This time last week, I was really pondering how I could go about doing future deals. I was relying 100% on motivated sellers calling me, and taking their properties Sub2, thereby eliminating the need for financing. I knew at the time doing so would be like cutting off my left hand - I could still function, but would really limit myself. Therefore, I took Trisha's advice and just started calling some local banks. I solidified one relationship over the weekend, and have a call-in to another that I see as real promising. This is the guy who said if his bank can't finance me, he knows someone who can (a PML perhaps?). Also, the RE agent I met over the weekend has given me two lender leads, and said she'd get me another real soon. She said she gave my information (including I was a RE investor) to one of the lenders and, in her words, is "looking forward to hearing from me." Add to that several more leads, and I will now have my hands full keeping all the lenders straight! Of course, these are all just leads at this time. Once I actually need one of them for financing is where the true test will come.
Big Lesson Learned: STOP PROCRASTINATING AND JUST DO IT!
;-)
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3 comments:
Very insightful! Thank you for sharing and again making clear the need to keep an open mind and to continue to develop business relationships.
Great, Steve! This is one business where you will definitely need to enlist the aid of others. And, it sounds like you're doing just that.
Ed - Very true. Sometimes I'm good at NOT practicing what I preach. :-/
Trisha - Most definately! Thanks again for the tip. I called the guy up and started the business relationship rolling. It turns out he is in the process of starting his own mortgage company (which can be both good and bad). I left a voicemail for the lady the agent referred me to, so we'll see. Three potential lenders in less than a week.
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