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Updated almost 9 years ago on .

User Stats

4
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0
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Joe Bender
  • Auburn, WA
0
Votes |
4
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Theorycrafting: REI Chapter

Joe Bender
  • Auburn, WA
Posted

So I been wanting to dip my hands in to the warm and crowded apple pie of REI. This website gives me tons of motivation and hope that I can actually make a life changing and career change with REI but I have one huge drawback; so lets theorize and see if BP can help me out here.

Lets say, I find the perfect REO dump, and with googly dollar sign eyes it looks like a gold mine. Then lets say I have my GC on board ready to jump on the project and gave me a stellar price. Then lets say that after I calculated the cost of the property, the cost of the remodel, that I would walk away with about 50k profit based on comps in the neighborhood.

Ok but I am poor, would not qualify for a mortgage loan, and have no prior history of flipping or wholesaling houses. Where exactly do I get the money. I mean everyone here seems to believe anyone can do this with proper motivation. Where do we get loans, or private funding that will work with someone in my situation? To reiterate my last paragraph, to respect the rules here, I want to clarify my actual question, I am not asking for direct names or companies on where to find lenders, more along the lines of HOW to find them, and if I did find them WOULD they work with me.