hello all, I am in the Baltimore area and i am wondering how do you find people welling to invest along aside you, if you have a proven track record? The process of saving for months for a down payment is becoming tedious and using other people money can accelerate growth. Took me years of saving and cutting back on a lot of luxuries like not having a cell phones for 5 years and eating peanut butter jelly sandwiches religiously everyday to save on lunch cost. I often come across multi family deals that i know are profitable but explaining the concept of investing to the everyday individual is like i am talking another language.
@Steve Vaughan your a student of the STeven Vaughan scorched earth policy.. .good job understanding that you NEED some MONEY to make Money in real estate.
you may want to get a money partner... I think one common theme I see on BP is that people go hunting for deals without the funding necessary.. I know the common wisdom is get a great deal and the money will come..
However I have a contrarian view.. Get the money first then go get the great deals..
So build a business plan... if its rental props you want... put a plan together present to folks with excess cash and then execute.. before to give the investor the lion's share to get started..
another thing I see common in the industry is those starting out think they do all the work and the money should take far less.. well I personally believe that's backwards thinking.. reward the money and the money will flow..
Thanks for the mention @Jay Hinrichs . Didn't know anyone was listening!
Crickets from the OP, huh? I'll remember that.
I don't know much about finding private money or partners or banks because I don't need them anymore. PB&J and driving a beater made it that way. Give up and spend like your broke friends or stick it out and don't need none a that. Your choice, Burnie.
If you do run across a rich person, taxes are killin 'em and they show interest, I guess I would ask if they know anyone interested in passive real estate investing. Not them specifically. Ask if they know anyone. They'll tell you if they want to.
@Burnie Hamilton try visiting your local REIA and make some contacts there.
You may find someone willing to partner with you.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing