How Do You Get Started? How Do You Find The Money?
Do what I did. Ask. I started going to my local real estate club almost 10 years ago. It was only in the last 4 years that I began to take it seriously. We have dinner, speakers, offers, network amongst ourselves; But something was wrong. It was me. My participation in the actual doing Real Estate Investing as a business was lacking. I found that I was quite good at finding things: People, Cheap Properties, Money; But I needed to do something with all this know-how. So I began helping others achieve their goals. I put people and deals together. I helped others find the money they needed to make it happen, and one day I realized, I'm better at helping others with their investments than I am at my own. As for the money, I spent six months doing nothing but calling and contacting every money source I could get my hands on. Private lenders are the way to go. Just ask everyone you know: "I know you're probably not interested, but do you know anyone else who has some money they might wantto invest in Real Estate? I can guarantee them a great return. If you don't mind, here's my card. Please feel free to pass it along." It works every time. I ask my dentist, doctor, lawyer, people in line in public places where we are all waiting, I drop my business cards everywhere like breadcrumbs. I thought about throwing them out of a plane once, but decided not to litter over a populated area! Anyhow, don't be afraid to get out there and ASK for what you want. ASK for what you need. Be receptive to what comes to you, and repeat, repeat, repeat.
Peace,
Sunsurfer
Peace,
Sunsurfer
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Replies to This Discussion
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Permalink Reply by Amalia Zents on -
Lovely colors. Artistic!
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Permalink Reply by Maya on -
It was much easier for us to get started, here in Spain, than in England because here the bank lends a percentage of the valuation and if you can get someone to accept a fair offer then it often means a no money down deal. In England the bank only lend a percentage of the sale price which means you always need to have the cash to make up the difference. eg. in Spain if I can borrow 80% to buy at 160,000 euros even though the valuation is 200,00 euros then then I'm really borrowing 100% of the purchase price. In England I'd only get 80% of the 160,000 euros agreed purchase price and need to find the other 32,000 euros.
We now have 3 properties and we need to set up a business rather than have them in our names but finding a financial advisor that understands is proving a bit difficult. Most only want to sell us insurance or pensions and haven't a clue about real estate! Others are simply accountants that only know how to do a tax return.
Maya x -
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Permalink Reply by Latonya on -
I read something like what you wrote in Rich Dad Poor Dad by Robert Kiyosaki. He gives illustrations of what helped him aquire his wealth and real estate was one avenue he used. He tells what type of people you need to have working with you....you know...what professionals are good to look for. You might want to get the book...if i could send it to ya I would...it would be worth it for you....
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