How Does A Newbie Find Financial Investors To Get Started?
I have been researching investing for several years and scouring the market every week to familiarize myself with my local market. I am looking at rehabbing and have developed lines of credit for building supplies. Now I am wondering how the investing veterans secured financial backers to get there first deals going? How do you find someone willing to put their money on the line?
very true! good advice...i forgot about that strategy. But you should always have a backup strategy too.
Check with your local REIA group, there is generally someone there that lends money and at cheaper rates than traditional hard money rates. As many of the members have been doing this longer than you have they have done the leg work to see where the cheapest money is. Save yourself time energy and money by asking.
In the future you will want to get private money, this will help you do mre deals, enjoy greater profit, and accelerate your business.
[addsig]
I was introduced two a few hard money lenders by an investor/friend. If you know any investors they can probably reccomend some. An internet search should also produce some.
I have been doing some research and have yet to find a local REI group. I live in MT, so it appears we might not yet be ready for a group. I appreciate the info from everyone! I will keep digging and see if anyone locally knows of any private lenders as well as look into the hard money. I see quite a few good deals come and go on the courthouse steps, but since it is a cash game in MT I will need to see if that is a possibility with a hard money lender?
1) itemized each lien and what is the payoff of each lien
2) what is the as-is value of the property
3) what is the cost of need repairs
4) what is the after repair value of the house
5) what is the owners motivatation? is he looking to get rid of the property? is he willing to just stop the foreclosure and not make any money?
without this information you can not make a good decision.