Finances for starting out on a flip.
I am currently reading the beginners guide downloaded from here and have studied and followed RE for many, many years but have not taken the leap due to fear. I would like to hear from anyone who actually started their 1st flip deal with NONE of their own money by partnering up with an investor. What did you bring to the table that convinced your investor to partner up with you? How did you structure your deal? Any advice is much appreciated!
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Sue,
I've done 4 deals in the Los Angeles area and didn't use any of my own money. What I brought to the table was my ability to find and negotiate deals that netted around $75,000 after renovation and realtor expenses. I split the net profit 50% with the investor. Finding deals in today's market is difficult and worth the 50% split. None of the homes were listed on the mls.