The Insider's Edge to Real Estate Investing by James Nelson

Author:James Nelson
Language: eng
Format: epub
Publisher: McGraw Hill LLC
Published: 2023-06-15T00:00:00+00:00

The final perk of carrying out your first deal with an experienced partner lies in the ability to tap an extensive network. If your partner has completed 20 deals, they may already have a strong stable of investors. This could save you from reaching out to hundreds of contacts; while you might still bring in your own family and friends, the task of raising capital won’t be as daunting.

DRUM UP THE DOCUMENTS

Let’s say you have some investors who are willing to chip in and provide the equity you need. Great! Now, how much debt are you taking out? What’s all coming in and how will the funds be used? By the way, who will get paid back first—or last—when the cash flow from the property kickstarts?

This step can get complicated—fast. There are several documents that are worth drawing up. In addition to the business plan, they’ll help keep all the figures and conditions organized and in one spot so they are easy to show others. Instead of trying to tally up the costs and returns in your own head, or writing them down on scraps of paper (or various digital files), keep the information in a few key documents.

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