[turbo6bar]

I'm looking for advice on all aspects: legal and marketing.

The properties I do are single family residences purchased as foreclosures, then rehabbed and rented. Right now, asking prices are below build cost. I can't build the houses for anything approaching the selling prices, and that's assuming land cost is $0. In other words, prices are at or below prices 10 years ago. My proposal, when I find a sucker is taking a cash investment at say 70 cents on the dollar. I invest the other 30% along with the sweat and materials to bring it back to excellent condition. Then, grandma has as least 40% equity position in secured RE that will eventually grow in value (we are talking about real estate in flyover land). RE is held long-term.

The ideal scenario is networking with friends and family, because I need to be able to describe my plan and show I'm trustworthy and honest.

My mistake seems to be in believing that I can get money for 5% or less. I guess I need to be a crook or a bank on Wall St to get cheap money. If I have to pay 8-12%, forget it. I'll just use what little money I have left. If I can leverage that money (70% other money vs 40% my own), then I can do a lot more deals.

The bank I use is big and they don't want to take on any risk. I need to get with a small bank, but building that relationship takes time. So does building a relationship with grandma.

Yes, PoP, I expect full disclosure of every aspect of my life (personal and financial) to do business with individuals.