Special guest, Tom Flack, a successful real estate investor and entrepreneur, teaches us how to close on your real estate investing deals using other peoples money.
- Yields from savings vs. Yields from REI
- Securing other OPM
Organizing Your Capital Team
- Gathering REI
- Creative ways of locating other investors through small businesses
- Cash-heavy small businesses, Nightclub owners example, etc.
The “Pitch”: How to Ask a Potential Investor On a Date
- Setting up the pitch
- Establishing A Budget
- “Dating” a Real Estate Investor
- Walk-through experience
- Paying for the experience
- Go through best/worse case financial scenario (What if|s)
Building The Relationship
- Questions to Ask That Will Keep The Meeting Engaged
- The Follow Up Process
- The Offer(s), The Deal(s)
Securing The Relationship
- Contracts/Agreements (Small-talk) Non-attorney disclosure
- How to reap the benefits
- 35% of every dollar made through RE transactions into an easily liquidated account.
Finders fee, Wholesale
- Securing enough trust to make request for additional fees
- Property Management (Managing Partnership)
- Rehab fees, etc.
Maintaining the Relationship
- Using your investor for future funding
- Reinvest the 35% generated by fees for building your wealth portfolio
- Reinvest profits to take other investors out on dates
- Being able to articulate in easy lingo how an 11-16% return is better than a .5-1% return
- Create list of prospective investors you’d like to visit
- Ask investor out on a date
- Build relationship
- Secure the relationship
- Maintain the relationship
- Reinvesting for your future
6. ASK CLOSING QUESTIONS
What are your top three books?
In 10 words or less, what can our listeners, who are future investors, do to get started?
Spend 12 Months Saving As Much Money As You Can!
Where can our listeners find you?
TomFlackCNL@G m a i l.com
End this show your favorite quote, what is it?
“The Best Thing To Do For A Poor Man, Is Not Be One.” – Dad