I have to start by saying I am learyof partners. I had one in a restaurant before and it turned out to be a nightmare. Ended up bankrupting the business, me and a third partner. Was a friend. Have to say no more dealings with a friend. Keeping business and friends seperate.
Now to my problem. I am a first time RE investor. I have found a deal. The problem is I having trouble getting it financed. I am currently unemployeed. I have ok credit. But I have nothing to put down. I can do a lot of work myself but have no formal experiance. I have even found a good property manager which comes highly recommended. I have been working on a plan for doing the job for about 5 weeks nowbut nothing I do seems to get the lenders to take a nibble.
I think the only way to make this deal happen is to get a partner. Being gun shy though I am not sure where to start. The realitor mentioned he might know someone to partner with. My question is what should I look for and watch out for? Should I try to get the property under contract before I try to get a partner? all I can say is any suggestions can only help.
Thanks
Talmadge
Now to my problem. I am a first time RE investor. I have found a deal. The problem is I having trouble getting it financed. I am currently unemployeed. I have ok credit. But I have nothing to put down. I can do a lot of work myself but have no formal experiance. I have even found a good property manager which comes highly recommended. I have been working on a plan for doing the job for about 5 weeks nowbut nothing I do seems to get the lenders to take a nibble.
I think the only way to make this deal happen is to get a partner. Being gun shy though I am not sure where to start. The realitor mentioned he might know someone to partner with. My question is what should I look for and watch out for? Should I try to get the property under contract before I try to get a partner? all I can say is any suggestions can only help.
Thanks
Talmadge
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