Going downhill in REI

[Joshua Daniels]

Hello everyone, 

I feel that I need to tell my current situation with my Real estate investing venture. It has been about four months since I launched my own company and still have not been able to flip my first property. I have hard money lenders lined up that I am able to partner up with but do not have the other 10-15% down payment to put down on a property. Expenses are adding up and I am beginning to become overwhelmed with paying back loans that I have. The hardest part is finding private money lenders in the area in which I was offering 15% ROI for about 6 months. Any possible advice that would help me become successful is appreciated. Thank you for reading.

Sincerely, 

Josh Daniels 

[Account Closed]

I like a lot of the advice here is for your best interest so don't take anything too harshly. 

I would do the following:

1. Shutdown any current expense (accountant, website fees, etc.) - you don't need any of this.

2. Regroup with what your goal is. Is your goal simply to find a home, fix and flip? If so be very clear with what you are trying to do.

3. Draw (on a piece of paper) a process for accomplishing this. You do not need to incur any more expenses pre-deal. I would suggest:

a. Find a realtor in the area / sources

b. Tee up a general contractor (reviews from Yelp etc)

c. Find a property that the numbers work on.

d. Contract - inspection - close - fix - flip etc.

I urge you to cut off any current expense and re-baseline. 

Good luck man, take your time and ask questions.