Steve D Valentine borrowed $110,000 from a mentor at 10% interest for six months to buy his first rental property, covering the purchase, repairs, and tenant placement. He used the loan as a bridge until he could refinance after renovations.
Here's the best part about it. You can do this. Anybody can do this right now. It actually has— it hinges on the relationships that you have in your life. So where did I get the money? And where did I get all of the money? So I had a mentor that I planted seeds with from the time I was a kid. And we were having coffee. He's an elderly gentleman. And we had lots of conversations about investing and retirement and different things and what I was doing. And one day at coffee, I said, hey, I bought a house. Would you loan me $110,000 at 10% interest to buy this house? I'm gonna need it for 6 months while I make the repairs, get a tenant in, and then I'll refinance it and get your money back. And he thought about it, and he drove by the house, and I explained to him the values, what I was buying it for.
It’s Not What Your House Is Worth; It’s What It Can Do for You (Pause, Identify, Respond)
