Many people in real estate investing feel like their funding sources are running out, but with the right connections, you can easily overcome this obstacle. How does the Connected Investor help investors looking for lenders? What are some of the key things we need in order to be lender-ready? How can we avoid scammers online?
On this episode, Ross Hamilton shares on building a platform that facilitates loans for real estate investors, and growing a subscriber base of 800,000.
Three Things We Learned
Why right now is the best time to approach lenders
Borrowers have a lot more options than they could have ever had to get funding. It’s getting harder to find deals, and lenders are having a harder time finding borrowers. They have so much money they want to get in the hands of the right people.
Why getting into investing without any skin in the game is a mistake
Lenders like to see a little skin in the game, so for your first deal, borrow money from a friend or family member, and then once you’ve done your first couple of deals put some of your own money into the deals, it removes a lot of the friction.
Why it’s important to be in unity with your spouse when it comes to business
When you’re an entrepreneur, you have to get people on your side, and the very first person who should be on your side is your spouse/partner. Being in unity with your spouse is a blessing, and one of the things that can propel your business.
Lenders are looking for investors who can bring them high-quality deals. If you have everything in order, getting funding won’t actually be an uphill battle. That first deal is the hardest, but once they fund you on the first one, they will fund you again and again. To achieve this, you have to be forthcoming and honest with them from the start. Don’t inflate your numbers, and be conservative. That’s how you earn the trust that will allow for multiple deals. The best opportunities and successes we can have come from connecting with the right people.
Guest Bio-
Ross is the founder and CEO of Connected Investors the world's largest social network of Real Estate investors. Go to https://connectedinvestors.com/ for more information.
