"Ready" for my first flip

[Taylor Shapiro]

Hi all

For the past few month, as some of you may know, I've been working side-by-side with an active flipper in my area. It's been a tremendously helpful experience but quite the drain on the wallet. It was a risk I decided to take, knowing that the pay would be significantly less than what I had been making at my previous job. From an educational perspective it was totally worth it.

During our time together, I experienced the purchase/rehab/and sale of our first house together as well as the purchase and rehab of 2 other properties. Call me naive, but I feel as well prepared as I can be to begin making offers on my own. To further reassure my belief, my mentor told me he thought I'd be good to "take over" (manage) a rehab after one or two more flips together.

Unfortunately, for both of us, his wife has been very ill and has caused him to spend a significant amount of his time looking after her. We agreed I should start looking elsewhere for work.

As of now, I would like to keep momentum going and aggressively get the ball rolling. I'm signing up to get my real estate license which will allow me the time to look at properties on my own. I have electric and plumbing subs lined up as well as a handful of handymen I can call. I will still have access to my mentor who I will pay a "consulting fee" to ask questions throughout my first few rehabs. I have 2 meetings set up this week to speak with private investors who are interested in what I've been doing and a third meeting in the works.

The area that I need help on is working out how I can fund these deals by using 80%-100% OPM. At this point I do not have a personal proof of funds statement that would land me a deal.

Do you have any advice or references that could explain how i can use other OPM to fund my deals all the while giving them a nice ROI?

Although I've formed a relationship with a local HML, my income from the past few months will make it difficult for them to feel comfortable loaning the principle amount or even repairs...I would think.

Thanks for the help