no money or money?? Private inv. or not???

I have just wholesaled my 9th property since reading Dean's book and I have never used any of my own money, never borrowed any money. So ABSOLUTELY it can be done!!!

Is this woman giving you $60k? You said 20k and then 40K? What does she want in return?

If she is going to help fund this deal then I would try and work with her. But can you explain better what she wants to do with you? How would you split profits? Tell us all details. And yes, you don't need money to get started. It can be done. Assigning contracts is a easy way to start, or you can birddog for other investors.

Jeremy

Hi CAROL.. sorry for the misunderstanding..thanks for responding she said that she was going to get about 80% of the purchase price from her bank to purchase the home and she wants me to pay for fixing up and the down payment so she said i wld have to come up with 20k and then we split the profit. Does that sound ok?

If the 20k is going to put you in dept than NO that does not sound ok. Where will you get the 20k?

I would suggest that you find a property and assign it to her and collect an assignment fee. She sounds like a good buyer that has 40K cash to work with. Find her something to buy, collect an assignment fee and put some money in your pocket. Since you are new in real estate this is a great way to start off until you gain some experience.

Just my opinion.

Jeremy...she just wants me to have funds on hand for the down payment and for rehab..she said that she is going to get a loan for about 80% of the purchase price and then we split 50/50. I just want to make sure if i do get funds that i can get back what i put in and make a profit. How does that sound?? Where can i get more information about assigning contracts?? I'll look into that and birddog also. Thanks.

Carol, i don't have 20k right off and it would put me in debt that's why i'm kind of skeptical. She said that the amount that she was going to put into the deal is going to come from her home equality line..she doesn't have cash to work with. So in other words she's going to get the loan for the house and wants me to have money just for rehab and the down payment of it.

A.Harris,
This person gave you mis leading information about investers/or HML wanting to do business with you...Who is she to say what others will do!After that I would not take everything for granted that is said.

Thanks Rosefield,I was thinking the same thing, i think thats she is one of those ppl that try to put a damper on things.I'm watching her closely.

Just just got to place ads online or in newspapers. Someone or groupd will help you.

Ok thank you dicegame78.

anyone else has any feedback on this??

Hi A.Harris,

I would say if you dont know this Woman be a bit on the skeptic side, what is her true interest? and why is she willing to put up so much to then split it 50/50 just sounds funny to me.

Try and get a deal without using money if you can not do an assignment for this Woman I would keep looking. I can respect since its your first deal you dont want to go it alone but if you dont have all the hidden info you could be stuck with a house and payments and her wanting her money.

No CASH Deals are out there, we just gotta keep looking... right now there is so much real estate on the market you can basically write your own offers and get them.

Here is one I recently found in Central NJ, I found a deal where the Seller is willing to hold 100,000 in a second Mortgage asking price is 245,000 two family listing.

The current renters want to stay so tenants are good, but they are only paying 1400.00 a month and the second unit is not finished currently rented as storage for like 900.00

This is a real nice property needs some work but in general ok, I am just having a time talking him down off his asking price I think once it goes through the Summer 2010 with no takers he might be willing to lower his price, he needs the 100k to clear off a debt, and he is asking for the other money up front.

I know there are many deals out there like this we just gotta keep looking.

It sounds like she wants to make sure you have skin in the game here also. She is putting up the money from her equity line and wants you to come up with the fix it money. Now you are both in it to win win. I have a property I am looking at tomorrow with a General Contractor, he has people that are in the fix it up business plus his skills, I'll get the financing, we sell and split the profits. MAKE SURE ITS ALL IN WRITING!!

Arlenienj, thanks you i may just look for a few no cash deals..keep us updated on your deal.

jackk09...That was great advice if i do anything i'll make sure to have it in writing. I hope everything goes well with your deal keep us updated. Thanks alot. If i do go in with her i hope its a win win situation:)

Hi,
I recommend you start with NO CASH strategies, and this is not one. Don't go in debt on your first deal. Read about assignments and birddogging in Dean's books. (you said you have the book, but you need to study the book) Talk to investors in you REI group. Find out specifically what they are looking for and find it! Earn some money first, then you can invest in a rehab.
Good Luck!

steinway024..Ok i will try that..sounds great to me and you are so right i need to study the book. Great suggestion! Thank you so much.

sounds like you're too new like me to be putting out money so soon.i plan on doing assignments and looking for lease purchase properties.just my opinion,but with so many deals out there why run the risk of getting stuck with a debt or a negative person?you've got all the support you need right on this sight.the fact of the matter is you don't need anyone,believe in yourself and the free help you can get here.rob

Rob Thats so true..i love this site you guys are awesome. Keep me updated on your assignments and lwop deals. I wish you much success.