Should something go wrong, you could technically just walk away from the whole thing.
Anybody who has ever rehabbed a home will tell you that it’s not like those TV shows.
Start looking at what you CAN bring, and then start offering it up.
Not everyone using online dating sites is looking for love. As if all that isn’t bad enough, romance scammers are now involving their victims in online bank fraud.
As the Community Manager here at Bigger Pockets, I spend a LOT of time in the Forums, and time and again I see people saying they have passion for real estate. You may not be able to FUND the deal, but that doesn’t mean you can’t bring SOMETHING to the deal. Do you know someone with money who would be willing to invest with you? Find someone who has experience, and offer to help them out.
Make it clear that you don’t expect anything but education in return.
There is ALWAYS something unexpected that pops up to ruin your budget and your timetable.
Sometimes, it throws you off by a few days and a nominal amount of money, but more often, it throws you off by weeks and thousands.
And he isn’t just starting out — he has a fairly sizable portfolio of completed jobs, something like 600 flips. Why would they risk their money, with no control over the situation?
If you think 100% LTV loans are hard to find when you’re just starting out, imagine how difficult it would be to find someone to loan you 100% of the purchase price, loan you 100% of the repair costs on top of that! You the borrower literally have zero dollars at stake in this scenario.
Bigger Pockets’ very own Scott Trench, Director of Everything, started out this exact way.
He had been listening to the Bigger Pockets Podcast for a while, and a chance tour of our old offices provided an introduction to Josh Dorkin.
After his tour was over, Scott went back over to Josh and told him that if he ever needed help, Scott would gladly come in on the weekend and give him a hand.