Hello insider,
I’ve been thinking of how to frame this question, and please don’t think I’m having a go at you, but I’m bemused at how you can aim to control 54 properties by this time next year if you are unemployed.
Surely you must be in partnership with someone who has equity rather than doing it off your own bat, because I can’t get my head around how people would lend you money without anything to back it up in terms of equity or income.
Do you have to tell a few “porky pies”? I’m sure there’s “being creative” and “being creative” if you get my drift… If you’re in partnership with someone I think it’s a bit misleading to suggest you’re doing it all on your own… If I’m off the mark, please accept my apologies.
Anyway, hoping for a response…
Cheers
rJust finished reading about a similar idea in rich dad that may be what they are up to
they must be sitting on the side watching the threadsI wouldn’t say it’s impossible and there are several ways of raising capital. One is using OPM and by finding an investor to financially back wrap deals, another is finding the properties and flipping them on to other investors.
If he can do it, it’s all the greater the victory.
Best of luck insider
Just bumping this one back up the list…
sooty pooh, I pointed out that I wasn’t having a go at insider and I didn’t say it’s impossible…
In your examples, it’s not doing on your own, it’s in partnerships…I’m just curious for a response…
Cheers
rHey crew just thought id put my .002cents worth in
Leverage!!!!![]G’day all,
Just saw the suggestion of building capital with no $$$ behind you, by flipping. I’v read Steve’s book so I have a brief idea, but doesnt flipping require the purchaser to still have finance approved, and then on sells it at a joint settlement? Or have I just got myslef horribly confused..
Cheers,
Battz
Richmond, I should have said, I will be in control 50-100 properties.
Battz anyone can sign a contract. You may run into trouble though if you can’t flip it to someone b4 settlement.
insider,
good on you if you get there… I’m still in the dark… of course I “get” concepts such as leveraging, but are you a buy and hold man, a wrapper?? Is your name the one that goes on the title? Is it possible to give a little more detail in your answers? I’m only into buy and hold and have a secure job with plenty of equity across my portfolio… so I’m not about to follow your example, I’m just very very curious.
Cheers
rIf you can find a money partner for each property deal (and split the profits 50/50) then you can spend 100% of your time looking for deals because you dont need to qualify for finance yourself. There are lots of options in setting up the JV agreement between the time partner and the money partner, such as whos name goes on the title (eg yours, theirs, a company in which you are both shareholders…).
All Insider needs to do is find 10 money partners that can do 5-10 deals each with him. i.e. each person has to be prepared to invest say $100,000 – $200,000 and borrow up to $800,000. Not a simple task, but not all that hard once you find the investors…
Something I am considering myself.
Tas [
]Good luck to you tasinvestor!
Go Lions! (they’re close enough to tigers for me)
r
3.50pm on Grand Final day
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