I need some advice from you guys.
I live in ATL, have a full time job in the Law Office, good credit around 730, some good connections with the contractors, no savings, available equity loan for 30.000; I would like to try myself in the Real Estate Investing, mostly interested in flipping and rehab, but open to any opportunities.
I do not have much free time, as I have to work to pay my bills.
Can you give me any suggestion, how someone can start investing in my situation, I am pretty sure there are a lot of people here who started from the similar position.
Also, maybe someone knows where to look for a partner in ATL to do the business together, I would like to work with somebody rather than myself, especially at the beginning.
Looking at this from a practical standpoint, how do you really hope to get involved? What do you see yourelf as being able to bring to the table?
Were you looking for a cosmetic-only rehab that you can do yourself on weekends?
Were you looking to hire people to do the work?
Given your time constraint, it sounds like the only thing you can really bring to the deal is your credit score and possibly your income. Perhaps you can find someone who is weak financially but knows how to find deals and maybe even swing a hammer.
Thing is, I would be very cautious about taking on a partner who is broke. People are usually (not always…USUALLY) broke for a reason…because they have made bad choices. And making bad choices is a habit that, regrettably, is very hard to break.
True that, Paul, true that!
I do not want a partner that is broke!
I am planning on hiring people to do the job. As I pointed, I have I have very good relationship with some contractors; I am positive they are going to give me a good deal. I am going to visit the site every day after work and on weekends.
I think I need a partner for a few reasons:
to share finansial responsibilities, as I am not sure that I will be able to pull a first deal by myself
hopefully the partner will have some experience in construction/real estate
to bring some constructive ideas (as we all know, two heads are better than one(not if one is broke though))
Besides my good credit and income I might also bring to the table some good connections with loan brokers and attorneys, as I work in a law office.