How To Find Wholesaling Partners?

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Does anyone have tips or info on how to go about finding partners to do wholesaling?

I'm an experienced investor who has made a living investing for 7 years after starting out with nothing but good credit, but am currently tapped-out on cash (waiting for draws and refis, the proceeds of which will mostly go into fixing other properties, etc.), but want to do some wholesale quick turns to keep money coming in.

Hard-money lenders have way too high upfront costs for wholesaling. People will say "assign deals," but only a small percentage of the best deals are even assignable (sellers want verification of funds, they live in the house, etc.). So I prefer to take title and turn the house in a week or 2, rather than pass up most of the best deals to restrict myself to the ones I can assign. The best deals can easily turn a >20% cash-on-cash profit within a month, which is a better than 100% annual return for a 50/50 split.

I also want to do high-end flips, which will also require partners to cover the amount I can't get financed.

How or where do I go about finding such partners to split the profits while i do the hands-on management?

Comments(1)

  • feltman27th July, 2004

    I know exactly where you are coming fom.

    The 'source' or partner has to be nearly perfect fit. I don;t mind doing 95% of the work, but why should I only make 50% of the profit ; and most 'investors" seem to feel they should be more than equal.

    After developing a track record of success, I have been more comfortable talking about the money we are making and that has opened up some possibility of people I never thought of investing in me.

    I am working on a program where I would partner with different people on a deal by deal basis, and guarantee them they will not lose $$ based on my portion being spread over multiple properties.

    My recomendation is to let people you know and meet know what you do - the best source I have met so far was the owner of a local car repair shop that did a brake job on my work truck - the guy only has $100k available to invest in this business and would be thrilled to make a 10% return - on the year!.

    Try to structure your deals fairly, and provide an opportunity for people to help you and be secure - you will have more money available to you that you could possibly want if you treat it properly.

    GOOD LUCK!

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