Updated: Jan 14, 2019
One of the biggest challenges new investors face is getting money to fund their real estate deals.
Do you have this challenge as well?
If so, I have some suggestions that may help.
Here are a few recommended tips when exploring funding options for all your real estate deals.
Tip # 4 - Always Ask Other Experienced Real Estate Investors for Bank Referrals
If a bank has lent to another real estate investor who is doing what you are doing, then they may be willing to lend to you as well... At the very least, your odds are better. So the very first place to start, when looking for a bank, is to ask around. Start by asking any real estate investors that you know. Then, go to your local Real Estate Investor Groups such as C.A.R.E. ( Correct Action Real Estate). Mingle with other real estate investors, and ask them who they are getting loans from. I’ve never met a single real estate investor who was not willing to help new investors. Most real estate investors are always willing to help out new. And if you do not experience this then you are in the wrong group. Come join the C.A.R.E. community. Our members truly C.A.R.E. about each other.
Tip # 3. Target A Variety Of Different Networks
While real estate investors are great for bank leads, another place to look is by networking at other investor groups ( stocks, bonds, RRSP's Etc). Other places you could consider are the chamber of commerce, property management associations, mortgage agents, and any sort of banker networking conference you can find. Some organizations sponsor events themselves, so these would be worth checking out too. Having great leads, relationships and connections is a vital part of your real estate success. Always be networking. You never know where you will meet your next investment partner/lender.
Tip # 2. Connect - Phone - Email - Follow Up!
Connect with people and organisations. Let them know who you are and what you do. Tell them about the type of real estate investment deals you buy and what type of financing you are looking for...
I met one of my investors while playing baseball. He worked for BMO and now I have done many deals with traditional financing via BMO... And he has also became a Joint Venture Partner and funded many deals with me using his personal funds.
You never know where you will get your capital from so always be prepared to share what you do and why you do it!
Tip #1 . Have A Great Mortgage Agent On Your Team That Works With Real Estate Investors.
The fastest way to connect with many different lenders is working with a mortgage agent. They have access to many different lending institutions. ( But not all... so make sure you have bankers as well)
I like to work with experts that also own real estate and work with lots of other investors. Raising capital or getting bank financing for an investment property is completely different than a personal home.
The most important thing is to get out there and start actively looking. Don’t procrastinate. There are plenty of banks and private money lenders out there willing to lend to real estate investors, you just have to find them. After that, of course, you have to convince them to lend to you.
And that comes down to your credibility... That's a topic for another day...
Until next time always remember " The More You C.A.R.E. The More You Earn"
Your real estate based wealth coach,
P.s Whenever you are ready here are a few ways I can help you earn more money, create more freedom, and scale your real estate business
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