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Updated over 7 years ago,
Partnership in Central Michigan?
Hey guys, I'm a new investor trying to get in the game. I've been talking to REAs and my bank and trying everything I can think of for a couple deals but they haven't worked out yet.
I've found my next deal that I want to work, it's a duplex that needs a good about of rehab and a roof, but the price is right and I like the numbers (which are just estimates for now). My thing is that my credit isn't great, so getting a mortgage would be almost a miracle right now, and for rehab and a roof after that seems way too far away.
I just listened to this weeks podcast and I want to see if anyone would be willing to partner on this to get me started. I'm not entirely sure how I want to structure this, I guess you would have some knowledgeable input on your side that could be mutually beneficial. There appears to be a lot of opportunity for equity in this property, maybe we could work out a buying out after a refinance? (Like they mentioned in the podcast).
Or just some advice on creative financing would be cool too.
Any help is appreciated!