Getting Started
Hello all,
My name is Darionne and I have been reading and reviewing this website for a couple of weeks now. I have always wanted to be involed with REI for Some time now and have finally decided to take the steps in getting it going. I just finished carlton sheets home program and also recieved my certificate for property management. I am really Excited about starting my own business and very motivated.
I will layout my situation. I am 26, working full time. I would like to do this on the side until I can quit my Job. My credit siutation is not good at all. I am actually in the process of Bankruptcy. I have formed a partnership with my sister and a close friend of the family. We recently found out their credit situations. First partner middle score 580 with no established credit approved for 90% financing. Second partner 542 credit score with one line of established credit approved for 85% financing. We are all currently renters, We plan to occupy the first home that we purchase with a min of 6 months depending on the deal and what we get, we will decide on our exit stratergy.
I need help creating the right plan to get our business started. One I am not sure how to go about a proposal to raise the money for the difference of the purchase price, being that we have very little money to contribute. I am currently renting from a private owner, which she bought for investment property. I would like to create a proposal to her as a partner to help with our first deal, just not sure how to go about it.
Two right now in my area, Sacramento California, is really crazy homes being sold at or above market Value.
I am currently workng towards getting my real estate lic. We plan to focus on a combination of rentals, wholesale, and rehabs.
Our plan thus far was to try and purchase a duplex, The 3 of us occupy the duplex for short term. Then rent it out and move on to the next property. Right now duplexs in my area, liveable, are going for 299,000 and up unless you get lucky.
I guess I am asking for some advice on the best step to take at this point to help get our business started. Also I would like more information on Exit Stratergies. Wouldn't this depend on the type of deal ? I would also like to know if there is anyone in my area that would be willing to be a mentor for myself and my partners.
Thank you all for your knowledge and support !!
Darionne 
Comments(0)