Rehab Newbies looking for a partner

[Ana Klein]

My husband and I are looking to do our first Rehab and flip in WI. I am a CPA and he is a very handy ( has done work for others and also updated our old home where we turned a 65k net profit, which we invested into a new house) For the last 6 months we have been reading and listening to podcasts to learn more about this but we recognize that we need help from an expert:

1. What does a good property look like? Where can we find it

2. Funding?

Thank you all! 

[Jeff Cichocki]

Hi Ana,

I just read through your thread. You're getting some pretty good advice. I know I'm tainted on the topic, but Hard Money can be a great tool if you learn how to use it properly. It can get you into a deal for no money out of pocket (if the deal is good enough). My caution though is that you do need to be careful who you work with. Not all lenders are created equal (I've even seen some pretty shady private individuals who lend). The most important thing to consider is what's best for your business and not everyone else's. If HM is good for the project, it's good. If it doesn't it's not. HM when done right is typically cheaper than a partner. My business partner & I also flip homes in addition to lending. We see things from all sides. Everyone involved needs to make money. If not, there's no point in them playing the game with you. It's a tricky balance sometimes.

If you do decide to go down the HM path, make sure you find a lender who is interested in your success, is willing to work with you if things go astray and doesn't judge you based on your credit score. A good lender should be more interested in the property and your ability to succeed above all else. If not, don't do business with them. Only work with people who truly want to see you succeed.

Also, if you're not already in one, find a good REIA to attend meetings at. You need to network with other investors. It will help you find good contractors and leads of properties from wholesalers.

Let me know if you ever need any help. I'm up in Green Bay.