Newbie Trying to Raise Money
Hello BP! I am looking for information and actionable steps I can take towards raising private money. I have read Susan Lassiter -Lyons' book "Getting the Money". I have 3 people I work with who are interested in investing with me, but I don't know where to start. If I found a deal and presented it to them, what would be the first step? Do I contact a title company and have them create a promissory note? That is where I am lost. Any input would be greatly appreciated! Thanks!
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#2 General Landlording & Rental Properties Contributor
If you do not have personal investing experience you should not be considering risking other peoples money. You need to start by saving your own money, investing successfully a couple of times and then attempt to get private financing. Once you prove yourself you can then seek private investors. Fact is no one should trust you with their money until you have a proven successful personal track record.
Real estate investing is very high risk and should be done first with your own money. Losing your co-workers money has very significant down side.
It is important to understand most new investors will fail to achieve successful results.