Next step complete and more

[Colby Litzenberger]

I took my potential private lender and her husband out to dinner a few days ago in order to discuss my proposal and I am hear to report great success!

I had written up a little proposal about why lending to me would be beneficial to her and her husband (she is my landlord and the real estate business is kind of her thing), why lending to me is safe, as well as lay out a couple lending strategies. I put down 7% as a starting point on the straight money option and she said they liked the looks of 7%.

I got an email the next day from her saying she really liked the idea of investing in real estate without having to lay anymore tile... She said her husband has an ulterior motive. They own a couple vacant lots in the City and have wanted to develop a cottage community for retired folks. She said she is too tired of fighting with the City after her last project. However her husband really wants to pursue it, but knows he can't do it alone. He wants to see how I handle my first project and then decide whether or not he wants to bring me on board to help him with the development.

So I got my private lenders and the potential for a really cool project down the line. Needless to say I am super excited about both, and now the next step to getting my first property is complete. I have kind of been waiting to get financing lined up before really pursuing properties so I wasn't wasting anyone's time. I think I have all the pieces in place now to go find that first deal.