(NOTE: What it's like to write a $1,000,000 check for a sweet piece of undervalued real estate … even if your bank account is overdrawn and you owe the local lawn boy $20? This special report shows you step-by-step.)
From Patrick Riddle, Deal Funding Adviser...
In my first year in the REI biz, I used a lot of financing strategies – conventional, hard money, partners – that didn't work very well based on my needs and goals.
So at the age of 23 (even though I looked like I was 17), I decided to get private money to fund my deals. I didn't know how I was gonna do it but was bound and determined to make it happen.
I made a lot of mistakes but over time, tweaked my approach, techniques, strategies and started easily getting private money.
7 Minute Funding
One day my partner got a new contract on a property and it took me like 7 minutes to get it funded.
Seriously.
I typed up a quick email to one of my hot-and-ready lenders, Brent M. of Mount Pleasant, and BOOM! Deal funded.
How the heck did I do this?
I attribute it to one major thing: I learned how to position myself in the authority role… how to be perceived as an expert, as credible and trustworthy. And…
Patrick Riddle
has been investing in real estate ever since he got the bug in college at Clemson University and - to his parents dismay - dropped out of college to dive full-time into real estate at the age of 22 with a couple friends/partners from school.
The first few deals were rough for them, mainly using their own cash, credit, and hard money loans. But, soon he found out that was a rough and unsustainable way to build a real estate business.
After "on the job" learning through the school of hard knocks at first, he found the key that helped their company get deals done more quickly, with higher profit, less risk, without having to go to banks or use their own cash.
Fast forward to today, their company has closed over 130 real estate transactions and has put over $6 million in private money into their own transactions.