (had to do bankruptcy last year) and I only have access to $10K (assuming I can roll my 401k into an SDIRA. If not, I only have $3K). No family or friends who have (or are WILLING, lol) to lend.

Even assuming the 10k, it's nowhere near the 20-30% down payment needed for hard lenders.

Add to that, I'm in Central NJ so nothing is cheap.

I've read about assigning contracts and all that ron legrand-type stuff, but it all seems scammy if not illegal, and I refuse to run a dishonest business.

There has to be a way to get going, but right now I'm at a loss. Any advice or guidance is appreciated.

Thanks.

Hi All,

To start, I'm a bit older than what I assume is the usual newbie. I do have a few, hopefully minor, obstacles to getting started, and so need some guidance and/or partnering.

My plan is to start with either a flip or a wholesale, repeating as necessary, until I can graduate to duplexes, fourplexes, and so on. The main goal is, in 10 years (or even less, please dear Lord, please), to have enough passive income for my financial freedom.

I'm happy to be here and I wish everyone, including myself, wealth, success, health, and happiness.