Posted by Melissa on March 07, 2001 at 14:02:17:
I forgot to mention a few important things:
Hard Money In Chicago??? - Posted by David Chicago
Posted by David Chicago on March 03, 2001 at 10:55:03:
Hello
I have been reading this board for about six months and have learned a lot. I have stumbled upon an investor
who has a tax deed that will be finalized on March 23,2001
for a three flat building.
He has agreed to sell me the (Deed) for $45,000. The building needs 50-$60,000 of work and will sell for about
$175,000.
I know it is easy to find lenders to give you
money to rehab a property that you own. So where do I find
the $45,000 to buy the property from the investor???
David “Chicago”
Re: Hard Money In Chicago??? - Posted by Melissa
Posted by Melissa on March 06, 2001 at 16:17:38:
The best way to find money non conventionally is to be- friend business associates. Many people would like to invest in real estate, but many people do not have the knowledge or the energy to do it. But if you have the knowledge and the energy, you can invest other people’s money and together you can make a good profit.
The best thing to do is to get to know every business associate you come into contact with on a more personal level. Let them know that you invest in real estate and that you’re successful at it. I’m talking about your doctors, lawyers, contractors, and any business owners you come into contact with while doing your hobbies, management level professionals and higher or anybody you know that is looking to invest for retirement.
Get to know these people. Get them interested in real estate. Start asking them questions about their retirement and what they’ve done to prepare for it.
Should they become interested in real estate, intead of telling them how to do what you do, suggest that you could possibly bring them in on some deals.
Then when you find a deal such as this, see if they have money to get in on it. If they don’t, they will feel bad they cannot get in on it and perhaps they will have it the next time around. Tell them its OK and ask the next person on the list. Pretty soon you’ll have a whole personal bank all to yourself.
The next step would be to get really good legal advice so you can protect yourself and your investor should anything happen or should either party pass way unexpectedly.
And never bring more than one person into the deal. If the person doesn’t have enough money, find someone else.
Also, you need to earn the trust of your investor and choose them wisely. The last thing you need is for your investor to become bossy and tell you what to do because its his money. If he trusts you, you should be able to call all the shots. After all you have the experience, and you really should have experience under your belt, or a really good mentor before you start handling other people’s money.