Flip Tip Summary
Deal before money, or money before deal? It’s a historical ‘chicken vs egg’ issue that all real estate investors face. Michael Blank joins us today to share his #1 tip for raising money for your real estate deals, no matter how big or small. Don’t miss this FlipNerd.com Expert Tip!
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com and we have a quick Expert Tip to share with you from Michael Blank. He’s going to share his number one secret to raising money.
This Expert Tip is sponsored by RealtyMogul.com, B2R Finance and AceBusinessFunding.com.
Michael Blank: The biggest objection that people have when getting started with multi-family is that they don’t have the money or credit to do this and so they kind of stop pursuing it. The issue really is, if I don’t have a deal under contract, I have nothing to speak to a potential investor about. Right? And if I do have a deal under contract, I don’t have the time to raise the money. Both of them are true and how do you get around the problem? And the answer to raising money which is a sample deal package.
A sample deal package is an investor package of a real deal, the photos are real, the financials are real, everything is real about the deal except the fact that you don’t actually have it under contract. And what this does is, it’s a tool that you can use to now meet with potential investors. So you can go out and meet potential investors and get verbal commitments of investments before you even have your first deal under contract. So now you can make offers with much more confidence and then hopefully close on your deal. So that’s my multi-family tip of the week.
Mike: We’d like to thank Specialized IRA Services, National Real Estate Insurance Group and VirtualStaffNow.com
Please note, the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.