Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 8 years ago,
How did everyone get into real estate i.e. first time funding
Hi all! I'm new to real estate and I want to start wholesaling/flipping. I filed my LLC with the state and I am 60% complete on my business plan. I have GC's, real estate agents, escrow companies, brokers, title, etc. lined up. I have a background of 8 years in marketing and sales, and I'm currently employed by the Marine Corps, so I have my own income coming in. I own my own home. I sound like a pretty solid investment-worthy developer, right?
The one thing I'm short on- this mythical 10%-30% "skin in the game" that everyone wants to see before they fund your project.
In SoCal, where I'm from, houses start out in the $350K-$450K range for 3 BR entry level homes. 30% of $400K is $120,000. If I had that kind of scratch laying around, I'd be pretty well off in my own right, and wouldn't need to look to real estate developing as an income stream.
So how did you other flippers get started when your businesses were in their very infantile stages??? Where did you find your money??