Ep24: Stop Wasting Your Time With “Tyre Kickers” and “Dreamers” (Investors); Working with Other Sourcers vs. Going Solo
UPDATE: Read our new 2021 guide, How To Find Investors.
There are a surprising number of people claiming to be investors that are not actually serious and will waste your time. So it is really important that you are able to easily identify these people and avoid spending any of your valuable time on them. In this segment Mark shows you:
- How to identify time-wasters
- The hurdles that you should make investors jump over
- What to include in your investor questionnaire
- Which documents you will need to see and how to approach this
- The importance of regular contact and rapport building
Download a free copy of the Investor Questionnaire Example Questions Click here to download
Working With Other Sourcers vs. Going Solo
Sometimes there will be situations where it may be beneficial to work with other sourcers, for example when you do not have your own investors lined up. However, there are a number of pros and cons to consider when you are deciding whether to work with other sourcers or to go solo. In this session you’ll learn:
- When you should work with other sourcers and why
- The negative aspects of working with other sourcers
- How to get the most out of working with others
- How working with others can save you time
- The learning opportunities presented through both options
- Why it is so important to build relationships with investors
Podcast Episode Highlights
07:20 Insiders Circle Q&A
08:00 Building rapport with investors
09:40 Sourcing to order and regular communication
10:50 Signing a Sourcing Contract
12:40 Using NDAs
16:15 Sourcing With Mark
17:00 Identifying non-serious investors
22:10 Weeding out tyre kickers
23:00 Using an investor questionnaire
24:10 Proof of funds/ID
26:00 Face-to-face meetings
28:05 Monthly catch up call
30:30 Head To Head – Working with other sourcers vs. Going solo
31:40 Fee splitting
33:00 Pros of working with other sourcers
34:10 Tapping into their experience
35:05 Working remotely and using local property sourcers
35:40 Cons of working with other sourcers
36:30 Relying on and trusting others
37:25 Pros of going solo
38:00 First-hand information and learning skills
39:00 Cons of going solo
39:40 Distraction of the deal/delaying pipeline building
How To Find Property Investors
Often lack of money is the “excuse” for not getting started in property investing. But imagine having a never ending pot of money to invest in your own property deals...
Property Due Diligence: A Beginner’s Guide
I cannot emphasise enough how important property due diligence is for ALL property investment strategies! Without proper due diligence you risk taking on property deals that don’t generate you any...
The Complete Guide to Rent To Rent
Imagine a way of getting started in property investing and growing a cash flowing portfolio without the need for 25%+ deposits, Stamp Duty or even solicitors! That’s exactly what the...
Property Sourcing & Deal Packaging: The Ultimate Guide
There’s been a lot of confusion around property sourcing and deal packaging. What’s the difference between the two? How do you become a property sourcer and/or deal packager? What would...
Starting A Property Business: The Complete Guide
Starting a property business can be both exciting and daunting. Whether it’s building your own property portfolio or starting a property business finding deals for investors, I’ll hopefully give you enough information to start those property taste buds salivating and get you on the right path to achieving your goals.
5 Biggest Mistakes When Starting A Rent to Rent Business
In my years working in the property world, I’ve seen people who are starting or scaling their rent to rent business make the same mistakes. But hopefully by highlighting these...