How can I properly use OPM?
Hey everyone,
I’m a Realtor in Staten Island, NY. I’ve been focusing on working with investors and helping them acquire either flips or rental properties.
My main investor client is great, and extremely wealthy. In my constant search of the MLS for them, I sometimes come across properties that I would LOVE to buy as a rental property. I always pass everything on to them though because I don't have the money for one at the moment and with a wife and one year old daughter, house hacking just wouldn't work for us so that's out. Sometimes they're interested in the property for themselves, sometimes they're not.
My question is, on the ones they’re not interested in- how can I present it to them so it’s attractive for them to fund the deal for me so I can be the owner?
I’d need money for the down payment, closing costs and the rehab, so essentially I need all of the money needed to get this thing off the ground and start collecting rent. Why would someone do that as opposed to just saying they’d rather buy it themselves- what’s the best way to approach it so it’s a good deal for both of us with an incentive for them? I’ve been reading up on the subject a lot but feel like I’m at a mental brick wall in figuring out the benefit for them.
Let me know how you guys have approached this! Thanks!