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Updated over 8 years ago,
Student looking to gain experience
Hi BP community.
I am still in college and have not gotten my real estate license. I have been very eager lately to gain hands on experience with deals. I came across a For Sale By Owner property today, and after speaking with the owner, sparked various ideas of how a deal can be done. My idea behind it is to complete a fix and flip within a month or two at most. I have a friend who is a real estate agent who can possibly purchase, I have another friend who does interior renovations, and I have partners who can possibly provide capital of some sort to fund the deal.
I have heard time and time again of people who buy, fix, and sell. But I am wondering what can be done from my position as a student with no cash flow of my own, with no experience, and who does not have a real estate license. I also understand I am putting myself in the mindset as if all were to work out correctly, but:
Is my only option in this situation to refer the deal to someone else?
How would I be able to use funds from a partner in order to use them myself to go in on a deal?
Is there any other method that can be used from my position to successfully complete this deal?
Basically, these are ideas that are running through my head and hope I can receive feedback as to whether any of this makes sense. I am looking for any sort of involvement with the deal, for or not-for-profit, merely to gain experience on my end would be great.
Thanks!
Edgar