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Updated over 8 years ago,
What's the best way to start looking for investors?
So...I'm VERY new to asking or convincing someone to help me out financially with my dreams. My passion for a long time has been to flip houses and have rentals as my primary source of income. After trying for many years to raise a family AND save... I've only done one thing successfully...my kids are pretty cool.
We live in a neighbor in St. Louis that is in a housing boom! I have watched our house gain $100K in value in 7 years. So here's my current situation, there is a house across the street from me with a woman who will be put into a senior home soon and her house is a gold mine, it's also a wreck that needs to have major repairs or be torn down. Quarter acre lots are going for $350K, her house in good condition would easily get $325K. I have approached her son and asked if he would sell to us when the time comes to place his mom in a home and he agreed that wouldn't be a problem. I asked him to talk to his brother and come up with a price (I'm thinking I could snatch it up for $200K, maybe less, maybe slightly more) and get back to me so I can get the ball rolling. Here's where you can help!
How do I come up with the cash or ask someone to invest in me and this house's potential? I am a visionary and LOVE to network, but lacking in the whole "will you share your money with me" approach or conversation starting skills.
Thanks a BUNCH!!