Creative Funding for House Flipping in Hampton Roads, Va

[Gary Boggs]

Hey BP! For the record, I typically would not write a humbling post like this one so please don't view as someone complaining (how I would view myself writing this). Simply trying to step out of my comfort zone and get creative with funding projects through other's experiences.

Currently analyzing deals in Hampton Roads, I often run across distressed property that I can see being an offer for someone with access to quick capital or someone like me looking to connect those buyers with motivated sellers. I have been looking to fund my own flips in the area but have been running into private/hard money lenders requiring 25% down to fund rehab and purchase. I can respect why this is necessary; however, I do not have the capital required in cash and am not ready to pull equity out of my Norfolk Va house (~$70K) or fund with Credit Cards until I feel more confident with the process. I am looking more for simply increasing my flipping experience vice a good profit spread for a successful flip at this point as well. My original plan was to connect enough buyers and sellers via assignment to put down my own 25% for hard money but I wanted to reach out to the BP-universe is see if people have had success with other options in Hampton roads:

1. Partnering to fund a flip and give up majority of the profits but do the work (thinking 75/25 split, does that sound fair to give 75% profit for the partner to fund 100%)

2. Finding a Hard/Private lender to fund 100% of purchase/rehab costs and have numbers work out to flip at any kind of profit.

3. Having seller finance purchase and partnering to fund rehab costs, splitting profit (I would think 25/75 in this case?)

Spit Balling ideas to generate conversation, the location here (Hampton Roads) is less important than people's success with the concepts I mentioned; however I would like to try to do one of these 3 while I generate enough capital to either finance myself without a partner or BRRRR a property.

Very interested in what you all think!