Private Investor Inquiry - Seeking Private Investor

[Fatima Champagne]

I located a foreclosed home that is selling for $180,000 and has a zillow estimate of $430,000-$500,000. Similar homes on the same block and area have sold from $385,000- $439,000. The home needs repairs that are quoted by the seller as around $50,000. My question is first: what type of information would a private investor need in order to proceed? Also - I am new to real estate, no prior home ownerships, no wholesaling experience, nada, zilch - but I'm looking to move forward. With the necessary fixes, I will be able to refinance the house and pay the investor plus their percentage but how do you locate a potential partner if your own portfolio comes up short? I recently signed up for a local real estate group, so I'll be joining in on our weekly classes next week. I look forward to meeting potential collaborators, mentors, and like-minded individuals - but would like a bit of guidance in how to even go about RE proposals if you have no proof of your own success.

[Account Closed]

This is a great question lol! You need to find someone who trusts and believes in you. That's a major key because unless you have a lot of deals under your belt and have some respect in the REI community it's going to be difficult to attract private money. When you have a portfolio that speaks for itself these individuals will be blowing your phone to partner with you.

But to answer your question, you need to build relationships and put yourself out there. Real Estate needs to be a profound passion of yours to the fact that everyone you meet will know that you're a real estate investor. Your involvement in Real Estate has to be known to everyone you know, or meet(if you want to attract partners or private money). The reason why is because you need a relationship with private money lenders before asking for a partnership on a deal because not everyone will just give $189k. I suggest you go to your REIA meeting, and local sheriff sales and start networking with these guys and telling them how you're an investor as well and you'd like to meet up for a coffee to discuss more on what you guys could do to help each other. BELIEVE ME! These conversations and meet ups with these guys over coffee could turn from you learning different techniques to them offering to partner with you without you even asking them! It's vital to be completely honest, and transparent with these guys so they feel they have a genuine relationship being built, and not someone just asking for money.