Help Sourcing Private Money!

House Flipping & Rehabbing
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Hey RETipster Community,

We have struck a good amount of deals recently (yay!)

However, our primary method of sourcing private money was live events at local REIAs.

With this environment, how has everyone rethought how they could source new private money contacts?

Any help would be appreciated!

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I suppose it's a question of what you were doing at live events to build trust and make connections with the right people.

I'm sure the same thing can be done virtually, it would just take a different approach in terms of finding and contacting the right people and communicating the right message so that they want to work for you.

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@retipsterseth I appreciate that thought.

Looks like things will open up soon, but maybe I should put something on our website as well to attract private money... Lots to think about

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Personally I have a credit line againts a property i oen outright, which I use and then later pay off or mortgage.

But there are many friends and family I have found asking me recently if they can invest with me. You would be surprised how many people would love an opportunity to earn 5 or 6 percwnt on there money.

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@jawollbrink That's a great point. We do have some properties that are owned out-right. Looking into getting a credit line is genius... Did you do that with a local bank?

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@Nick Yes, and it was an undervalued property i put remodel equity in and have had rented for a few years.

Local bank got me a revolving credit line against it at 5% interest only for the first year then 20 year amortized.

The appraisal was high enough that the 80% value of the property got all my cash out. I am buying a property this week with the credit line, and with a light remodel I should have rent ready in a month or so and I will get a mortgage on it and pay off the credit line.

I can also use these funds for vacant land deals as well.

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I have a line of credit against my property too. If I use it, I always pay it off after some time.

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@matashi said in Help Sourcing Private Money!:

I have a line of credit against my property too. If I use it, I always pay it off after some time.

I have a line of credit against my property too. If I use it, I always pay it off after some time. But this time around, I won’t be able to pay it off, and I don’t want to mortgage my property, so I’m thinking of ways to get money. The only mini solution I found on google was https://yourmoneygeek.com/how-to-make-money-playing-video-games/, Which is mainly how to make money through games. The methods are not easy, but I must choose one if I don’t want to lose my property. It’s a land and YK how values of land keep increasing with time. So it’s not only a property but an asset, or you can call it an investment.