I just acquired some property that I’m taking a chance on.
Its a small commercial plot that’s in a tiny town in the middle of nowhere.
The town seems nice, but I’m not sure how fast this lot will sell.
Here’s the thing, I have a few more deals lined up and I dont have capital to invest in all of them on my own.
I know you may have felt the nerves as you try to figure out how to buy land without having the funds…
So let me share some ideas that you can do (and what I will do)
1. Borrow money from friends and family.
2. Invest for friends and family
3. Use business lending\credit
4. get a land funder
With these 4 options, theres pros and cons.
Heres my thoughts on borrowing from friends and family.
When you borrow from friends and family, its just a loan, and you can pay them back what you borrowed.
Depending on the person, you may not get enough for the whole investment…
but since you have some cash, its not a bad move…they will just give you what you need to make the deal happen.
Once you sell the property, you can repay the person back.
You may not even have to give them interest if the person trusts you and you do right by them
The downside is that if you take too long to sell, you will have someone who is on your ass asking about the money.
That can provide a lot of undue stress to the situation, causing you issues when trying to sell.
Also, they may lose faith and trust in you and that can ruin your relationship.
At the end of the day, when a deal comes your way, do what you can to take advantage of the deal.
There are always options for you, so never give up!
-Coach Vic
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