Скачать или смотреть How to Use Other People's Money to Buy Houses

Have you ever wondered how a lot of investors are able to get hundreds of deals done annually? You must be thinking, “they must have a lot of money to invest”, but that’s not always the case!

Many investors like myself use OPM or other people’s money to get our deals and build our portfolio. It is possible to have a multi-million dollar portfolio and not use any of your own money for any of them - and that’s how you create wealth.

Watch this video to learn more about OPM, how it works in real estate, how you can use it, and the pros and cons to using the strategy!

Key Talking Points of the Episode

[00:25] OPM
[01:09] My second rental property
[01:46] Using my mother’s money
[03:07] Other sources of OPM
[03:55] OPM from a family member
[04:33] Using OPM to purchase the property
[05:29] Using OPM to repair the property
[06:34] Using OPM to refinance the property
[07:35] Using OPM to pay the mortgage
[08:55] Buy without credit or money
[09:32] Doing more with less of your cash
[10:26] Flexibility to do more deals
[10:43] Leverage the power of money and partnership
[11:46] Every investment has a risk
[12:21] Potentially losing the investment
[12:57] Getting approved and consulting with a partner
[13:35] Find a deal
[14:09] Put the numbers together on a napkin
[15:12] Talk to an attorney
[15:44] My OPM script

Quotables

“There is somebody in your life or if they’re not in your life, there are private money lenders or hard money lenders.”

“At first, I was like “man, I feel bad borrowing money from my mother”, but I paid her 15% interest, I didn’t miss a single payment, and I paid her off within 2 years. My mom made a killing!”

“Some of the big lenders, these nationwide lenders, will actually help you and fund you to repair the property.”

“You can actually use other people’s money not only to purchase the house, but also to repair the house.”

“To renovate a house, I would not do this if you have zero money. I would at least have around $10K in the bank, minimum, to invest in a property.”

“OPM is another person’s money. That person could be a bank, it can be a lender, your mother, your uncle, your aunt - it doesn’t matter. It’s someone other than you.”

“Even though we have cash, I still use other people’s money so we can do more.”

“Just because you have cash, doesn’t mean you should stop using OPM.”

“If you give people what they want, they will give you what you want.”

“Just because you use OPM and you identify a good deal, doesn’t mean it’s not possible that you lose money. Every investment has a risk.”

“If you do a deal by yourself with your own money and you lose the money, it’s fine because it’s yours. But losing somebody else’s money feels a lot worse and it’s a lot more responsibility.”

“Basically, if you can’t share your business plan from behind a napkin and you can’t explain it to an investor very quickly, then you’re probably not gonna get the money.”
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