Shaun Tait, Tony discussed on Real Estate Rookie


Yeah no. that's great advice actually and especially at that dollar amount right sixty thousand you said. It should be not too big of an obstacle for most people to get approved for for something around that loan limit. I think something else to consider and shaun tait didn't really share. What the potential rv or the purchase price of this property is but i mean at six thousand dollars you could also try and borrow money from a family member from a friend and say hey. Loan me ten thousand dollars. I'm gonna fix up. This property wants it's done. I'm going to be able to pull out forty thousand dollars. Whatever the number is. And then. I'll be able to give you a return on your money so putting together a nice little business plan about how much the repairs are gonna cause what you think the proper be worth. How much builder pullouts. And then kinda shop that around some friends and family and your circles and see if anyone might be willing to kind of partner with you on this deal and i'm a big proponents of partnerships. I've actually never stretched them as like a private money deal most of mine have been like equity partnerships but private money is definitely route to go down. I think for something this is as well. Yeah and with the credit cards or are we going to pay for it. Sometimes you can't a contractor is going to want to be paid by check or cash or you're not going to be able to finance per se the payment. You're making them so one thing you can do. If you are using a contractor is ask that you pay for the materials so even if they go out and purchase them. They're using your credit card or you're going out and delivering them to the site however that will work that will help cut into a huge amount of that cost for the rehab is if you're covering that and then possibly you can come up with the other percentage by borrowing from family members saving money or you could even pull from do alone from your 401k or a retirement account too so those are a couple different things you could do and just to add onto what tony said about bringing on partner..

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