All Forum Posts by: Myles M.

@Mike Dymski I like how you pivot my 'ask' to 'sharing an opportunity.'  Really changes the perspective. 

@Thomas S.  @Anthony Gayden Yes, we are way out of her league ;).  Kids we grew up with can't believe my once shy baby sis grew up to be such a formidable entrepreneur. 

@Caleb Heimsoth We're not newbies, but I get your drift: success attracts success. I remember when she bought her designer's business after they furnished one of their houses. Big difference there is she (my sibling) made the first offer, not the other way around. 

@Diane G. It may sound like an exaggeration, but it is completely true. I meant friends we know well who bought off market deals, not at retail, so that's already a small number of folks. All of them had parents chipping in cash to cover a significant part of the purchase price.  A couple also had siblings and aunts/uncles who pitched in as well. 

@Andrew Johnson Thanks so much for your advice! Your suggestion to ask if they know any HMLs is brilliant. No pressure on them and also indirectly lets them know of our need. Funny thing is I do this all the time with other issues because of its effectiveness; just didn't think of applying the same strategy to real estate. I might try that (and not over Thanksgiving :). 

My sibling invests exclusively in high end, luxury real estate. They're currently flipping a 8+ million property (among others). I have thought about asking for advice on what we can/should do with our little portfolio. 

We're looking to purchase foreclosed, REO properties but most of these deals go to all cash buyers. We have a team in place - trusted contractor team, experienced and handy landlords (us, LOL), good credit. We've lived in our target area for years and know it well. But we don't have the cash to close these deals.

I know the mantra in real estate investing is to make money when you buy, not when you sell. The last property we bought was a conventional purchase at full retail value. We knew less then, and we won't make that mistake again. 

Every one of our friends who purchased off market/undervalued deals did it with family assistance. Every single one. They were able to snag undervalued properties in the most expensive cities/states: NYC, CA, and HI. 

I have two siblings, and one of them is extremely wealthy. We are fairly close. They built a multimillion business from the ground up and have a fairly diverse portfolio. I've thought about approaching them to ask for the upfront capital to get us our first flip/rehab deal, but I haven't yet for a number of reasons. They know we've been trying to buy. 

I don't want to risk souring our relationship if I make an ask. Beyond that, would would motivate someone who is already extremely wealthy (other than kindness)?  What would you advise?