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Ep 053: 3 simple steps to raise more money
04:11 – The first thing you need to understand is the difference between private money and hard money says Kyle. Hard money is usually an institution kind of like a bank or a mortgage company that is going to lend you money and is going to evaluate the deal with you.
05:34 – Kyle explains the negative side of hard money. Hard money has a lot of fees upfront and because of that you are going to need to factor that into your deal says Kyle.
05:49 – Private money is a savvy investor or an individual who wants to make more money with their idle money and wants to invest his/her money with you. Most of them are private money lenders and they are going to give you better terms.
08:21 – Your goal is to scale your business. Money is sometimes the reason why we hold back on scaling our business says Kyle. Kyle believes that money solves a lot of issues in real estate.
08:57 – Kyle shares his 3 steps on how to raise private money. First is to educate your investor. Educate them on what they can expect from investing their private money.
12:32 – The second part on raising private money is to add ‘value’. Investing doesn’t make you rich in the long term but it helps you multiply your money long term says Kyle.
14:35 – Communication is number 1 outside of high ROI (Return on Investment) says Kyle. Kyle also loves giving people the first right of refusal to a specific type of deal.
16:21 – The last part is ‘protection’. Investors need to know what ways they are going to be protected if they are going to shell out a lot of money with you.
16:32 – For example, in flipping there are 3 ways they are protected. Hazard insurance, their name on the deed, and a promissory note.
17:49 – “Tell everyone” what you are doing says Kyle. It is why he started doing a podcast about AirBnB and real estate investing. Kyle’s mentor told him, “If people don’t know what you are doing, that’s a problem.”
18:05 – Do the things that are your strengths Kyle says. One of Kyle’s strengths is public speaking and that is why he’s always excited about creating content for his listeners.
20:22 – Check out the brand new page on our website www.fearlessflipping.com/airbnbhost/
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