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104: Unlocking the Secrets to Funding Your Real Estate Deals
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Are you ready to conquer the biggest hurdle in real estate? You guessed it—getting the money for your deals! In this episode, we dive deep into the most challenging aspect of real estate investing and turn it into your stepping stone for success.
Why is money always the hurdle?
It's not just about the inability to find funds, but the mindset that makes it seem impossible. Let's break that barrier!
Real-Life Example:
Imagine securing a property under contract for $1.9 million—a mobile home park generating over $30,000 a month with the potential to double its units. Sound impossible? Think again. I had three people lined up to fund this deal.
Here's how:
- Reached out to connections—one knew a potential investor, another raised funds, and a lender provided another contact.
- Presented the numbers clearly: $1.9 million with a monthly return of $30,000.
- Showcased the opportunity for improvement and potential growth.
Steps to Success:
1.Start Small: Begin with smaller deals like a single house to build your track record.
2. Leverage Your Network: Friends, family, social media—someone out there is ready to invest.
3. Secure the Deal: Get it under contract to prevent losing it to someone else.
4. Offer Attractive Terms: Propose interest rates and points that make the deal appealing to lenders.
5. Build Rapport: Maintain regular payments and build a solid relationship with your lenders.
Creative Financing:
- Explore options like self-directed IRAs and private money.
- Utilize hard money loans as a bridge but aim to shift towards private money for better terms.
- Embrace creative financing to beat the competition—offer terms, not just prices.
Long-Term Vision:
- Evaluate the end goal for each deal.
- Consider whether it's a quick flip or a long-term investment.
- Always think about how the deal will look in 5, 10, or 15 years.
Join me as I share actionable strategies, real-life examples, and insider tips to help you secure funding for your deals. Remember, it's not just about making a dollar now; it's about creating a legacy and enjoying the journey.
Don't miss this game-changing episode! Tune in to Episode 104 of the Property Prophets Podcast, available now on all major podcast platforms. Let's transform your real estate dreams into reality—one deal at a time.
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