All Forum Posts by: Cliff Bailey

Makes sense everyone... pretty much just what I was thinking. Thank you all! 

Also, he says the loan should be paid within 1 to 12 months, at which point I will tranfer title to him and walk away from the deal. Does this sound legitimate or should I leave it alone?

Hey BP, I need some advice/help. Basically revolves around a possible partnership with someone using my credit to obtain a loan that is going to be used to buy a property. I found a posting on Craigslist of a guy looking to use someone's credit to buy real estate in exchange for $10k upfront. Out of curiosity I responded. He says he wants to use my "good" credit to get a 50-100k loan in my name that he will use to buy real estate... says my name will go on the title as collateral "so I feel safe", and that once the loan is paid I will switch title to his name. I'm not sure exactly what to make of the situation, I'm a bit of a newbie in real estate investing and not very well versed in knowing about partnerships yet. My gut tells me something is off, he sent me a loan application to fill out (of course requiring ss#, pay stubs bank statements etc). The other trippy part is he seems to be an employee or somehow associated with the lender. I just want to know if anyone has done anything like this before, is it a total sham and should I walk away, or is this possibly a legitimate opportunity?? I definitely can use $10k right now. Any thoughts, comments, or questions are greatly appreciated. Thanks BP family!

@Leslie Pappas thank you! Those sound like good factors to use in checking out an area to invest in.

@Coco Zuniga thank you so much! You as well! :)

@Bradley De comarmond thanks and I appreciate the advice! Florida may be a good option to look into. I'll gladly reach out to you if and when I decide to go that route!

Thanks @Dave Visaya  @Veni F.!! Great to be here! :)

Hello everyone! My name is Cliff, I'm a new investor from Southern California looking to get started and do some deals!

I've been studying the real estate business, reading these forums and listening to podcasts from BiggerPockets and others, and I am ready to take the next steps toward realizing my goals of being a profitable, successful real estate investor.

Looking to network with any like-minded individuals who want to do winning deals, or even just chat about the business.

I'm located in the greater Los Angeles area. Looking through properties here in my backyard, I'm thinking of starting off by renovating/flipping to build capital due to the high prices, high demand and relatively low CAP rates I'm seeing. I don't have a ton of cash yet to start, but I'm seeing that there are many ways to obtain the financing to do deals. Eventually, when I find the deals that make sense, I will build a portfolio of rentals, with the goal of providing the passive income necessary to fuel the lifestyle I desire.

I'm also interested in investing out of area / out of state where prices are lower and I can see some cash flow "upfront"; even interested in flipping out of state down the road.

I'm already having a lot fun just learning (having my eyes opened), and with my burning desire to succeed I will keep having fun learning and doing throughout this whole journey. I'm looking forward to how much fun it will be to see the fruits of my labor: i.e. newly renovated homes for great people to buy and enjoy, and fat checks with my (or my company's) name on them lol! :)

Any investors out here in SoCal (or anywhere) who are currently having success in this market through flipping or other strategies, or investing out of state? ( I know there are!) I'd appreciate any advice, counsel, and guidance, as I am looking to do my first deal asap! :)

Thanks everyone for reading this, I'm looking forward to connecting and growing better together!