$6 investment to get access to 6 figures! The lender packet - why did I wait so long?!

[Mike Webb]

Awhile ago @Brandon Turner mentioned he put together a nice and concise packet to give to banks when he was looking for financing. To be honest, I dismissed the need for this for my company as I wasn't a "big fish". Fast forward a year and a half from starting this REI adventure and I have an epiphany: finding deals and money is what holds back your growth. HAHA. I know we have all heard it a million times but I guess I never thought it affected me. Well, I WAS WRONG...BIG TIME.

I put together a nice little presentation with all my documents, rent rolls, before and after pics and the nice little resume with a picture of my family to give to lenders (don't forget those tax returns either), took it to FedEx Kinkos and had it bound for like $6 and BAM...funding. You really separate yourself from the crowd and can show a snapshot of your company and direction with this simple little hack. It has allowed me to get 6 figure lines of credit and financing to grow my business. We have gone from 2 units at the beginning of the year to closing on units 7 & 8 this week. 

I know this is stating the obvious to many but if you have even thought about growing your business to that next level, I can't encourage you enough to put together one of these packets. Its a game changer. Happy investing!

-Mike

[Mike Webb]

@Mark Bookhagen - here is the basic layout of what we put together. 

1. Section 1: Resume
2. Section 2: Business Plan
3. Section 3: Business Entity Paperwork

• Articles of Organization
• Operating Agreement
• IRS Form SS-4
• SDAT Good Standing
• Copy of Drivers license

1. Section 4: Personal Financial StatementSection 5: Rent Roll
2. Section 6: Rental Property Portfolio Inventory
3. Section 7: Past and Present Project
4. @George P. - it is an unsecured line right around 5%