Posted by Jay (TN) on January 24, 2002 at 09:05:44:
Chris, you’re going to need some cash to handle everyday and monthly expenses. There’s no way around this fact. If you’re dealing with flips, then you don’t need much capital to make deals. You can assign the contract. If you’re dealing with rehabs, then you’ll need funds to perform the repair work. If you’re using a credit card to pay for a down payment, where is your repair money?
So, where can you get cash…
- private investors (partnership)
- Hard Money lenders
- Sell something to generate cash
- Borrow from friends or family
- Focus on creative deals with little cash out of pocket.
Note that I’m just making suggestions. All methods have their disadvantages and advantages, and I’m sure you can make the best judgment.
I think you should start with flips to generate income and gain experience. Then, once you’re standing on firm ground, you can start with rehabs, perhaps with a line of credit.