Ideas on how raise money for business costs

[Account Closed]

Hello!

I am new to the site. My husband and I JUST entered into the business. We are extremely motivated and know we will succeed. Failure is not an option. We have the most amazing mentors. The one thing that we are ccurrently having an issue with is raising money for business start up costs. We are about $10-15k short. We have gone to all family members (which is extremely difficult to do!) and offered a 20% return on any help they could offer and a guarantee to pay back in full in 6months, but unfortunately, though supportive, family wasn't able to help. We have also gone to our credit union for additional resources, but aren't sure we'll get what we need.

Does anyone have any creative ideas on how we can raise up to $15k ASAP?

Thank you so much for your responses!

Michelle

[Lonnie H.]

Originally posted by @Account Closed:

Thanks for the responses! The $10-15k is actually for the start up costs, so not for an actual investment on a property yet. My husband and I had joined the Fortune Builders Mastery team and are so very motivated to be successful. Upon joining, we were fully aware of the costs associated with starting up the business, and are now struggling to come up with the money. I was hesitant to mention the Fortune Builders part at first, as I had read through several posts on here where members don't think that is the best route. However, we are completely satisfied and extremely happy with this decision; their business model and software is most excellent! But anyway, since we haven't proven ourselves, we don't have banks or credit unions ready to extend more credit to us at this point. So we were looking for creative ways to get a loan or raise the funds. Was just hoping someone else had been in this place before and had any ideas! I like the Lendingclub.com and Prosper.com idea, will have to check it out.

Thanks again, looking forward to all I can learn from everyone on the site!

Hi Michelle,

I have yet to write my personal introduction, however, I felt the need to chime in with my unsolicited advice.

"The main cost is for the education." That sentence troubles me because you can get all of your education on biggerpockets.com free of charge. If you want to step up to the Plus or Pro account, your education cost stands at $348 or less which is dependent upon how you choose to pay for your subscription.

If I were your family member, I WOULD NOT loan the money to you regardless of the promised return because you aren't buying something (Fortune Builders Mastery) that will produce a profit so that you can return my original investment plus 20%.

If I were your family member, I WOULD loan the money to you if you came to me with a property that you can prove will earn a large enough profit that you could return my original investment plus 20%. I understand there is still a huge risk that I could lose my money, but at least I have something (the property) to sell to try to recover some of my investment. Can you resell that Fortune Builders Mastery program for the same price you want to pay?

Like you, I am new to real estate investing. I am educating myself on BiggerPockets (BP) and stashing away cash to acquire my first buy & hold property. My business start-up costs stand at $50; give or take a few dollars to buy gas for my trips to the public library. I bought the BP Plus subscription before the price was increased.

There are a plethora of reasons why many successful, seasoned investors recommend you avoid the 'gurus'. Deep down, I think you know Fortune Builders Mastery is a bad use of money.

I wish your husband and you well on your business venture.

Lonnie Hodges