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.
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