ADVICE NEEDED, GETTING STARTED
Question: Hello Everyone. I am a Carpenter and a student at the Boston Architectural College. For the last couple of years I have been doing mostly apartment renovations; new kitchens, baths and finish work. Lately, I have been thinking a lot about getting into Real Estate, buying fixer-uppers, doing all the work myself and then flipping it for a profit. I am looking for some advice on how to get started. The problem is I do not have great credit and have virtually no money saved. So how would I get the money to get started? My thought was to go into it with a partner, someone with good credit who could secure the loans. So I was thinking about aproaching my friend who I have worked with in the past, she owns a few properties already and she usually has me do all the work. Another question is how should we work out the business aspects? I mean my thought was that we would split the profits and if Im doing all the work then I should be paid something for that as well. Does anybody think this is a good idea or does anyone have any better suggestions for me to get the money to do this?
Answer: I would suggest coming to several of the R.E.Investment groups.You will meet people who have done and are doing all different techniques.Allow me to personally invite to the group I organize through Meetup.com.The Greater Boston REal Estate Investors Club/ Meetup,is a true club.It meets the 1st Monday of the month.We just moved to a great function room at New Horizons,a planned community,built by Bill Cummings(who has been called the Warren Buffett of Mass.) If you are interested go to Meetup.com for more info.There are many other groups,and they are all listed on CREOnline. When you go to these groups you can also stand up and offer your services(and business proposals) to the members.At the least they are fun,and it is good to meet like-minded people.
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