(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.)
Today I want to tackle a question I get all the time from investors.
“Should I focus on finding a good deal, or should I focus on funding first?"
I can certainly understand why this can seem a little bit confusing. After all, it’s the chicken or the egg, right? Should you focus on finding the deals first or finding the private money you need, so that you can actually close on them?
Here’s What I Suggest…
First off, I feel your first action step should be to map out your marketing plan. How are you going to get your phone ringing with motivated sellers?
Now, why do I suggest crafting a marketing plan for your first action step?
Well let’s say you go out and get a great deal under contract, but you don’t quite have the funding lined up yet. You probably already know that you can put an “out” in place (i.e. an inspection or financing contingency) so that, if you either can’t find a buyer or can’t get funding for the deal, you can pull back from the deal and you’re…
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.