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Updated over 7 years ago on . Most recent reply

User Stats

27
Posts
13
Votes
Byron Bailey
  • Rental Property Investor
  • Wilmington, NC
13
Votes |
27
Posts

What would YOU do? Myself and a partner with $50,000 each...

Byron Bailey
  • Rental Property Investor
  • Wilmington, NC
Posted

Hi everyone,  

My goal is to get an idea of what some of you more seasoned investors would do if you were in my shoes. I currently have around 50k cash to invest in a project and I am located in Virginia Beach, VA. I also have a partner in California who has 50k to invest. Our plan is to seek properties in the 70k range that need 30k or less in rehab. The areas I am looking right now have comps selling for 140k-160k. We are both newbies and would like our first deal to be a flip requiring mainly cosmetic repairs.

We want to do flips to build more capital so we can get into some rentals to hold, and eventually new construction.  I don't have any interest in wholesaling, but the properties I'm looking at are being sold by a wholesaler. 

If you guys were in my shoes, would this be the approach you would take?  How would you go about tackling it?  We don't have a team built yet.  Do I need a to pay a contractor each time to do a walk-thru on a potential property with me to get a quote?  How did you you build your team?  

It's great to be here with the wheels turning and the ability to take action!  Thank you all!  

Most Popular Reply

User Stats

27
Posts
13
Votes
Byron Bailey
  • Rental Property Investor
  • Wilmington, NC
13
Votes |
27
Posts
Byron Bailey
  • Rental Property Investor
  • Wilmington, NC
Replied
@Federico Portalupi Hey man, thanks for the message. Let's talk on the phone sometime this week!

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