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Updated over 5 years ago,
First Step: Find Capital vs. Asking an Agent for Market Research
I am a first time real estate investor who is looking to flip distressed houses in his local market, but I do not know if I should approach family friends, and other possible capital suppliers without a clear business strategy and understanding what kinds of homes are selling in my market. I have saved just over $10,000 to invest, but I am looking for a partner to cover the rest of the down payment and co-sign the loan with me since I am still in college.
I am almost done with "The Book On Flipping Houses" by J Scott and he talks about being specific with the type of home that is selling in your area, but also talks about showing realtors that you are a serious investor. Are most realtors willing to provide market statistics from MLS even if I don't have my financing in order?
I am wanting to use the market statistics to create the business strategy and find the kind of home I am looking for, but I don't want to waste a local realtors time.
Any advice, or examples from investors on what you did to get the ball rolling on your first deal?