Have No Money? Become a Professional Deal Finder

Posted on Apr 17 2017 - 8:42pm by Lance Edwards

mitchHere is a note Mitch wrote to a young investor who was stuck because he had no money:

Dear William,

I used to be you. Don’t give up. It’ll all come together when it your time.

Ever heard, “The teacher will appear when the student is ready?”

Perhaps you just aren’t hearing it from the right teacher…someone who will slow down and lay things out in a way that you can understand.  Until then, keep reading.

Keep on listening to people who’ve done what you want to do. Don’t fret if it all doesn’t make sense right away. You will grow into understanding it.

I once read a book called “Nothing Down” when I was older than you are now (20/21).  It took me 7 years to own the concept author Robert Allen was trying to explain to me. I could hear it, and I could read it, but it wasn’t clicking.

I wasn’t ready yet. Then one day it all became crystal clear.

When you don’t have money, you substitute time and expertise instead.

When you don’t have money, and you want to be in the RE investor game, you become a professional contract writer; a professional deal finder/maker.

If you can learn to find a $100k house and sign it up on a contract with a strike price of $50k with 30 days to close…you are in the game.

The person with the signed contract is in control!

And here’s the most important part; it’s the deal that attracts the money!

Can that kind of deal attract someone to loan a young, inexperienced investor $50k? Sure!

You either pay the payments or the person who loaned you the money canvtake (foreclose on) your $100k house.

The lender doesn’t care about you.  All the lender wants to know is:

#1. How are you going to pay them back? (Terms and interest rate)

#2. What do they get if you don’t pay as agreed?
(They get the property they have the 1st Lien on).

The lender would be categorized as a “Collateral Only Lender” or an “Asset Based Lender.”

This type of lender is not worried about your experience or reputation.  They lend money based heavily on what they get if you fail to pay them.

You may not end up with just a loan. You may end up with a money partner.  Do you think an experienced RE Investor might agree to be your partner on a deal you brought to the table?

If you brought a contract to buy a $100k house for $50k price, do you think an experienced professional might partner with you on that one house by bringing the money, AND THE EXPERTISE, and split 50/50 with you? Sure they will!

This is how I started my whole career!

When I was broke, I became the greatest deal finder in town – Voracious!  I learned to write contracts that gave me an edge.  I learned to negotiate great deals.

And everyone who understood real estate and had money wanted to be my partner! I had the houses under contract. I got to pick and choose who I wanted to partner with.

– Become a professional deal finder!

– The person with the signed contract is in control!

– No more excuses that involve the words, “I don’t have money.”

You need time, knowledge, and expertise, a lead, a pen, and a blank contract.

That’s all you need to start making money in real estate.

 

Mitch Stephen

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