I am looking for some private financing for flips and/or rental properties. I have done 20 plus projects from flipping to new construction over the last 15 years. At one time I had 18 rental properties. I am not new to this arena. The problem is I always had bank financing in the past. Well after a messy divorce this is no longer possible at this time. I know how to do everything from finding the property to rehabing it to selling it. I know the values of the property in the area in which I live. There are a ton of opportunities within a 5 block radius of where I live. It's killing me that I can't do anything about it. I am looking for someone who just wants to sit back and make money off of my sweat. I need advice on how to find private investors/ Silent partners or whatever. I just need the backing and I could make us both a lot of money. I also don't know how much this private financing should cost me. Any advice would be greatly appreciated.
There are several ways to approach the problem. The easiest way and the quickest way to fund your deals are through the relationships that you have built up over the years. You did build business relationships with suppliers, bankers,real estate sales people and others didn’t you? These are the people that know how you do business. They know if you are honest and if you made money on the properties that you had. The local landlord assoc. would know what type of landlord that you are. These are the people to put on your list and contact when you have a great deal. Always hawk the deal and even offer partnerships if req’d. With my first private money deal it was a local businessman that I had been buying carpeting from for several years that we started to talk about investing. He made good money at the carpet business and He did not know what to do with the surplus. we talked and problem solved for both of us. I hope this helps and I will try to answer questions as they come up.
redhawk
You may also try http://www.homepath.com
I’m not too familiar with the program…they are Fannie Mae foreclosure properties eligible for as little as 3% down (if anybody out there has any knowledge of the program please let me know, as I am looking at buying one soon).
If you start with a small property around $60,000 that’s only $1800 or less (not including renovations). Pay a little more for the house and have the seller do improvements, pay closing costs, etc.