Hello to all,
I have a couple of questions for the vets in the real estate game. I have a credit partner his credit is I believe around 680. He wants to invest in real estate with me and since I was looking for a credit partner this is good. Now I done short sale flips and wholesale flips since 2006 and I made money. But now I want to do rehab projects and flip them or just rent them out. I know that its a science behind the both and I have been studing up on it for the past year and half. Now I have a investor that I have a closing with on May 13th 2009 and this guy only wants to go through me for his deals. He wants to purchase 8 more 2 units (Apartments) here in Chicago. I see alot of investors buying up the foreclosured 2 units and 3 units for pennies I mean pennies on the dollar. For example 2 unit greystone selling for 15,000 but needs about 50k in rehab, once the property is fully rehab it’s worth between 210k-300k (No Joke). Now I can wholesale and make 10k -15k, but I’m looking to move up in the world of real estate investing. Since I have some one who wants to invest with me and someone who wants to buy from me. How would you a seaseoned pro approach this situation?
Thanks in Advance
Phil