Partnering And Splitting Profits
I'm wondering if anyone knows who lends money to investors for flips, and splits profits. Are there any investors known who does these types of deals? Preferably in the Memphis Tennessee area?
Emonde 708.201.7179
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Dear TEW, any relationship to TRW?
There is really only one good way for you to attract investors to participate with you or to lend you funds for what you do.
You must find them yourself and draw them to you by showing them what you can do and what profits are available to them.
My first investor came to me while I was sitting in a chair at the Bank of America explaining to a lending officer why I wanted money to remodel a piece of commercial property. I had my little carboard model that came apart and I had my list of costs and I had a really nice time line chart all filled in showing the cash requirements versus the tasks to be done and all on a time line.
I suddenly realized that there was an elderly gentlemen breathing down my neck as he peered at my display of goodies. He brushed the bank officer aside and handed me a card. "He can't give you the loan. I can call me tomorrow."
He was right the bank told me that they did not make those kind of loans without collateral at least equal to the sums at risk. I called the elderly gentlemen who stuck me with a lunch check and handed me the money and had me sign a note. The interest was heavy 10% and l% fee to his idiot child, but I did the project
The point of this is that money support for your projects is obtained by you proving or showing you can do the project. Then finding the lenders. They are in banks, ask a bank officer. He might like to make a brownie point by pointing you towards a lender. You might ask your many friends if it is small sums. I would stay away from those who advertise in newspapers. They are a bit rich for my blood. Or, now heres one for you, ask on this TCI. I am sure there are a few herein present.
Do hope this helps. Lucius
I appreciate the info. I will definately use that info. Thanks
I would offer you to create a network of people to work with. I would recommend you to research what REI groups/clubs you have in your area. Go there, join, buy membership, hang out with people, do not sit in the corner, hand your business card to everybody, tell them what you do. Make a questionarie and self addressed envelopes and give to everyone. Attach a letter to your questionarie, saying
1. How helpful you can be to them, because of what you do.
2. Why is it beneficial to them to deal with you.
5 sentences.
In questionarie ask their contact information, where they prefer to buy properties, what discount, and other info that will help you in particular to meet your needs.
Be professional. Do not bug people if you have somethinng to offer, but this is not in a scope of they interest.
Have fun