Hello! A cool episode of BiggerPockets Rocky that touches on a point that comes up with a lot of new entrepreneurs - how…
https://open.spotify.com/episode/2nbJIxKRhRNLtExtq9PWvg?si=5Xqu-uawRdSKUycl_SSRqA
Hello!
A cool episode of BiggerPockets Rocky that touches on a point that comes up with a lot of new entrepreneurs - how do you keep expanding when your personal cash starts to be protected?
In the final words - how do we raise money from other places to continue working and making deals when our personal money runs out?
This is answered in several ways, with Robert Schemin relatively mentioning it throughout his various sections + repeated in the ProjectX curriculum:
1. "I have no attempt to show" -
- Show what you did and what you did. Financial partners / partners invest first and foremost in the person.
- Show knowledge and proficiency in the subject
2. "Do not ask for money" -
- Remove those who are approached from the process - "Do you know of anyone who might be interested in it?" And many times they will answer that they are interested in themselves!
3. Do not treat the situation as pleas or "the other side is doing me a favor" -
Absolutely not!
- We stand for ourselves, we know what we are worth and we present a deal here, we present numbers here!
- We offer the other party an option to participate in something that will be good with all parties, we have a deal that the participation of the other party will only bring him good and will be a WIN WIN for everyone! Do we want to help the other side? We are helpful to the other side!
- Some call it "a we do him a favor"
4. Contacting "official" lenders in advance -
Banks
Difficult financial lenders
Private escorts
Commercial financing
- In addressing these bodies in advance the entire discourse is business-oriented, numbers-oriented and transaction-oriented, can help divert emotions from the situation ????
Pleasant listening! ????
The question this week comes from Megan in the Rocky Real Estate Facebook group. Megan asks: How can I maintain the momentum after closing two deals when the debt to income ratio is too high to get another loan? I'm too new to bring experience to the table and without a lot of cash or funding…
The original responses to the post can not be read at the bottom of the current post page on the site or in the link to the post on Facebook and of course you are welcome to join the discussion
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