I am an 18 year old college kid who is getting into investing. Since I have no credit or cash I figured private money would be a great source.
Anyone have advice on how to go about raising private money?
you;ll need to prove that you are a good investment…and no offense… but I wouldnt have given money to MYSELF at 18…
just trying to be honest.
I too, am trying to figure out ways to raise private money…and the test I use is - would I put MY money down on this? what questinos would I ask if someone were pitching me?
I would describe myself as a young buck with moderate experience (fyi - I’m in my early 30s, own 5 units alone, another 5 with a partner and manage an additional 32 units as a minority partner in a family business) so dont get discouraged that people are not lined up to hand you money …you gots to pay your dues.
although… thinking as I type… based on my example…I;d say try a family member as your first investor/co signer… I mean who better to make a personal bet on you than someone who knows you personally…
Thats what I did… I worked hard and saved up some cash and when the stock market crashed in 2000 I was able to convince some family members to pull their money out of the markets and throw down on some real estate… and to make the offer more attracitve I pointed out that i was ready to drop every penny I had to give this a go. So this way (even as a minority partner) I had a little skin in the game so my investors felt more comfortable
Thank! Some great advice
I completely agree with you on the fact that most people will not want to give their money to an 18 year old. But I am not an average 18 year old. I think I have enough brains and balls to make this thing work, I just need to be able to prove it!
I guess I need to get a few deals under my belt so I can put together a presentation and say “look what I have done”. I am currently working on a flix and flip using some of my parents money but funds are still limited.