All Forum Posts by: William Truby IV
William Truby IV has started 2 posts and replied 5 times.
Hello, been researching anything I can to try and get started flipping my first home on my own. Where can I find listings of houses that are for sale that are either bank owned or foreclosed that are off market ? I’m not sure if I’m even using the correct terminology . Basically trying to find listings of homes that need repair to remodel that can can be purchased with cash “private money loan” that you do not have to buy through an auction. Anything so far I can find online they want you to pay for any such listings . Thanks in advance for any help
Thanks Michael. 40 percent is pretty steep you are right.And does not include the rehab loan It is an unsecured loan therefore it’s a huge down payment for the private money. I’m working on rebuilding my credit as we speak so i don’t have to go after private money in the future. But need anything at this point just to get started . . while that’s in the works I just want to try and get my hands on one property to start , the longer I wait obviously nothings happening tk get started. Joining a CREIA group I have not looked in tk so thanks for the advice . Just frustrating right now . I have a little cash and all the know how of how to do a project and all the time in the world to put 100 percent of my work in tk it to get the job done. Just need the financial end to get me started on just one property. I have no doubt I can flip that at a good return , put it towards another and start really building a solid portfolio. Thanks for your reply. Love hearing any suggestions
Quote from @Michael J.:
40% down on a private money loan seems a bit steep. Does that include your rehab budget? I would try to network with your local investors group. The more you network and meet people, the more opportunities will present themselves for people to loan money. Look for a local CREIA group in your area and join it. They typically have a "Haves, Wants, Needs" call where people get on and say what they have, want or need. You will get connected to people who have money to loan.
Hello, I'm looking to invest my first property to flip. My situation is I have roughly 40K cash to invest in my first flip. I've been pre approved for a private money loan which requires 40 percent down. I do not have a general contractors liscence but am experienced in many trades. And am willing to do all the work on the property / flip. Any suggestions on how to find an investor that would invest in a newbie for little profit on my end just to establish a connection and tract record of success to start this going and keep it going . I'm not sure if I'm trying to find an investor or partner that would match my cash ? Or possibly use my cash as collateral ? Just to get me started . They're REI would be obviously the profit for just investing and not doing the work but obviously they're risking a lot with someone new who has not established a track record in this field . Any suggestions would be appreciated