EDITED
that would be up to the partner…and i imagine “what you could offer” in case you could not provide the desired amount.
birddogging and wholesaling you can do w/out any money…perhaps this is an option you’d like to look into.
ryan
Fix the credit and skip the partner. Is that an option?
Money and credit rating isn’t a big problem. What I’ve seen is the lack of inginuity and drive is. I had no money and shot credit 11 months ago and in that time have done 9 flips and working on the 10th.
Then you, my friend, can be a very valuable asset to the REI community. How does one do 10 flips with shot credit and no money? I believe it, just would love to know how you did it.
Sounds like wholesaling to me.
Bruce
How I did it:
Well, with no money and bad credit buying something seemed rather remote. But there are other ways to make money in RE to get a start. I knew the preforeclosure market was where I wanted to be. I also knew I didn’t want to do a lot of running around knocking on doors. I want them to call me. I have a background in marketing and sales. So I started doing mailings to those in preforeclosure. Five pieces of mail in less than 30 days to each lead. And my phone started to ring. I found that about 30% of folks in foreclosure could actually get reinstated and stay in their homes. I would negotiate with their lenders and get them a forebearance or loan modification. For that service I charged a fee. I saved all my fees. I also saw a lot of opportunity go wasted because I couldn’t do a short sale for lack of financing. But with the saved fees I could now get HML. And with that did my first short sale. About the same time I met someone who was interested in being the money man for my deals for a % of the profit. From there I never looked back. I do an average of a short sale every 3 weeks.
If I can do it…anyone can do it.