What should be my next step?

[Luis Vilar]

Hello BPers,

I recently bought my first investment property about a month ago. I am super motivated and eager to see what will happen. My goal for the year was to buy two properties, but for some reason I feel kind of lost on how to accomplish that goal. I am aware of getting partners should be the way to go, but I am not sure how to start building those relationships. I've talked to close friends about investing but they are not interested at this time. 

What should I do? 

Thanks!

[Chris Tracy]

@Luis Vilar- Don't be afraid of going out and raising capital for your deals.  One can never have enough cash on hand and ready to go for when a deal comes along.  You just have to play nicely with the SEC like what @Robert Borr was saying.

Step #1- Just go meet people that you believe would be interested in learning what you have to say in the future (Don't talk about returns, etc.  Just tell people what you do and make friends).  My favorite strategy is going to events held by gurus, simply for the networking.  You should attend @Brad Sumrok's events in July & August.  For a few hundred bucks, hotel & air fare... you can immerse yourself in a pool of hundreds of sophisticated and accredited investors.

Step #2- Follow up with all the people you met and strengthen the relationship you started.  Get a more in-depth feel for the types of deals that your new friends like to participate in, their risk tolerance, etc.

Step #3- Find the appropriate deal that would be a good fit based on the criteria you learned in Step #2.

Obviously there are a lot of nuances to buying property, forming syndications, etc but I just wanted to help kickstart you.

If possible, I would rinse and repeat the above steps, while attending Dave Lindahl's Ultimate Partnering in September and @Gino Barbaro's event in October.  I believe Rod Khleif does events as well.

Do these steps and put the work in and by the end of this year, you will have more investors and private money than you will know what to do with.

Hope that helps!