Tim Ferriss recently said on his podcast, “Be unique before trying to be incrementally better.” And that’s exactly the lesson here. People simply don’t follow through with what they say most of the time therefore instead of saying you’ll do something later – just do it then. You’ll be unique and the results can lead to BIG things.
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A common question I receive, in regards to raising money for multifamily investing, is “Joe, I don’t have the right network to raise money, so what should I do?” Depending on your situation, this may actually be the case. At a time where the median income of the United States is around $55,000, statistically speaking, it is impossible for everyone to have one, let alone multiple trusting relationships with individuals that have $50,000 or more in cash to invest. So, for those that don’t have a network of investors or are looking to scale, here is a short and simple tip to increase your money raising network: Volunteer.
If you were brand new to the real estate syndication niche, it is unlikely that you would be able to raise over $1 million for your first deal. It would be even more unlikely that you would be able to raise over $1 million for both of your first two deals. However, Dave Johnson was able to accomplish this improbable feat. In our recent conversation, he explained how he was able to do so through his natural networks.
Jared Vidales operates a virtual wholesaling business that completes 15 virtual deals per month. Although, when he first began wholesaling, he only focused on his local market, Arizona. After partnering with an online marketing genius, Jared took wholesaling into the virtual realm, which he as been able to turn into a profitable, full-time real estate business. Fortunately, in our recent conversation, he provided a specific approach that any investor can follow to replicate his online wholesaling success. This includes the leads process, building a team, and a step-by-step approach from lead generation to assigning the contract.
Here is the outline that I utilize to successfully prepare and present to potential private money investors. This specific outline can be followed verbatim for presentations to investors AFTER you already have a deal.
With over 40 years of real estate development experience, completing over 100 residential units and working with over $100 million in real estate project funding, Brian Barbuto knows a thing or two about what it takes to be a successful investor. In our recent conversation, Brian provided his Best Real Estate Investing Advice Ever – make your profit before you close.
There are many challenges to making a successful transition from small fix-and-flip projects to larger, new development deals. Jason Gaston, who has completed 75 fix-and-flips and wholesale deals, decided to try his hand at new construction and has first-hand experience with these challenges. In our conversation, Jason explained the main lessons he learned from performing new construction and how he will apply these learning experiences moving forward.
We have all wonder what you could and couldn’t do with a self-directed IRA. Fortunately, Kaaren Hall has come to our rescue. Kaaren is the President of uDirect IRA Services, LLC, where she has helped thousands of Americans invest their IRA into assets such as real estate, land, and private notes. In our recent conversation, she outlined the 4 main rules for what you can’t do with a self-directed IRA.
Roan Yarn has over 15 years of real estate experience, which began as project manager for a 46-unit building in Miami. In our recent conversation, I learned that on his first project, he was instantly met with a HUGE challenge – the 46-unit was on the brink of being condemned and had a horrendous reputation in the community. Roan explained how he was able to salvage the situation and renovate the building while the tenants were still occupying the units!