@J. Martin Thank you for a very detailed response.
You pretty much hit every nail on the head..... I do not have any experience with "flipping". I guess where I have read that I need to make sure that I buy the property right and have multiple exit strategies, I did not believe that there would be very much if any risk. So no, I am not comfortable risking anyone's money. I just do not know how to move forward as he is the only person that is willing to give me a chance to make something of myself regarding real estate and at the same time make him a profit he did not have to work for, just let his money work for him.
He has 2 other businesses. Well he is a partner in two other businesses and makes descent money annually, but I am sure he would like to go up not down.
After I posted this in the forums, I have spoken with a couple people and with what we spoke about and my own ideas came up with what I believe may be a solution. Get a personal line of credit. If his credit is as good as he states, he should qualify. Then use personal funds with a conventional mortgage for the difference. Any personal funds for the down payment and the rehab could be covered from the personal line of credit.
Once the house is sold, everything paid off, profits split and reinvest!
Does this sound like I am more on track? Is there anything that you believe I could be doing better?
Just seems that if I do not start soon, I never will.
Warren
