I’ve had 44 different people express interest in my Florida Opportunity post. It’s hard for me to believe there are so many folks wanting to learn different phases of this business.
I’ve decided to meet with 5 sets of interested investors. Like Ryan I like to see the lightbulb come on in new peoples eyes with the realize that REAL money can be made even in down times. The bought (and read) the books, maybe gone to a meet or two and then it hits them…what do I do now? Sound familiar??
Have three sets for next week…and it is also rent collection time (YEA!!!) so I am booked for the week but I will have chosen a partner by the 10th or will continue shutdown of the operation and actively manage rentals for a year…I’m OK with that.
What scares me is one investor wanting to fund an account with 7 figures to have available for “seed money”. I’ll know Monday if it is a sincere offer but since he is flying a jet here to interview, my guess is he’s for real. Unfortunately this scale is larger than I am comfortable with. I am 58 years old and this sounds like a full time job for me.(UGH)
Happy investing all,
Greg
I’m working on another self storage deal in North Carolina, considering a lot rental only mobile home park about 20 minutes from several of my other properties, and two apartment complexes in Charlotte. I’m also looking for a 2nd mortgage on an apartment complex I’ve owned for 20 months. The LTV is 45%, so it’s well-secured. That may or may not prove a challenge in this market
For awhile things were slow, and I wasn’t seeing much that I was interested in. Sellers were unrealistic about their prices in the declining market. But just in the last three months I’ve had the same seller call me 8 times (no exaggeration) to ask me to PLEASE make an offer on his mobile home park. Things are just starting to get good, if you ask me. I am going to be very particular about what properties I choose to own. Opportunity costs have got to be factored in when there are so many projects to choose from.
A big part of my short term business plan is to establish relationships with key banks in the area likely to end up with foreclosed commercial properties. I’ve been checking in with a commercial broker I know every couple weeks to get updates on the market, and where he sees things headed from here.
I’ve been hanging back, but that’s to gather information and muster resources.
Post Edited (07-31-09 16:51)
Good on ya Greg sounds like your idea may be a great benefit to everyone involved =)
I want to point something out to folks about what you wrote Greg… Please note Greg’s usage of “to interview” He’s interviewing people to determine IF he’ll use their money and can work with them! Good partnerships are built around being able to get along with each other, unwavering trust, knowing each persons responsibilities, and good documentation.
I’m seeing the same thing as Lin and things are starting to turn for the investors benefit while I expect there is a good chance the media will start using the D-word by this time next year. Access to money has changed for the folks with the right knowledge, there are fewer people with the knowledge to make things happen than there are people with money. I’m excited about the coming months even as hard as the last year or so has been!
Best wishses,
Ryan Needler
Ryan and Greg
I believe the hardest part about having people want to invest with you is compatability, shared goals and visions. I feel twice the pressure when investing someone elses money. I guess that is why I have not invested many times with partners. Investing with other people is a personal growth area for me. Ryan knowledge is one thing. Combine knowledge with action and success and it is like a magnet for money and more opportunities as you know. You have already said this but FOCUS is what is required now because opportunities abound.
To Greg:I love this business also