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BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated almost 2 years ago on . Most recent reply

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6
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Jared McCorkle
4
Votes |
6
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Should I partner with someone or Wait?

Jared McCorkle
Posted

Hello BP I am looking for someone to potentially partner with on a Real Estate Investment Property. 

The reasoning for this is because currently I want to do a deal however, I am running into a lot of hurdles trying to make it happen. I am a Accountant from The Ohio State University taking a few classes finishing up my senior year, while doing so I will be working at Ernst & Young (EY) as a Auditor, I have been working as a Auditor for around the past year while in school however for a different company. 

When it comes to conventional loans for LTR , I have the downpayment and credit score etc, however lenders are reluctant to lend to me because I don't have enough Job history. 

When it comes to Fix-and-Flips, realtors and contractors don't really take me serious as a potential client because it would be my first deal and I get the impression that they don't believe that I will actually buy and initiate the process of rehabbing the property. 

Ive talked to Hard Money Lenders, as well as conventional lenders and they recommend me to partner with someone more experience who has more connections than I do especially for my first deal. 

My question is what should I do should I wait or should I try to find a Partner on these deals, and if I should find a partner where would be the best place to look or would anyone on BP like to partner? 

Most Popular Reply

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3,402
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Caleb Brown
  • Real Estate Agent
  • Kansas City
2,395
Votes |
3,402
Posts
Caleb Brown
  • Real Estate Agent
  • Kansas City
Replied

I would build a job history and house hack. You can try to BRRR but honestly you are young. Long term it'd work better if you house hacked. Then once you do 1 house hack you can BRRR. While you do the house hack network and connect with local investors. You'd have a deal under your belt and some credibility. For partnering you don't necessarily have a lot to bring to the table for someone else. It's OK to be patient and build a strong base. BRRR's are not easy and have many moving parts.

  • Caleb Brown

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