Found a great deal, but now what?
I found a nice wholesale property. I want to make a move. But now what? Even after books, podcasts, and meetups I still feel like I don't know how to take that first leap. So here's a little background about me:
I'm part of a fix and flip family that has flipped about 25 properties in the last 7 years. I've been an assistant through all the flips, usually searching for properties, running comps, designing, and purchasing items. So, I have a lot of experience and knowledge with flipping. My dad has always handled the actual home purchasing side of things.
At this point in time, I want to continue to be part of the family flip team, but I also want to try my own project. So, this is where I am in need of some ideas and guidance. I don't currently have the funds to purchase a property. I figure I will need to use private funding where another investor funds 100% of the home purchase, I do all the rehab, and we split profits 50/50. Does it make more sense for me to go this route starting out as opposed to the hard money route?
If I do go the private funding route, how do I go about showcasing the property to them? At the moment I plan on using an excel sheet with purchase price, arv, rehab expenses, ownership costs, acquisition costs, projected profit, etc... I see a lot of people say that you should secure the property first and then find someone to fund it, but I assume that's if you're buying from MLS.
Any ideas and recommendations for taking my first leap are much appreciated.