All Forum Posts by: Account Closed

Hey all,

I'm new to REI and want to flip/ BRRRR a single family home in New Jersey. My biggest hurdle is the finance piece. I have $20k but not much more than that and getting approved for a mortgage I think would be difficult because of student loans and such. Credit score is 730. I'd love FHA or FHA 203k but I feel like getting a capital partner may be my best option instead while I find the deal and do all the boots on the ground work.

Any thoughts or words of wisdom ? 

Thanks so much

Jesse 

Thanks all. Kind of what I expected to hear. Here in NJ everything is so expensive. In areas where locations are decent and/or good, you're looking at $500k + for a Duplex. 

I have about $40k to put down, but it doesn't seem feasible or worthwhile in this current market here. 

Hey guys,

Over the past year I've been looking into the Charlotte area for 1-4 units for sale and can't seem to find anything where as in my North New Jersey area there's a lot more.

Curious if anyone familiar with the area has thoughts on this.

Thanks,

Jesse 

Although the title sounds depressing, it's not. 

It's a matter of fact question. 

As someone who is new to the REI game and deals, loans, etc. seem out of reach, partnering up seems like the way to go. But what's in it for that person who's funding the deal?

Is me finding a quality property manager, dealing with the management itself, collecting rents, etc enough for them to fund the deal and/or take out the loan under their name? They're not doing any work, just funding the deal and receiving their capital back plus interest. 

Do I have it right? 

Just signed up. This is my first REI event. Looking forward to learning and connecting.

May bring the fiancee along so she can learn too :) 

Concise and helpful. Thanks!