Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

24
Posts
2
Votes
John Conner
  • Tampa, FL
2
Votes |
24
Posts

Financing advice with an interesting situation

John Conner
  • Tampa, FL
Posted

Hey guys,

I am looking to start buying and flipping houses with 2 friends but I am in a unique situation. I am in the middle of buying a house with my GF that we plan on rehabbing over the next 2 years and selling it. It doesnt need anything immediately and I got it for a great price. I will have around 12500 to invest once I close on the main residence and my friends are looking to invest around 10k each putting us at a total of 32500. Here is where it gets tricky... I make around 2200 a month and the mortgage for my house will be 1300. My gf works as a nanny off the books while she goes to school so I cant use her income. I have 780-800 credit but my friends have somewhat bad credit and dont have jobs currently. They are doing side jobs to make money for their rent. How should I look into starting the business with my 2 friends? Should I start a LLC with them and make an agreement? How can we get funding? I dont believe we will be able to get the funding from a bank with my mortgage payment being so high and them not having jobs on paper. Any advice would be appreciated.

Thank you,

John

Loading replies...