They say if you have the time and no money, find the person who lacks time but has the money. But even if you can’t find that certain person to partner with, there are still a lot of ways to fund your real estate deals and will help you get through.
For today’s episode, let’s find out from Ramon Tookes the different ways to fund real estate deals that will fit your situation and available resources, and the key people you will need as you grow your real estate career.
Ramon has already been in the real estate business for over 20 years as an investor, coach, and developer. He has helped a lot of people accomplish their dreams by teaching them about flipping, funding, and financing. Ramon currently oversees the daily operations of The Tookes Group, a real estate consulting firm he founded in 2005.
Here’s What You Missed
Fix and Flip versus Wholesaling
- “I push it really hard and buy and hold is the sweetest business as it is.” (11:47)
- “Wholesaling, is it the right way to start? I don’t know. It depends. And you’ll hear me say that a lot. It depends on the person and your situation and your resources and your time.” (11:56)
- “The strategies depend on you as a person, your resources, and then what you’re willing to risk. Fixing and flipping is not for everybody. For sure, it’s not for everybody. Wholesaling is not for everybody.” (12:34)
Getting the right funding
- “You got traditional banks, which they kind of tough sometimes unless you got a really good relationship or something amazing has happened.” (13:58)
- “…you got hard money lending, which is a really, really good resource, especially with the new hybrid hard money lending that you can buy and hold with it, doesn’t affect your personal credit, which is like the best thing since sliced bread.” (14:06)
- “So it’s so many ways to fund deals. Raising capital, private money.” (17:09)
Hybrid hard money lending
- “It allows you to buy and hold properties in your business name. And the interest rate is a little bit higher, but I always tell people, you got to pick your poison.” (15:02)
- “The hybrid hard money does not care as long as it fits their certain criteria.” (15:20)
Keep your credit right
- “…people have to understand how important it is to keep your credit right.” (16:35)
- “So if you can just keep hitting that recycle button added onto your business credit cards and lines of credit, then you keep buying property.” (17:01)
- “What’s the point of having great credit if you’re not making no money with it?” (18:35)
Best Ways to Fund Real Estate Deals
- “Finding deals is easy.” – Ramon (19:07)
- “We have our own lead generation systems with cold calling behind leads. We partner with a lot of folks that do driving for dollars. We partner with money.” (20:30)
- “We’ll help you put up earnest money. I don’t care where you are in the country.” (20:45)
- “I get deals because I got great relationships.” (21:30)
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Key players in building relationships
- “I think our relationships, you’re always one phone call away from that person that you need.” (32:13)
- “I guess when I first started, I looked for that person, a person that’s really in the business. Then we can start adding agents because being honest, most agents don’t understand what we do.” (32:34)
- “…you start with that one key person who knows this, like, who really understands the market.” (33:31)
Quotes and Advice from our host and guest:
- “…if you’re a part of what we’re doing, I want you guys to win first. If you’re a part of my network, you’re going to win. We’re going to win it together.” – Ramon (22:22)
- “So my number one way and the number one and most important thing, other than yourself is the relationship that you will build and they can last forever.” – Ramon (22:53)
- “As we continue to grow, we got to identify things and be patient to know that we can control neighborhoods.” – Ramon (28:09)
- “When people talk about doing business, people don’t want to share. They want the whole pie that doesn’t taste like nothing instead of the little pie that little crushed over there that taste got some whipped cream or something on it.” – Ramon (35:27)
- “It’s (trust) probably the most important thing and delegation is just a part of the trust.” (38:22)
- “Real estate, it’s not going anywhere. There’s always going to be more opportunity. There’s always a market for somebody. You just got to know how to navigate it.” – Casanova (44:45)
- “The wealthiest place in the world is the gray yard cemetery.” – Les Brown (45:53)
Books, Mentions, and Links:
Ramon Tookes