Ready to call brokers - What Advice Would You Give to a Newbie?
Hello BP - I’m finally confident enough to take action. I’ve decided what markets to target, my property criteria (40+ units, etc), and want to start analyzing and looking for deals in those markets. I have a list of brokers I want to call. What’s stopping me from picking up the phone is this:
Will commercial brokers ask for proof of funds? My plan is to do a capital raise once I have something under contract, for down payment & any rehab costs. Is this a fair plan of action, or will brokers laugh when I tell them this, and not want to work with me? I’ve heard/read about investors saying they first get a property under contract, and THEN line up the capital. So I know it can work like that. Since I don’t have a track record yet, I guess my main concern is coming off as not sophisticated enough! But everyone starts somewhere and I know I need to pick up the phone and start building relationships.
For new investors taking the leap to call their first commercial brokers, what advice would you give?