All Forum Posts by: Michael Hicks

@Paul Zanger, I've run into the same problem.  I have a contract on a property for $27,500 but finding money to loan under $50,000 has been tough.  Let me know if you find any help.  

@J Scott, Will do.  I've just started posting on the forums.  Been so busy reading as many of them as I could.  Loving BP

@Account Closed, I have looked into crowdfunding but haven't been able to figure it out yet.  I'm still digging though.  If you figure it out, let me know.  

@Jeff Rabinowitz  Thanks for the response.  That is the goal.  I am just wanting to make sure that they see it as a partnership vs helping out a buddy.  

Ok, so to catch you up on me...I've been buying and selling homes since 2000. I started off as a builder and moved into rehabbing. When the markets tanked the bank money went with it. I quit building and rehabbing, held what properties I had, and just kept waiting on the banks to start lending again. Tired of waiting... I found an individual who was willing to use his money and split the profits. 50/50. It got me back in the game but didn't take long for me to grow tired of giving him half of the profit and me doing all of the running. Don't get me wrong. I'm grateful for the opportunity. So, I figured if he was willing to invest, there have to be others. After listening to BP Podcasts, I noticed a trend...build a track record and the money starts to come(with marketing and legwork of course). To my question. I have made portfolios of before and afters of each of my last 5 flips. I have a before of a property I have under contract along with comps, estimated costs, ARV, the whole 9 yards. How do you approach the investor? How do you lay out the deal to them? How much info is too much? Do you tell them your profit margin? Keep in mind I know the individuals I will be speaking with. They know me and my character. These individuals have money in cd's drawing low interest. I have borrowed from some of these people in the past on a friend basis with little to no interest. I don't want to approach that way. I want to approach it as a business deal. Any suggestions are appreciated.

There are several in Chattanooga, TN and Dalton, GA that range from $20 to $30 a foot installed.  I found them on Chattanooga Craigslist.  Hope that helps.