Investing advice
Looking for investing advice from anyone who has been an investor or has dealt with an investor before.
My goal is to be more informed on how to approach investors and how to locate investors.
From my experience so far, I have learned what documents are need for investors and what they like to see. I've also realized that when you're looking for smaller amounts of money a lot of investors won't do a deal. In my case I need about 20K to 30K on my investment properties that I own free and clear and I tried call every investing group in New York State. I got through to some and they either told me their minimum was 50K or they kept me around to pay for an appraisal and broker fee then wrote up a deal that would of put me in a bad position where I would of been paying back for than I needed.
Some things to know about me.
I am in my last semester in college and have started my own LLC by the name of Dream & Believe Investments. My income isn't where I want it to be right now because of the school contingency but my credit is at a fair rating (630 FICO). Because of this factor I was forced to go through hard money lenders and that situation didn't work in my favor. I hope to gain some expert opinion on how to go about getting financing for properties that need to be fully rehabbed for under 30K.
Thank you all in advice for your insight and expertise!
- Real Estate Investor / Joint Venture Specialist.
- Crown Point , Indiana
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So your goal is to tackle some ways to have private investors contact you and you supply them the deal and sweat equity and they can invest hands off correct ?
@Account Closed
My goal is to get in contact with any/all investors whose willing to look at my deal and see if its worth it to them. Bigger picture, I want to get these project rehabbed and rented out. I don't assume an investor will invest hands off. I'm trying to develop trust with investors and ultimately just get these project up and running. I see you are an investor, if you have any insight on how I should be approaching my dilemma, I'm all ears.
Jose,
I have done small projects 30,000 and large projects 1,000,000 using private money.
When looking for private money you have to start by networking, ask around to people in the industry if they know anyone who lends private money. Once you start talking with these people the options or terms for this money is as open as you imagination. I once bought a property on options, an option gives you the right to buy the property at todays price in 6 months but not the obligation. I did this because the market was moving so fast I just wanted to secure the property while figuring out what I could do with it. In the mean time the value went through the roof making the project a success.
Once you start getting in front of people and discussing options you will be surprised at how easy it becomes to get private money. Just don't be afraid to ask because if you don't ask, you will never get.
Steve,
Thank you for your reply, your response definitely was needed. I will be going after investors using your strategy.
@Account Closed
Jose, You are welcome.
Feel free to reach out if you have any questions.
In the past I have brainstormed and mentored with many people, and have mentored people as well.
The most affective system I have used is a mastermind. I have story after story of the effectiveness of a mastermind. Google masterminds and explore.
I was once told the most expensive thing you can own is a closed mind.
Stay the coarse and here is to your success.