There is money for your real estate deals just about everywhere you turn. Always keep this in mind because you just never know where funding for your next deal could come from.
One of the coaches here at Creative Success Alliance once found $400K of investment money from her auto mechanic.
Remember… investors do not want to give you their money. They want to use their money to get a greater return on it. Just like you, the investor is thinking—what is in it for me. If the investor is getting a low return or a loss on his or her current investments, s/he is likely to be motivated to do better. If you can make them very prosperous in their investments, you will be prosperous yourself, too.
Once you have zeroed in a specific property, take a walk through the neighborhood. Try to speak with residents. By doing this you can learn the going rate for rent in the neighborhood. Also, you never know who you will meet. One of our students did this and found a buyer for the house he had just purchased!
Let’s take the neighborhood walk one step further… Visit a neighborhood establishment. I once stopped in at a local pub right near a property I was going to acquire. I asked the bartender if she happened to know anyone who was looking to rent in the immediate area. She told me she was looking for a place herself. Once I mentioned it was a three-family property, she was thrilled because her mother and sister were looking as well. What do you think we talked about next? Obviously, I spoke to her about the benefits of all three of them purchasing the property instead of renting!
Have your business plan prepared and ready to show to as many people as possible. Ask others for their opinion. You never know who will find your work interesting. And, you never know who might want to jump on board and invest with you. You never know where you’ll find the money to fund your deals.