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Updated almost 5 years ago,

User Stats

43
Posts
8
Votes
Naeem Barbour
  • Chicago Heights, IL
8
Votes |
43
Posts

Would like to Buy 2 flat building and flip

Naeem Barbour
  • Chicago Heights, IL
Posted

Hello BiggerPockets Community,

I would like to give you a brief rundown. In July I bought my first 2-flat through FHA loan that is currently house hacking. My plan is to stay there until my year is up and move out. During the time I've been searching and found a couple of 2 flat properties that are priced rather low that need some rehabs. The method I would use was the BRRRR method. I reached out to a hard money lender that I know but unfortunately I hit a wall because I needed 20 percent in liquidity. I don't have that nor do I have a 401k, a family member to "BORROW" a lump sum of money from, or any stocks. I haven't built up that much equity on my property yet to pull from my property that I already own. Someone told me to look into a portfolio lending line of credit and a business acquisition line of credit. My question to you guys were I need help is HOW is it possible for me to keep the ball going. I see plenty of people work deal after deal and get started. How do you get started or go about finding "partners" that are willing to work with me. I've heard it all from attending real estate meetups etc. Please let me know methods you guys have done, or know about as well as any references that you have available. One thing I hate is being introduced to someone that tries to take advantage of someone that doesn't know to much. I just trying to learn and appreciate the honest help because I'm hungry.

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