Real Estate Investor and Author of Adventures in Mobile Homes: How I Got Started in Mobile Home Investing and How You Can Too! and the Real Estate Investing Sucks series of books.
You may want to look at other lenders and options. See if you can find one that will allow you and your friend to set it up the way you described. Another option is to look for private lenders to fund your deals. Hope that helps!
Through my experience of over a decade in real estate investing, I'd have to say selling is all about trust. If you can genuinely get people to know, like, and trust you then it becomes much easier. In general, people would rather buy from someone they know than someone they do not. Hope this helps!
It depends on your goals and what you are trying to accomplish. For me personally, I'd rather have a consistent stream of income that comes in every month than one big bag of gold. We hear stories of people who win the lottery all the time only to find out years down the road they are right back where they have started. When it comes to money and finance, it's not just about making money but preserving it as well. Find something you enjoy doing and eventually the money will follow.
I tried my hand at the probates niche awhile back. It can be a very tricky and delicate situation for all parties involved. Believe it or not, I had more success in obtaining leads by networking and talking with probate attorneys versus other methods of marketing in this niche. Best of luck!
After over a decade of experience in real estate investing, I'd have to say the neighborhood is key. It all boils down to finding a neighborhood you feel comfortable working in that has an adequate supply and demand to meet the needs of the community. Apart from the neighborhood, it's important to research the market and find out what people are looking for whether you plan to buy and sell or buy and hold. Hope that helps!
When using direct mail to seek motivated sellers, the key is to use a targeted list and to be consistent. Examples of targeted lists include: out-of-state owners, vacant property owners, landlords, foreclosures, probates, etc. Most sales are made on the follow-up which could take a couple of mailings. One takeaway is to be as personal as possible. Most people do not like to read marketing material that is not specifically catered to them. Hope that helps!