Starting out with very little money

[Simon K.]

What would you recommend to someone that's looking to start flipping/rehabbing with only $10,000?

What types of loans are available for the actual rehab of a property, and what type would you recommend?

What are a few avenues one could take that would require very little or no money down on a property?

Thanks!

[Gary Parker]

Terry P. we are probably the same age LOL...I just turned 50. I understand there can be liability for almost anything we do in life, but Steve Babiak is making good points IMO. For example, I would think your risk is quite low if you attend some REI meetings, get to know some buyers, identify distressed property owners and talk to them. You will learn tons. If you find a deal work with one of the buyers you meet in a capacity that allows you to learn along the way. There are ways to do this and limit your liability and learn along the way and make some money. I am at the stage in this business where I am making a good living but want to build the business. I want to put in place systems, I want to learn to market better and source part of it out, I want to learn to negotiate better (just found out J Scott has written about negotiation) and to do this I have to pick a starting point and move forward. IMO your starting point should be tracking down distressed (financial or physical) home owners and talking to them and attending your REI meetings. You can always come here with questions too.