POSSIBLE 1ST DEAL TOMORROW.....

Financing, Hard Money Lenders, Private Money
1

I RAN ACROSS A PROPERTY THAT I NEED HELP WITH. A GUY RAN AN AD IN THE PAPER AS SUCH: 3/2/ 2CAR GARAGE RAMBLER STYLE DUPLEX. PARQUET FLRS THRUOUT, VERY CLEAN. $$$ BEATS THE COMPS. $396K

  1. HE GAVE ME A STORY THAT HE’S THE YOUNGEST OF 4 KIDS; PARENTS DECEASED; THEY JUST WANT THE HOUSE SOLD AND SPLIT THE PROFITS.
  2. NOW VACANT
  3. KITCHEN NEEDS UPGRADING
    I SPOKE WITH HIM AND HE JUST WANTS OUT; WHAT KINDA DEAL IS BEST IN THIS SITUATION? ( THIS WOULD BE MY 1ST DEAL). I HAVE NO MONEY, AND MY CREDIT WON’T GET IT. ANY SERIOUS SUGGESTIONS??? WHAT ABOUT A HML/ OR FIND A INVESTOR WITH MONEY AND SPLIT THE PROFIT ???
2

I would get a partner if I were you due to the price and that it is your first time, but check the partner out good , maybe someone from your local rei club.

Yes you will make less but from what you are saying you dont have credit or funds
plus if it’s your first look at it as education too.

Get everything on paper and have a lawyer in the picture for your first partnership deal.

Good Luck!!

3

Here are a few questions that may help.

What are the comps on the property?
How much is it going to cost to repair?
What is your plan to do with the property?