Here's my strategy for lining up financing, especially when buying properties for operating sober living homes:
Step 1: Build a list of potential private money lenders through Pace Morby's Community.
Step 2: Secure verbal commitments from these potential lenders.
Step 3: Present underwritten deals and express your readiness to proceed; this will solidify their commitments.
Step 4: Establish business credit to become self-reliant in closing deals.
Step 5: Depending on which occurs first, create a separate entity with relevant partners.
Step 6: Close the deal.
Podcast Insights:
Explained the importance of building business credit.
Emphasized the significance of a separate entity for streamlined operations.
Discussed the art of pitching for verbal commitments, ensuring safety, return, and addressing risks.
Highlighted relationship-building as a prerequisite to asking for financial support.
This financing formula can help you secure the funds needed for your ventures effectively and confidently
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