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Updated over 6 years ago,
How to Kick Start a Fix n Flip business when you have $$$
This is not a rant but I could use some advice....I've owned my own business' for many years and understand that all business is competitive. I'm used to scrapping it out everyday creating something from nothing. I'm looking for a way to transition out of my present business (a traditional printing company) into building a real estate business that will allow me to re-locate to the Pacific Northwest.
I have just under a $100 grand in the bank set aside to start a new house to flip business. I'm no rich guy, but thats a decent amount of money. (I'm sure many would be in heaven if they had that cash set aside) Unfortunately, $100 grand isn't enough to finance my own deals by myself. I have experience as I've been a real estate agent since 1995, and I have bought, fixed, sold and even built from the ground up several homes, but I've also been out of the business for a long time. Offers that I make based on the 70% rule are considered low and scoffed at. Banks are sitting on tons of derelict properties (i've seen them) creating eyesores in neighborhoods but unwilling to budge on prices. I'm looking around the Vancouver WA / outer areas of Portland OR area. Hard money drives the cost of flipping a house way up, but I'm okay with paying to play, or with partnering with someone and sharing profits. I've spent weeks looking around neighborhoods, putting up bandit signs, talking to agents in the area and have made some offers but nothing has stuck yet. I'm always "temped" to pay a little too much just to get my hands on a property and get this thing rolling but I know the numbers don't lie.
I'm asking experienced folks in the business....
What would you do if you were me? How would you kick start this thing if you wanted to have at least ONE property in production in the next 30 days?