Looking for private investor

Buying & Selling Real Estate
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Looking for private investor

Tyler Stewart
Rental Property Investor · Fort Walton Beach, FL · Member since 2020 · 14 posts · 10 votes

Hello,

My wife and I have decided that real estate investing is the route we are going to pursue. After reading many books, and listening to countless podcasts and YouTube videos, we have decided that this is what we want to do! We analyze deals daily and we are ready for our first buy. Our only issue is money. We hate asking for a hand, but we both come from lower than middle-class families that are probably not even aware of what a savings account is. We would like to use a hard money lender, but with the current crisis it seems that they have stringent requirements at the moment. Is there anyone that would like to invest with us? We are wanting to buy, rehab, refinance, and hold multi-family properties. After we have refinanced the home into into a mortgage, you would get your money back with interest. At that point, we could invest in more deals together, if that is so desired. I apologize if this is the wrong forum or if this question is out of line, but we are all in and would like to start our success story.

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Todd Rasmussen
Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
6y
Originally posted by @Tyler Stewart:

@Jonathan Greene

Despite your harsh comment, I have gotten my name out there. Yesterday, no one knew who I was in the forums. Now, you have given me your time and many others as well with positive recommendations. Thanks for your time.

Tyler,

Be cautious of mistaking direct feedback for harshness, especially in the realm of investors. Jonathan might have and others will come off as crass from time to time, however you would be foolish to automatically discount or become defensive towards their comments without deeper honest examination. All of the feedback you have received on this and your other thread on the topic is spot on. Look for deals first and pursue off market opportunities where creative financing and the elusive, no money down deal might be easier to come by.

Pursue networking vigorously at your new duty station. Low down VA loans cut both ways. What are the chances that a departing service member has equity less than their potential selling costs? (If they've only owned the home for a few years, it's pretty high). Many of those owner's don't wish to be long distance landlords and can't afford to sell.

The perfect mentor might write you off in the first ten minutes of meeting you if you argue with them after asking for their advice, so be cautious of burning materials before you can even build a bridge with them.

Everyone is rooting for you, go make it happen.

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  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    You aren't going to get that done in here. You want to go to your local REI meetups which are probably still active in FL and meet local investors. You aren't going to get HM now as a first-timer and you need to prove to someone who would give you money that you know what you are doing. Why would someone invest their money to help you? What is their pay off based on your experience? You don't have a value proposition for them. Books and research isn't knowledge in real life and estimating rehab costs in real life. You need to figure out what you bring to the table. From what you wrote, I don't anyone with money who would just give it to you to do a deal.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    3Reply
  • Bryan Scibilia
    Rental Property Investor · CT · Member since 2019 · 20 posts · 20 votes
    6y

    Congrats on your progress so far @Tyler Stewart

    I second @Jonathan Greene. I'd also like to suggest that you find a property first and maybe even try to get it under contract. I want to encourage you to keep it up but like JG said, no one will give you money becuase you say "we would like to use a hard money lender". Best suggestion is to find a property, run the numbers and make a report to present with real numbers with a tangible return beyond "you would get your money back". If you find someone to give you money without that I'd be sceptical at best. Can you continue your education and save up enough for a low down payment FHA loan? That way you can get into a property with the banks money, build experience and hopefully a few successes under your belt before you start asking for investors.

     Best of luck out there!



    2Reply
  • Joe S.Pro Member
    Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
    6y
    Originally posted by @Tyler Stewart:

    Hello,

    My wife and I have decided that real estate investing is the route we are going to pursue. After reading many books, and listening to countless podcasts and YouTube videos, we have decided that this is what we want to do! We analyze deals daily and we are ready for our first buy. Our only issue is money. We hate asking for a hand, but we both come from lower than middle-class families that are probably not even aware of what a savings account is. We would like to use a hard money lender, but with the current crisis it seems that they have stringent requirements at the moment. Is there anyone that would like to invest with us? We are wanting to buy, rehab, refinance, and hold multi-family properties. After we have refinanced the home into into a mortgage, you would get your money back with interest. At that point, we could invest in more deals together, if that is so desired. I apologize if this is the wrong forum or if this question is out of line, but we are all in and would like to start our success story.

     I think you should seek out a fixer upper of sorts and get the owner to finance it to you. You have to hustle more if you have no money or experience.

    Congrats on taking action though:)

    0Reply
  • Tyler Stewart
    OP
    Rental Property Investor · Fort Walton Beach, FL · Member since 2020 · 14 posts · 10 votes
    6y

    @Joe S.

    Thanks so much, yeah we have been looking at seller financing as a viable option as well. I appreciate your response and enthusiasm !

    1Reply
  • Tyler Stewart
    OP
    Rental Property Investor · Fort Walton Beach, FL · Member since 2020 · 14 posts · 10 votes
    6y

    @Bryan Scibilia

    Thanks for insight, Bryan. Yeah I left it as vaguely as possible because I would rather not throw numbers out there that would not be beneficial only because I am not sure exactly what percentage investors are looking for in return. You guys have been incredibly helpful!

    0Reply
  • Tyler Stewart
    OP
    Rental Property Investor · Fort Walton Beach, FL · Member since 2020 · 14 posts · 10 votes
    6y

    @Jonathan Greene

    Despite your harsh comment, I have gotten my name out there. Yesterday, no one knew who I was in the forums. Now, you have given me your time and many others as well with positive recommendations. Thanks for your time.

    0Reply
  • Todd Rasmussen
    Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Tyler Stewart:

    @Jonathan Greene

    Despite your harsh comment, I have gotten my name out there. Yesterday, no one knew who I was in the forums. Now, you have given me your time and many others as well with positive recommendations. Thanks for your time.

    Tyler,

    Be cautious of mistaking direct feedback for harshness, especially in the realm of investors. Jonathan might have and others will come off as crass from time to time, however you would be foolish to automatically discount or become defensive towards their comments without deeper honest examination. All of the feedback you have received on this and your other thread on the topic is spot on. Look for deals first and pursue off market opportunities where creative financing and the elusive, no money down deal might be easier to come by.

    Pursue networking vigorously at your new duty station. Low down VA loans cut both ways. What are the chances that a departing service member has equity less than their potential selling costs? (If they've only owned the home for a few years, it's pretty high). Many of those owner's don't wish to be long distance landlords and can't afford to sell.

    The perfect mentor might write you off in the first ten minutes of meeting you if you argue with them after asking for their advice, so be cautious of burning materials before you can even build a bridge with them.

    Everyone is rooting for you, go make it happen.

    5Reply
  • Tyler Stewart
    OP
    Rental Property Investor · Fort Walton Beach, FL · Member since 2020 · 14 posts · 10 votes
    6y

    @Todd Rasmussen

    I had a feeling it would come off as defensive but it’s almost impossible to not appear that way over text. I was in no way lashing back and am not in any way now. I am not playing victim, I wanted comments like that for a reality check. I am thankful for all comments. Until today I thought the more you read the better off you will be. Now I know it’s the experience that will get me on the right path. I was going to delete both posts after how foolish I have sounded but I decided to keep it up due to the positive outreach from others. With every comment I am learning something new and I am grateful for that. Just how you added something into the puzzle that I had not even thought of before with other military members. I’m thankful for anyone taking the time to respond. Thanks so much, Todd!

    2Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    6y
    Originally posted by @Tyler Stewart:

    @Jonathan Greene

    Despite your harsh comment, I have gotten my name out there. Yesterday, no one knew who I was in the forums. Now, you have given me your time and many others as well with positive recommendations. Thanks for your time.

     His comments weren't harsh. Just realistic. Keep networking and you'll find more opportunities. Good luck!

    1Reply
  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    @Tyler Stewart if you think my comments were harsh, I can guarantee you will have a hard time in this business and or be too trusting of what others tell you. What it means is that you are asking for help, but only want to hear what you want to hear and how you want to hear it. This is called reality.

    "Why would someone invest their money to help you? What is their pay off based on your experience? You don't have a value proposition for them... You need to figure out what you bring to the table. From what you wrote, I don't anyone with money who would just give it to you to do a deal."

    This is what real life is. You are asking for money with nothing to give back other than an interest and some new knowledge from books. Everyone wants to pat people on the back for starting, but way too many new investors just pop in and put their hand out for either knowledge, mentorship, money or coaching. Advice is one thing, but if you want someone to go into their pocket to fund a house, you really think it's enough to say "you would get your money back with interest"? Based on what skillset can you guarantee someone they will get their money back with interest? What experience?

    This isn't harsh at all. It's a reminder.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    0Reply
  • Tyler Stewart
    OP
    Rental Property Investor · Fort Walton Beach, FL · Member since 2020 · 14 posts · 10 votes
    6y

    @Jonathan Greene

    Thanks for the reply, sorry if it seemed defensive. You’re right on everything. Your input is valued and in the upcoming months I’m going to start attending meetings and shadowing others in the game. Good luck in all your future endeavors!

    1Reply
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