First deal

[Alberto Simpson]

Can anyone share with me how to obtain the first deal. I hear a lot about how easy it is but what are some suggestions. I just want to get my hands wet. Thanks in advance. Alberto from Cleveland, Ohio

[Dylan Falso]

id like to see some peoples advice as well as I am in a similar position. personally Alberto I don't have the money to put 20% down and use hard money or even get a mortgage, I've considered putting 3.5% down on a home and flipping it while I live in it for a few months because I wont have to save half as much money as I would if I was to put down 20% and pay for rehab but the deal would have to make too much sense.

However I have thought of doing my first deal like this: finding someone that has the 20%(maybe a relative with a home equity loan) and using a hard money lender for the additional 80%. This way im using none of my own money except on the rehab. But heres why I think I want to do it this way......whoever I use as the 20% silent partner I will agree to split all profit 50/50 with them so that after my first flip they will be open to doing this again for my second flip, creating a partnership and allowing me to flip with none of my own money down. I plan to use this tenique until I am comfortable enough to use my own money as 20% down and then taking 100% of the profit (make less now to make more later).