We appear stuck but determined to get out

We appear stuck but determined to get out

Portland, OR · Member since 2015 · 13 posts · 1 vote

Hey there everyone, I currently own a small business in an entirely different industry but I have been keeping my eyes on real estate for about a year now. I have no desire to put money down and I have been rebuilding my credit. But since my taxes show nearly zero income due to deductions, I can't get a mortgage to buy any house anywhere. Therefore I can't exactly acquire financing to buy up properties, renovate and sell. I want to dive into this industry but gradually because I have a wife and kids to support while running my current auto glass business. It's definitely not an exciting industry but hey it pays the bills and allows me to give to my church and buy my wife wifey things. We both have fancied the idea of going into real estate together. Bottom line, my question is where is the best place to start investing with zero money down, bad credit and with the highest ROI In the shortest amount of time? Alongside that question is where in the heck do you find investors if you don't have tons of wealthy friends or family members? Or any for that matter? Craigslist? That sounds a bit sketchy. I refuse to ask people I know for money because of the risk to relationship. So where can I legitimately go and say "give me $350,000 to buy this house, renovate it and I'll give you 50% of the profit"? I suppose I could just walk up to random people and ask but I suspect that won't yield a high percentage of eager investors. Any and all advice helps. Thank you in advance!

Shaun Dewitt 

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  • Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    @Shaun Dewitt with no money, no friends with money, and no experience, this is going to be near impossible to do.  You'd have to get funding from a hard money lender (someone who is in the business of lending to flippers) but they probably won't fund 100% to someone they haven't built a relationship with and who has no track record. 

    You might want to try wholesaling. Or paying income tax. :)

  • Investor · Jonesboro, AR · Member since 2015 · 241 posts · 132 votes
    10y
    There's a place in Mississippi called the crossroads........ Jk I was in your same position financially, but I established a relationship with a local banker at a community bank. My first loan was small and once I proved worthy it increased and became easier. Be careful though because your in a vulnerable state and its easy for people to take advantage of you. An example: you state that you would give away 50% of your business and yet your doing all the work, would you also do that with your glass business? I wouldn't. Good luck
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