Albuquerque New Investor Partnering Advice

[Randy Rettinger]

Good Saturday to you all! I am located in Albuquerque, New Mexico and fairly new to investing. I think I have the process down to a 6th grade science (or experiment at least...). I want to jump in with both feet but here is what I want as of today. I think I want to partner with someone who has the opposite of what I have. So what is that? Here is my list of available resources and then I will list the needed resources and let’s see if there is anything missing. I have: The ability to borrow money (I have a good full time job), I have access to systems to evaluate properties and their ARV, repair costs, etc. I have credit, additional that is for the emergency stuff that comes up - oh, we need to replace the water heater and didn’t plan for that... (we have all experienced that and didn’t plan that in the renovation, right? I also have experience working with contractors in getting renovations done. What I am wanting to do is build some capital through some flipping and work toward buy and hold strategy at some point early on. So, what do I need? Initial capital? The 10%, 15% capital most investment lenders want to see as seed money to lend you the 100K to buy and renovate. I have a little, just not the resources or private lender base to get going. Time - working 50+ hours a week makes it hard to find, evaluate, paperwork run, contractor search, manage renovations (I can do some) and go get that water heater is something I am lacking enough of... And someone to share the drive to get this done, renovate the right way and work toward that buy and hold strategy together. We can build capital together through flipping, and if one of our properties seems like a good hold for either of us, then we can discuss and see who wants it, has the capital to refi it out and take it on as a rental and run with it. Full support of the joint venture to get it bought, renovated right and refinanced for the other and out for both. Then work into the next deal and back on track to make some money on the next flip, or buy, renovate and hold for the other person. Everyone says it is easy with low and no money down, but I am finding it hard unless you have $30K sitting around doing nothing. I could have had that when I last renovated and refinanced my current personal residence, but I made the mistake of paying off most of my debt instead. That left with me great credit and the ability to borrow, but little capital to get the next deal. You know what they say, you can’t borrow money if you don’t have money... Any advice out there would be appreciated or if you are my opposite, hit me up. Thanks and always look forward to the great advice on this wonderful site!