In October I was at the Las Vegas REI Club meeting and the guest speaker lit up my imagination with the things that he was talking about doing, and the different types of ‘Big’ deals that are out there. Here are a just a couple of the things that he talked about:
- Bulk REO Purchases
- Home Association Auctions
- Funding Solutions
- Courtyard Auctions
It took awhile for his speech to stew around in my little brain to figure out how I could move into a more active role of Real Estate Investment. I knew that the Speaker had laid out a series of funding options and strategies with bulk REO’s. So here is what the Speaker is doing:
- Finding Private Investors
- Purchasing Large Purchases at 16%-10% Interest
- Rehabing the Property
- Renting the Property out (planning to hold 3-4 year)
- Refinance out of Private 16% to a standard 6-5%
It took me some thinking about to figure out how I could get involved, and it was a freakin’ light bulb moment! I realized that I had a College Acquaintance who was a VP/Portfolio Manager for a Wealth Management Company. A couple of years ago we saw each other while shopping at the local supermarket and chatted for a couple of minutes, during that time he mentioned that he has very conservative investment philosophy, which of course includes real estate! I called him up and we chatted for a couple of minutes on the phone. I found out that as well as being a Portfolio Manager he is also an Equity Partner and Personal Investor too.
I have a vivid imagination that gets ignited by dreams. After having the introductory speech, and phone call my imagination took me on a magic carpet ride of the deal that I could broker. I imagined that Speaker was going to go from 1 – 6 with me on the deal, and that I could capture a percentage of the profits on each end. Dreaming big is great. And as I say;
Reach for the Stars, Settle for the Moon
At that point a 20% share of the deal was definitely the Stars. The moon is where I will end up. Last week on Wednesday I met with Speaker at his office and talked about how we could get together to work this deal out. I explained I am very much looking for a mentor who can guide me on My Path To Real Estate Wealth. He explained that he is already in the middle of an REO purchase and is looking for the Refinance money.
“Okay, that’s fine.”, I think to my self. This allows me to do the following:
- Build a successful: First, Safe, and Repeatable Deal with College Acquaintance
- Build a successful: First Deal With Speaker
- Collect a Large Lump Sum
- Cut My Hrs at the Job
- Be able to work closer with other Speaker on the next REO
We are now setting up a conference call between Speaker, Myself, and College Acquaintance to gather more details and figure out how we can all work together. We also need to schedule a personal meeting when College Acquaintance is in Vegas in January.