I currently own my own home but have been researching my local market extensively (I'm a Realtor) to purchase another home as a rental property. I've also been looking for a home to flip if the right deal comes along. I've done a lot of research but I'm struggling with locating private investors. How does one go about locating private investors with reasonable terms? I try to network as much as possible but haven't gotten any good leads thus far. I'm located in Baton Rouge, Louisiana. Any guidance is greatly appreciated.
Hi @Tony Higgins ... Here are my two cents on your situation. I am not probing for responses from my bullet points... I just want you to start thinking differently.
-You currently own your home--- Are you able to pull any equity out? In the form of a HELOC or something of that nature.
-Your profession as a realtor--- You come in contact day in and day out with individuals in the real estate profession. Which one of them does the investing strategy you are interested in? Invite that person for coffee and get their perspective on what you are trying to do.
-Continue to network. Engulf yourself in the real estate investing community in Baton Rouge. Talk to investors who are doing what you want to do. Before you know it you are going to have many connections who want to work with you. Have you been to the RING in Baton Rouge. I don't know much about it but have heard individuals mention that networking group. Google it....
-Bank--start talking to lenders in your area. They will be able to guide you.
-Be a walking billboard--- let everyone know that you are a aspiring real estate investor hungry for knowledge. People honestly want to help you achieve your goals. They won't give you handouts but if they know you are sincere will help guide you in the right direction.
Have you talked to your broker about your interest in investing?
These are just my two cents... Hopefully I can get your wheels turning.
Also... educate yourself on Bigger Pockets. This community is FREAKING AWESOME!!!
Great advice. Thank you! I considered a HELOC but I've only owned my home for about a year so not a lot of equity and not possible at this time. I just read something about the RING on here and it sounds like something I'll certainly look more into. I've got a couple lender friends but they tend to be very limited with lots of red tape although they may work in certain conditions. I've only recently become a Real Estate Agent so I'm still constantly making new contacts everyday. I've got some personal cash to invest but I'm hesitant that once I make a purchase I'll be cash strapped or won't have leftover cash for repairs, etc. Unfortunately, I haven't really made any contacts yet that are doing what I intend to do so my resources from that aspect are limited.