Justin Wilmot shares with us today what you need to do to get private money for your wholesale deals.
The more experience you have, the more credible you are and the more willing private lenders are to work with you. They need to trust that you can get it done.
Mike: Welcome back to the flipnerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Justin: Hey, guys. My name is Justin Wilmot. I’ll be your host for today’s Flipnerd show and today, we’ll be talking about the benefits of closing your wholesale deals with private money.
Mike: This show was sponsored by passiverental.com.
Justin: All right. So if you have closed other wholesale deals before, if you’re a seasoned investor, you’ve kind of got a leg up on this topic because it’s way easier to get private money on deals that you can show, “Look, from point A to point B, I’ve found, negotiated, acquired, and sold for a profit.” And private money likes to come to people that can prove those things. Private lenders want to know that you can find, allocate, and profit and that their money will be secured.
So if you have some credibility, private money is going to be way easier than you may think. And I highly encourage everybody right now, 2016 seller’s market all across the country, closing on your wholesale deals. I know that sounds a little counterintuitive to the model, but closing on wholesale deals is becoming extremely lucrative and much more profitable these days. Bidding wars, a lot is happening and you’re in a lot more control.
Private money can be obtained in various different ways and even if you’re brand new to the game, if you really started looking into networks and other people, there are ways to fund wholesale deals. And not to get confused with finding and rehabbing and then listing, it’s two completely different worlds. The word “wholetailing” sort of comes to mind. It’s gotten to be popular, but when you find these deals, you’re opened up to an entire world of opportunities in this current market.
And I highly encourage anybody that’s wholesaling right now to explore some methods in obtaining financing in private money. LinkedIn, social media, Facebook, start building your relationships, take somebody out to lunch, all it takes is just a little bit of talking. Look, smart money is looking for people to put blood, sweat, and tears into bringing Papa the meat. So you go out, do the work, bring a good deal in, and you will get the money for it. So funding these wholesale deals, think about it.
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