Hi everyone this is my first post. I been working for investors for many years and learned a lot from them now I want to start rehabbing my own properties. But I am broke but I know I can to it, I have been studying these investors for years and hundreds of hours of research. I just need to get that first purchase under my belt. Any suggestions
You needn’t large sums of cash to invest in real estate. No need to buy a property to make money with it. Look into controlling properties via options, lease options, and assignments.
Also if you looking to do a rehab you can always seek out one of the investors you know and offer a 50/50 split for them to put up the cash and you do all the work at cost which is deducted from the gross sale profits and then split 50/50
Rehab can be pretty cash intensive.
In areas of the country where prices are falling, rehab is still good. There are more properties available to buy, and for a better price. But you have to buy really low and get them back on the market really quickly.
You can start with some of the ways that don’t need cash and build up your reserves. In addition to methods suggested by AJ290, becasue you are handyyou might want to look into Lonnie deals with mobile homes.
For fix and flip, which is what you are really qualified for, it’s possible to do them with hard money. It would have to be a really good deal and you have to work fast, or the carrying costs would suck up all your profits.
There are 169 ways to gain control over a property and only one is all cash. With that being said the cash way one of the most easy ways there is.
Since you have lttle cash on hard and have worked for investors have you considered being a “Bird Dog” for them to generate some cash you will need to use as at least and option fee or to buy materials for a rehab?
Even if you do a “Subject Too” you still may have to buy some paint, and flooring, new sinks, grass seed etc, If your credit is not that good where you can charge it on a credit card.
If you credit is in the 700’s one technique I have used is to get a credit card for 0% for 12 months on Purchases (Say for $5,000 to $10,000) and use that cash for materials and when you sell the property in say 6 to 8 months (hopefully tops) then you can pay the credit card off.
The important thing to is Plan your work and work your plan, and do not loose focurs.
birddogging is a great way to start out especially if you’re financially limited. you can also try to find an investor/partner to work with. he can provide the money and you do all the work. work out something legally and get it notarized, etc. - make sure that you have something on paper backing you up in case things go awry.
good luck
O.K. One of my investor customer made a lease option offer to me,I thought it was a little one sided though so I didn’t accept but i am opened to it
Thank you for your time to reply to my post. Everyone else also. What is birddogging. My credit is shot. I lost both parents to cancer in the last three years and older brother committed suicide so i had huge umm…personal issues that messed me up for awhile, I back on my feet again now but my credit no
Thank you for your time. Ok I have the buy low work fast down to a science. now what if I want to hold the property for a refi for my next flip etc. etc.etc.
thank you I’ll take more consideration into those