Flipping Info ?
Hello,
I have no idea what I am doing when it comes to Real Estate Investing, but I have a very wealthy Friend that will give me 25% of the net profits for finding him quick flip properties in Florida, or Massachusetts. He would want to Net a minimum of $500K per transaction and not have to hold on to the property for more than 6 months , or so. Please let me know if there is any way I could possibly find these properties, or if they even exist. I would greatly appreciate it.
Thank You,
Gary
Hello JohnMichael,
He would invest in anything that He would be able to flip in less than a year, but preferably 6 months, or less. He would also like to net $500K, or more, per deal. He is worth close to $100 Million, so he would not bother with properties that would not net him at least $500K. He does not need this, but I do.
Thank You,
Gary
You may have a shot at this if you move to FL>
C-
Quote:
On 2005-03-08 13:39, Gary65 wrote:
Hello JohnMichael,
He would invest in anything that He would be able to flip in less than a year, but preferably 6 months, or less. He would also like to net $500K, or more, per deal. He is worth close to $100 Million, so he would not bother with properties that would not net him at least $500K. He does not need this, but I do.
Thank You,
Gary
So Gary,
What types of property do you think will provide this type of profit range?
[addsig]
I know of a bridge in Brooklyn that I could give him an option on...500K for him easy.
You would do better with a hard money lender or another partner. You will kill yourself to find a deal that this would work on. You need to learn how to work 15-30k profit flips first and maybe the big fish will come along. I have a friend who has several mil and I tried to work something with him but he is way too greedy. The people with the most $ are sometimes the hardest to work with. Go to a local real estate club meeting and tell people you are looking to partner up. if you can find a good deal, the money usually will follow it.
Ha folks this is not impossible with multi million dollar properties but this investors turnaround would make it next to impossible.
[addsig]
Gary65,
You have stated you know very little about real estate
investing if this is true you are in way over your head
with numbers like the one your friend proposes. This is a very intricate and tricky business and there are very,very few get rich overnight oppurtunites with deals this size, your lack of knowledge and no experience you are going to eventually jepordize your friendship with MR. Bigmoney. (How do you eat an elephant ? one bite at a time. First find a capable mentor in your area to guide you and yes you will need to split profits with them. second have them help you find several much smaller deals 15K to 30k profit put these in a package to offer to your investor. You and your mentor must do your homework on all of these properties or this want work. Then present these deals all at once for review to your investor. I understand your need to make good money very well but you need to educate yourself .....and yes there is a very long learning curve in this business. [ Edited by mrbigstuff on Date 03/13/2005 ]
im new at this rei stuff too, and i am trying to learn as much as possible before my first deal, i just cant imagine even trying to do such a big deal on the first try?, if this guy has so much money why not invest in many properties at a time, not just one?
I would like to net 500k in one transaction... Let me know if you find anything!
[addsig]
My wealthy friend bought an oceanfront property, on the East Coast of Florida, for under $4,000,000, less than a year ago. He can now sell it for over $6,000,000, without doing a thing to it. There are those types of deals out there. Not a lot, but they are out there.
Thank You,
Gary
Talk to your friend and inform him of all the good advise given to you. If he really wants to help you, he would start out smaller so you can get your feet wet first. Because, lets face it if he was serious about obtaining such large profit margins he would be talking with someone like Donald Trump for instance or someone that is really experienced in commercial real estate. Go back and ask for mercy from this so called friend.
Thank you everyone for all the great suggestions and info. I greatly appreciate it.
Thanks Again,
Gary