How do I handle investors

Question

I am in the midst of changing careers from construction to Investor. And prior to making this decision I was approached by several of my friends, family, and customers to see if I was Interested in flipping homes with their backing.This is great because I am cash poor. I feel like I want to do my first deal on my own I guess to prove myself to me. Are there any books or systems to set up for guidance in dealing with investors. I know I Just posted but I have so much going on I better get it out before my head explodes. Thanks in advance.

Harry Hylan · Answer

Hey Tom,

you guys make a lot of sense. You hit the nail on the head.(I'm nervous) I hope that immersing myself for the next 30 days in BP and other resources will give me the confidence to get the first deal done. thank You for taking the time to stop and respond to my post. This is such a great site with people that boost each other up daily and share a mountain of information. Have a great weekend

Tom Sylvester · Answer

I was thinking the same thing @Aaron Yates was thinking!  What a great problem to have.

@Harry Hylan - It is understandable to be nervous, but like Aaron said if you have a background in construction, then you have a great start by understanding the cost of repairs.  Take some time to read the blogs and post here on the forums and you will have the basics of real estate investing in no time.  That will not make you an expert, but it will give you a general understanding.

For your initial investors, I would lay out all of the details to them, including the risks.  Make sure the paperwork has been filled out.  Once you have found a good deal, go ahead with it.  You could even find someone who is doing this successfully and partner with them on your first deal.  You are bringing the investors and construction experience and they could bring the property and/or real estate experience.

Harry Hylan · Answer

Thank you for the great advice. And I will check your post. I don't do approach a job without the right tools Knowledge being the first. I know this is what I am meant to do and I have set my goals just working on a plan. thank you again

Aaron Yates · Answer

@Harry Hylan , Are you serious or joking? Is your problem really the fact that you have too many financial investors and no Real Estate skills?

Man, I WISH that was my problem. I have the exact OPPOSITE!! Pass them my way huh... ha ha ha...

Listen, it can be very intimidating in the beginning. Check out my profile and blogs. This will help you.

The good thing is you have a construction background. This will help you with learning rehab estimation costs.

The biggest thing you need to do is set some goals. Why do you want to invest in Real Estate? What are your goals from investing in Real Estate?

Once you figure this out, it will be much better when you step into the ring because you know what you are working for.

Remember one important thing. If you THINK YOU CAN, THEN YOU CAN!!

Don't let others run you down if this is your dream and passion.