Posted by Nate on January 29, 1999 at 16:03:13:
Posted by Nate on January 29, 1999 at 16:03:13:
First investor contact… need advice - Posted by Patricia
Posted by Patricia on January 29, 1999 at 07:20:14:
I made my first contact with an investor the other day. I told him that I look for pty’s that need to be rehabed and wondered if he was interested? The first thing he asked me was “What seminar did you go to”? I was offended by the question but, didn’t let it show. I wanted to say to him “what does that matter, are you interested or not”? But, I did not. I told him I bought CS course and info on flipping. He told me he deals strictly in wholesale and that he was one of the biggest investors in the area. I felt a little intimidated by it being my first contact with an actual investor. He told me that he was interested and that he had 10 or 15 other people flipping as well. He also mentioned that if the pty’s were something he was not interested in he would guarantee me that he wouldnt go after them behind my back. What do you think? Can I trust him or are all investors going to be this way and it is something I should’nt worry about? Or should I add him to my list even.
Need advice badly.
Don’t be discouraged - get going! - Posted by Andrew Smith (Phila)
Posted by Andrew Smith (Phila) on January 29, 1999 at 15:52:47:
Congratulations - you have already demonstrated that you are different from 80% of the people who attend seminars that then go home and do nothing. Now demonstrate to yourself that you’ve got what it takes - go find your first house. Houses are like anything else - the first time is the hardest. Don’t let an experienced investor put you off. You handled yourself well by not reacting gruffly when you were intimidated. Obviously your inexperience was easy for a seasoned investor to detect although it doesn’t sound as though he was trying to put you down. If you find a house I’m certain he could care less how new you are - he’ll be happy to have you flip it to him. Good luck and get going.
Re: First investor contact… need advice - Posted by Doris - Va.
Posted by Doris - Va. on January 29, 1999 at 11:57:03:
Hi Patricia -
I think I know just how you felt when he asked
about the seminars. It’s just like the reaction
you get when you tell a friend or family member.
They run all over you about wasting your time on
those scam seminars and get-rich-quick books you
are always reading.
So - when he said that - immediately you tensed up
expecting the same put down for being foolish
enough to have gone to a seminar and felt guilty in
having to admit to it. You figured he will think
you are a naive beginner and won’t want to be
bothered with you.
This reaction is understandable for a newbie
because just getting the nerve to actually make the
call and getting the words to come out right is a
big step. You have rehersed the conversation and
his question is unexpected.
The good side is that maybe he was sincerely
interested in which seminar you had attended
because it gave him an idea of what you have
learned and how serious you are. So - consider
yourself fortunate to have found a good investor.
Get to work finding those houses ( motivated
sellers) that you can tie up and flip to him.
I am hoping my first flip is getting closer.
Good luck and keep us posted on your success.
Doris - Va.
Re: First investor contact… need advice - Posted by JPiper
Posted by JPiper on January 29, 1999 at 09:27:50:
I couldn?t figure out just exactly what you were concerned about.
It looks to me the investor correctly identified that you were new rather quickly. I don?t know why this would offend you.
It then looks like he went to some lengths to try to sell you on himself by stating that he is one of the larger investors, and that he has a variety of people flipping to him. What?s wrong with that? Sounds like he?s giving you reasons to want to do business with him.
He then told you he wouldn?t go behind your back. This statement is irrelevant because you will ALWAYS tie the property up BEFORE you contact him.
You don?t need to like this guy, trust him, or anything else. All you need to do is find properties, tie them up, and flip them to him. It?s just business. So far so good.
Re: First investor contact… need advice - Posted by Jay
Posted by Jay on January 29, 1999 at 08:16:07:
I think you should add the investor to your list.
Sometimes you will find that some investors are willing
to work with you and be upfront with you. I had one
tell me how he got started and I was delighted. Do
not be discouraged by their experience and knowledge,
just keep trying to make that first deal. I’m still
awaiting my first deal, but feel as though its around
Re: First investor contact… need advice - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on January 29, 1999 at 08:07:35:
I run into these types of investors all of the time. Believe me, not all investors have an ego the size of Texas. I bet if you did some research, you would find that this guy isn’t nearly as big as he would have you to believe.
Anyway, you should add him to your list, somewhere near the bottom, and continue to look for investors who are more willing to work with you. If you come across a property, you would definitely call him, but after the other nicer investors on your list.
As far as trust goes, you should have the property under contract before you try to wholesale it to an investor. That way the investors couldn’t steal them behind your back.