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Updated about 9 years ago on . Most recent reply
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Help
so I was online the other day looking at properties. I found one I think would be a good flip. Mind you I am new to REI, I have no experience and I never flipped a property before. I have been reading a lot of real estate material and listening to podcast after podcast. Anyway I found a property online and filled out the inquire portion on the website about the house and the realtor just contacted me. Long story short I have no money for this property and was wondering if there are any investors in the ft.Lauderdale Fl. area that would be interested in looking at the property with me and possibly partner with me on flipping the house if it's worth it.. I know it's a risky move but I'm desperate and truly hate what I do for work right now.. sorry for the long story but anyone kind enough to help out a father of five children, I would greatly appreciate it from the bottom of my heart.... Thanks..
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A few possible ways to get into the "game" (Some may not even require a partner)...
- Do a "live-in" flip - Get a fixer upper through HUD, REO, Craigslist, or a reputable Wholesaler. Live in the property for 2 years while you get it fixed, then flip it. You can probably use an FHA loan, or personal line of credit.
- Join a local real estate club, then network and get to know others. You might meet someone who might want to partner, or mentor you.
- Talk to family and/or friends. This move is risky, but could be a win-win opportunity. They provide the funds, labor, or other help for 50% of profits. You still make some money, and get your foot in the door.
- If you have a very good deal, look into hard money. Sure it's more expensive, but if you can make some decent money, why not?
- Look into mobile homes. Don't underestimate them. They require less money, and can be very profitable. Read up on them right here on BP. One of the best people to look up on the topic of mobile homes is John Fedro.
- Invest in properties under $30k. Check out Lisa Phillips. Here is a link to a BP podcast, featuring Lisa... https://www.biggerpockets.com/renewsblog/2014/01/2... She also has an awesome website, that goes into detail about affordable real estate investing. Lot's of good information on finding, funding, flipping, and renting real estate, without having to spend a lot, and without having to use a conventional mortgage.
- I'm personally not a huge fan of wholesaling, but many investors have a knack for it (and enjoy it!), Maybe it's something you can get into?
Hope my two cents can help inspire you somehow.