Can someone give me a little help

Question

I am really interested and want to get into real estate investment. I want to do fix and flips but I don't have much rehab experience. I also don't have much money. my question is how do I get a house and get the money to fix it up if I don't have the money? does anyone have any suggestions or can someone help me? If you need more info about my situation just ask me.

Karen Johnson · Answer

@Michael Oldani - Hello. It seems like you've been asking the same question for a couple of months now. I would suggest you start with more education, as it will help a great deal. I think at least one of these was recommended to your previously:Brandon's No Money Down BookJ. Scott's Flipping BookI would suggest you read those if you have not. They speak a lot to the areas you want to know more about - the rehab and the funding. Also, be sure to listen to the podcasts and educate yourself however you can. This week's webinar would be a good one to attend as well.To answer your question in a way that hopefully helps you - Since you don't have much rehab experience or much money, your best bet is probably to partner with someone. Go to your local REIA and see if you can meet people willing to work with you there. Look for partners on BP. Let people know you're willing to get your hands dirty in exchange for the learning experience (and some of the money, too). You can help by finding a house, and if they have construction and/or contracting experience, they can teach you through the rehab process.How do you find houses? Some of your options include.:- Off market deals through associations.-Yellow letters. For example, there's a house in my neighborhood I know is vacant. I checked the county website and figured out who it belongs to. I'm planning to send them a letter asking if they want to sell. Lather, rinse, repeat.-MLS -Investor friendly realtor-Driving for dollarsHow would you get the money? Here are some options:-Again, partner. Find a deal. Ask an investor to partner with you and they take the larger percentage of the profits in exchange for what you learn from them.-Owner financing. From my example above, I'm also going to ask if they would like to owner finance, because I know they are older and I think they might like the added monthly income. Your seller may have other reasons why they would be willing to owner finance.-Conventional financing. I think you previously mentioned you have a little money. Not sure how much properties are going for in your area. You may or may not have enough to get the wheels in motion.-Hard money lenders-The old fashioned way - save more money. This one will take a while, but is generally not a bad idea because you're going to need reserves even if you find someone to loan you money. And you're also probably going to need at least a little skin in the game in the form of a downpayment if you use a lender. And there are closing costs and fees to consider.I think you may have got some of these answers already.You can do this, and I know the folks here want to help. So my question to you is - what more specific questions do you have that the fine folks here at BP can answer to hopefully get you on your way?

Keith Knobloch · Answer

Michael,While I was writing this up, Karen (and others) have already said some of the same things, nevertheless, here goes:1. Find a partner/investor. Figure out what you can bring to the table and find someone who can complement you to work with...maybe someone who has cash to invest, but no rehabbing skills; maybe someone who has some cash and more experience with construction but no time (who can oversee and advise you during the process). I'm pretty new to BP, but this seems like a good way to connect with people.2. Find non-conventional financing. VA (if you've been in the military), FHA, or rural development can get you a property with little or no money down, but you'll need to live there...and there may be issues with "distressed" properties not qualifying (although just outdated usually will). You can also look for sellers willing to do a contract for deed with little down...just make sure you get a legitimate contract in place to protect yourself (use an attorney). 3. Education and networking...same as Karen said above. Eventually you'll find a way to get started.Good luck!

Jassem A. · Answer

Your profile says you have construction experience which is pretty much the same thing as rehab experience. You don't need much money to start but you will probably want to be able to qualify for a mortgage. Usually that means having a decent job and credit.