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Updated over 9 years ago,
Funding for multiple flips
Hey all,
Today is a financing-type question.
I intend to flip some houses in the near future. I've found 2 very, very good places with great prices - trouble is I only have the funds for the down payment on one of them.
I will be working with contractors and professionals, so I do have time and the resources to actually carry out two flips - so lets try to assume this is the only issue I'm facing at this point ;)
The trouble is I don't want to risk letting one go while working on the first deal - I'm seeking to basically call dibs on the 2nd of the two properties and commence work on both at the same time. They are within 300 meters of each other and I could share some costs between them and hence make twice the profit.
Anyways, I'm wondering :
a) How to possibly get dibs on a property without a down payment
or
b) How I could maybe set up a way to pay an investor (not a parter) 10-15% on his money and use his funds for a down payment. Just a wild guess but is this what a "trust" fund is?
Also wondering how/where I would find these "investors"? Set up terms?
All help appreciated everyone. Thank you very much.