In an earlier post I went over the four different ways to help you fund your fix and flip projects:
- Hard Money Lenders
- Private Money
- Self Directed IRA/401K
- Love Money
So how do you get to that money?
You will have to become a relationship builder. The fix and flip game is a people game. Even in the rehabbing stage you have to manage your contractors.
So if you don’t possess this skill then go out there and figure it out, fast!
If you’re completely introverted it’s not the end of the world, nor does it mean you won’t be successful. All it means is that you need to align yourself with someone that is and partner with this person.
If you’re completely new to this the first thing I suggest you join a real estate investor club. These groups have a wealth of knowledge and resources. This is where you will likely find hard moneylenders. All they care about are the financial aspects of the deal so knowing your numbers is crucial if you want to use their money to fund your projects.
You will also see who the players are and who is investing at these clubs. Take these individuals out to lunch and pick their brains. See how you can be of service to them. Any nugget they can share with you is gold. Sometimes these investors may offer a partnership with you for doing their legwork.
Find any network events that attract professionals. Meetup.com is a perfect avenue. There are all kinds of groups to join. It doesn’t have to be all business either. Once I raised $100k on a camping trip.
With practice raising capital at informal, non-business related networking events is almost unavoidable. It’s where you will attract the private money and retirement funds. You need to share what you do with everyone. Referrals come from this avenue.
Charity events and mixers are another way to meet high net worth people. Many give money and many give their time so don’t be intimidated about attending these events. The more people that you rub elbows with the better. Plus, it gives you an opportunity to give back the community even if it’s your time. Find a charity or cause you’re passionate about and be of service to it. You never know you you’re going to meet.
There is a lot of power in networking.
These are just a few examples of how to raise private money, retirement funds and hard Money. So get off your computer and go out there and meet some people.
That investor with deep pockets willing to fund all your deals is at one of these events. Trust me, I know from experience.