@Jon Carter
Hi Jon. I'd agree with the sentiment that you need education and a local network of individuals that you can turn to for advice or be a source of contribution. Go to the meetings and talk with people at your local REIA (Real Estate Investor Association). Get phone numbers, ask to come and see how they are doing their renovations, volunteer some sweat equity on Saturday/Sunday, ask the buy and hold investors what criteria they look for. Develop an education and network.
I'm confused as to why you're not allowed partners. This can be a great doorway to getting into the game. For instance I have a partner that is 22. He's very young but exceptional. Yes he's a smart guy, but he learned the business and does what he says he will. This is a great source of value. Lots of people have money but few have knowledge, discipline and do what they say they will. Become that person and your value will be in high demand among your real estate investing peers.
He finds the deals and manages the projects and the sale. I basically just supervise and approve changes, finishes, confirm costs and values and the initial purchase of the property itself. He puts ZERO money into the deals and gets a large cut of the equity. This is a way you can do it with no money from a rehab point of view.
You can get into real estate with very little money in various ways. You can spend a few years and maybe a few grand getting the licenses and managing properties (You will learn a lot about real estate this way and people's nature as well). You can wholesale, you can buy a duplex like @Ben Leybovich suggested or a myriad of other ways. It's important to remember that there are two types of ROI. There's return on investment and return of investment. Both are a function of education and networking. You have to hit the books(visit the library on a limited budget). You have to go and see the houses, multi-family, strip centers, etc... that your new friends are looking at. Ask them at the meetings if they are looking at anything and if you could tag along. Call them up or text/email them a few times a month checking in and seeing if you can help with anything.
It may take 3 months, it may take 2 years but once you have a good overview of the different asset classes and what you want to specialize in then you can go to your new friends, old friends and maybe even the doctors to present the opportunity. You will have talking with them about it all this time anyway so they may be primed to finally hear about what could be your first deal. Ask them if they have questions and answer them eloquently and articulately and you will be amazed at witnessing the change in how they view you.
There are many calculators that can be used to present a nice report for your future investors. Creating and presenting these reports does not ensure a good investment or even that you'll get funds but it mitigates the chance of missing a factor or facing rejection from potential investors.
I'd save the $10,000 and let your knowledge and reputation do the talking for you. You'll feel better about yourself and eliminate a possible source of contention between your wife and yourself. If you have any specific questions or questions of a more general type I'd be glad to help you out when I can steal away for a moment. Have a great day!
