I realized I hadn’t talked about the workshop on multi-family real estate that Lee, Carol, and I went to in Austin last weekend. It surprised us that FortuneBuilders would send one of their founders over for such a small, specialized event, but I think they are trying to get people to move away from renovating houses in difficult markets like Austin, and move toward commercial deals, where there’s more opportunity right now.
So, we got a lot of information in a short amount of time about how to figure out if a commercial or multi-family deal is a good one, and lots of information on funding these deals.
My favorite part of the presentation was some great stories the presenters shared, including our friend Linda, who was one of our original trainers. Each speaker told us how opportunities presented themselves in unexpected ways, with the moral being: always be ready to jump on a good opportunity, because they will NOT last.
How Do You Be Ready?
It helps to have sources of funding all lined up and ready to go. Many of us have a network of private money lenders we can reach out to. Others have self-directed IRAs. And still others know non-traditional lenders. The most important thing for any of us to do is to figure out what our resources are that we can get to quickly. If all your money is tied up in renovations, you may not be able to be so flexible, so think about keeping options open. And I can tell you, our private money lenders LOVE to make investments that pay good interest, so don’t be shy about reaching out to your contacts when you get an opportunity!
We do plan to attend more of the FortuneBuilder opportunities to learn about commercial real estate. If you’ve been considering joining, now is the time, because the classes they offer are expanding. The first one Lee went to was great, so he’s all excited!
We know the organization’s not perfect, but we do feel like the advantages significantly outweigh the disadvantages. See for yourself.