Here’s the question we want to answer: How do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is helping us find the answer with his 24-week challenge.
He’s taking us through the steps, 24 of them, to arrive at the answer. These steps are the ones you need to take to get your first deal and start your real estate investment business. We’re on week 15 of the challenge, which covers the topic of Finding Private Money.
If you’ve been doing everything you’ve learned in the last 15 weeks plus a little studying on the side, you should already be putting together deals. But, of course, you’ll need to find money to ignite the deal-making.
If you can borrow from a bank, it’s the least expensive way to go. If you can’t qualify or don’t want to use a bank, private lending is your best option even though the interest is twice what the bank charges.
Hard money lenders and asset-based lenders are the same thing. Your deal has to meet certain parameters for them, but your credit score doesn’t matter at all. They only evaluate the deal.
Zack talks some about the state of the market. His advice is, “Live in the market now, but prepare for the market that’s coming.”
Watch and learn:
Listen and enjoy:
- Learn about the different types of funds you can borrow
- Traditional loans (through banks) are the cheapest
- What bridge/gap funding is and when you need it
- Know how to maneuver in any market condition
Mentioned in this episode:
- Reach Zack by phone: 707.247.4248
- Follow Zack on Facebook: REI Success Academy Facebook
- Zack’s Book: My First Deal Playbook
- Instruction on REI Success Academy Website: Web Class