Hi, Everyone my name is Jessica and I am new to real estate investing. I live in the Bronx NY, I am a single mom and business owner. I am very excited about getting started in real estate investing. I have been studying and looking into properties for about 6 months and I found one that seems to be great. I will be attending local investment groups in hop in finding an investor and realtor. I already have a contractor I need a realtor and a investor. I am ready, nervous, and excited all at the same time. I just need to ask a few questions?
When looking for an investor what are some great questions to ask?
Through my studies I keep hearing that you should not disclose any information about your property that you are looking into until you are under contract, because investors or realtor can take it from you. How true is that?
How do you approach an investor with your pitch on a property?
When speaking with potential lenders, you are going to want to highlight your credibility as well as present any potential deal to them in a professional manner, check out the post I wrote to another aspiring investor regarding lender packets: https://www.biggerpockets.com/forums/48/topics/496900-presenting-a-deal-to-a-potential-investor-partner
In my experience lenders don't advertise that they are lenders, they are usually born from networking and connections you have made by going to events, working with other investors etc. Whoever you meet can be a potential lender, so always be ready to tell everyone what your goals are, what your experience has been, and do it in a professional and concise manner (elevator speech). You can even create a credibility packet to give to anyone who inquires about your business (gives you another opportunity to connect with someone). For example, you go to the next REIA meeting and you sit next to someone who you tell your elevator speech to, and they seem to be inquisitive, you can ask for their info and then send them your credibility packet. Always have another reason to connect with someone you want to speak with before leaving them. I also always ask everyone what they are doing in the business, and finding out what someone's goals are will help you in finding lenders as well. It's part science and part art...listen to some of the podcasts on finding lenders, watch videos of people giving their "pitch" then practice. Hope this helps a bit!
@Dorothy Butala would you be able to email me your template?
Thank you for your advice @Dorothy Butala this helps a lot.
@Eddie T. Hey Eddie, most of the pages of my package from from other documents like the MLS sheets, my excel sheet for repairs and saving rental data as PDFs from Craigslist/Zillow and Rentometer, then I combine them all into one PFD file. The first page that I put up is just a word document, so I would recommend using the different items you have to analyze deals and the docs you get from the MLS with the comps to build your package. If you have any specific questions or need specific help with something, feel free to let me know. Thanks!
@Dorothy Butala Thanks for the info. Its always nerve racking to pitch to an investor.
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